RWA Weekly Report｜Non-US Government Debt Rises by 18.8%; Yield-Bearing Stablecoins Generate Over $250 Million in Returns in 2025 (12.30-1.6)
RWA Weekly Report: Non-US Government Debt Surges 18.8%; Yield-Bearing Stablecoins Generate Over $250M in Returns (Dec 30 - Jan 6)
The on-chain total value of Real World Assets (RWA) continued its upward trend, increasing by 2.83% to $19.59 billion. The broader RWA market saw a slight contraction, falling 0.26% to $401.53 billion. User activity grew significantly, with the number of asset holders rising 3.82% to 604,909. Stablecoin holders also increased by 2.54% to 217.94 million, though the total stablecoin market cap dipped slightly by 0.2%.
In terms of asset structure, US Treasuries remained dominant at $8.7 billion. A notable standout was non-US government debt, which surged 18.8% to $772.1 million. Public equity also grew by 7.6% to $775.4 million. In contrast, private credit was the only sector to see a significant decline, decreasing by $200 million to $2.3 billion.
Key developments included Ethereum stablecoin transfer volume exceeding $8 trillion in Q4, a new record. Yield-bearing stablecoins generated over $250 million in returns in 2025, with sUSDe, BUIDL, and sUSDS being major contributors. Tether invested in the cross-border QR code payment platform SQRIL. Standard Chartered and Ant International launched a commercial blockchain-based tokenized deposit solution in Hong Kong and Singapore.
The report also highlighted growing institutional engagement, with PwC increasing its focus on crypto and BlackRock noting that stablecoins are becoming a bridge between traditional finance and digital liquidity, potentially challenging government control over fiat currencies. Despite predictions of a potential "crypto winter" in 2026 by some analysts, the underlying trends of institutionalization and on-chain transformation, particularly in RWA tokenization, are expected to continue advancing.
Odaily星球日报01/06 09:59
