The revival of real world assets (RWA) in crypto marked one of 2024’s most quietly transformative narratives. While attention remained fixated on memecoins, Layer 2 ecosystems, and political betting markets, RWA steadily evolved from a niche experiment into one of the most credible and capitalized sectors in crypto.

So, how far have the core RWA verticals come since the start of 2024?

We’ve summarized the key highlights, but be sure to dig into the full 16 slides below.

Top 5 Highlights of CoinGecko’s RWA in 2025

1. Fiat-Backed Stablecoin Market Cap Climbed by +$97B Between 2024 - 2025, Ending April at a New All-Time High of $224.9B

2. Commodity-Backed Tokens Market Cap Climbed by +$773.9M (+67.8%) Since 2024, Reaching a High of $1.9B Amidst the Uncertain Global Economic Outlook

3. Tokenized Treasuries Market Cap Climbed by +$4.7B (+544.8%) Since the Start of 2024, Ending April 2025 at a New All-Time High of $5.6B

4. On-chain Private Credit Grew to $546.8M in Total Active Loans at the End of April 2025, Though This Is Still a Far Cry From Its Peak During 2022

5. Tokenized Stocks Remain Small at $11.4M in Market Cap, Though Exchanges Such as Kraken and Coinbase Aim to Expand Their Presence

1. Fiat-Backed Stablecoin Market Cap Climbed by +$97B Between 2024 - 2025, Ending April at a New All-Time High of $224.9B 

Fiat-backed stablecoins climbed by +76% between 2024 - 2025, minting an additional +$97 billion, reaching an all-time high of $224.9 billion amidst the crypto bull cycle.

The growth in stablecoin market cap can mainly be attributed to USDT and USDC, which added +$56.3 billion and +$37.6 billion to their respective market caps. Together, they comprise 93.5% of all fiat-backed stablecoins in circulation.

USDtb by Ethena and USD0 by Usual were the most successful new entrants in the past 12 months, ending April 2025 with a $1.4 billion and $0.6 billion market cap respectively, making them the #4 and #6 largest fiat-backed stablecoins within a few months of launch.

Unfortunately, TradFi-launched stables, such as PayPal’s PYUSD and SocGen’s EURCV have fared less well, though more are rumored to be launched once there is US regulatory clarity.
 

2. Commodity-Backed Tokens Market Cap Climbed by +$773.9M (+67.8%) Since 2024, Reaching a High of $1.9B Amidst the Uncertain Global Economic Outlook

Commodity-backed tokens grew by +67.8% between 2024 - 2025, adding +$773.9 million to its market cap. This surge led it to reach an all-time high of $1.9 billion amidst the uncertain global economic outlook. 

The growth can almost entirely be attributed to the large run-up in gold prices, as investors flocked to the safe-haven asset amidst geopolitical and macroeconomic uncertainty.

However, the total market cap of commodity-backed tokens represents just 0.8% of the market cap of fiat-backed stablecoins. In fact, the rate of growth of commodity-backed tokens still lags behind fiat-backed stablecoins (67.8% vs 76.4%), despite the huge difference in size.

Tether Gold (XAUT) and PAX Gold (PAXG) make up 84% of the market cap of tokenized precious metals. However despite the large run-up in market cap, commodity-backed tokens didn’t see an increase in token supply throughout, meaning demand for on-chain commodities didn’t increase during this period.
 

3. Tokenized Treasuries Market Cap Climbed by +$4.7B (+544.8%) Since the Start of 2024, Ending April 2025 at a New All-Time High of $5.6B

The market cap of tokenized treasuries climbed to a new all-time high of $5.6 billion in April 2025. This represents a gain of +544.8% or +$4.7 billion, making it the best-performing RWA asset class over the past year. 

One of the major leaps in market cap came in March 2025, as the global economic outlook took a turn for the worse, as the US announced significant trade tariffs. The tokenized treasuries market cap grew by $2.3 billion (+67.1%) between March and April.

Despite only launching in July 2024, BlackRock’s BUIDL managed to cement itself as the largest tokenized treasury product, with a 44% market share as of April 2025. Since the start of 2025, it has already grown by +372.8%, to end April with $2.5 billion in treasuries.

While tokenized treasuries expanded across different chains, the majority of market cap still remains on Ethereum, followed by Stellar. Also, the distinct number of on-chain holders remains small, with tokenized treasuries only held in slightly more than 11,000 addresses.

4. On-chain Private Credit Grew to $546.8M in Total Active Loans at the End of April 2025, Though This Is Still a Far Cry From Its Peak During 2022

The on-chain private credit sector grew to $546.8 million in total active loans at the end of April 2025. However, it is still a far cry from its peak of over $1.6 billion achieved during 2022. 

Total active loans are still around a third of what it was since its peak in May 2022, though it has been on an upward trend.

Maple Finance is the largest private credit protocol with active loans totaling $374 million as of April 30, making up 67% of outstanding loans among the top 6 private credit protocols. Despite its growing market share in this sector, it has also introduced a fiat-backed stablecoin product, syrupUSDC, to expand to other areas of RWA.

The slump at the end of 2024 Q3 can largely be attributed to Centrifuge's pivot away from Private Credit towards Tokenized Treasuries, which caused its active loans to shrink significantly.

5. Tokenized Stocks Remain Small at $11.4M in Market Cap, Though Exchanges Such as Kraken and Coinbase Aim to Expand Their Presence

Since the start of 2024, the tokenized stock sector of RWA has grown +297.2% (+$8.6 million), mainly led by Backed Finance.

Backed Finance and Dinari are the two main providers of tokenized stocks. Backed holds a 77% market share, while Dinari holds the remaining 23%. A third player is NYSE listed Exodus, which recently tokenized its own shares.

The tokenized S&P 500 by Backed is the most popular product, accounting for 53% of the category. The remainder are a mix of the most popular tech stocks.

While the tokenized stock market is rather small at this stage, centralized exchanges have expressed interest in offering tokenized stock trading. Kraken will be offering tokenized US-listed stock trading to global investors via Backed, while Coinbase intends to tokenize its own $COIN shares.

Read the Report: CoinGecko’s RWA Report 2025

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