Dune Analytics has just released its latest report on RWAs and here at DCo, we’re big fans. We’ve taken a deep dive into the findings, here's a quick recap of the key takeaways that caught our attention: RWAs have seen impressive growth, up 224% since 2024, with total on-chain volume surpassing $30 billion. What began with institutional players is now attracting retail participants, and the momentum shows no signs of slowing down. • U.S. Treasuries as the Breakout Asset: The first big win came from U.S. Treasuries. They grew by 85% this year, reaching a remarkable $7.3 billion. BlackRock’s BUIDL fund now valued at $2.2 billion, demonstrates that some of the biggest names in finance are ready to embrace the on-chain space. Other key players in this space include Ondo, WisdomTree, Franklin Templeton, and Centrifuge. • Investors Are Moving Up the Risk Curve: With Treasuries establishing a risk-free benchmark, on-chain capital is increasingly flowing into higher-yielding assets. ->Tokenised private credit has emerged as the second-largest asset class, growing by 61% to $15.9 billion in active loans. Key players in this space include Figure Technologies, Tradable and Maple Finance with $2.5 billion, $2.1 billion and $900 million in active loans respectively. -> Institutional funds have witnessed explosive growth of 387%, reaching $1.7 billion. Centrifuge’s JAAA fund has particularly stood out, attracting significant institutional demand due to its attractive yield profile and strong management industry names, boosting credibility and capital influx. • RWA Deepening Integration with DeFi: RWAs are not only being tokenised but are increasingly being utilised as collateral and yield sources within DeFi protocols. The real innovation lies in composability. -> Maple’s SyrupUSDC: Over 30% of its $2.5 billion supply is actively deployed across various protocols. -> Centrifuge’s deRWA Wrapper: This makes RWAs plug-and-play. It transforms high-quality, institutionally managed real-world assets, which are often illiquid and siloed, into standardised assets for the open and interoperable world of DeFi. -> Aave’s RWA Market: Aave now accepts RWAs as collateral, with its dedicated Horizon RWA Market. Centrifuge’s funds like JTRSY have a supply of $28 million in the Horizon Market. This suggests that traditional assets are now powering DeFi • From Institutions to Retail: It’s no longer just institutional players retail investors are joining in too. -> Plume’s nTBILL Vaults: These have now surpassed 86,000 depositors. -> Ondo and Backed: These platforms are making U.S. stocks accessible to global users. Some Key Highlights by Protocol and Asset Class -> Private Credit: Maple Finance has become the largest on-chain asset manager with $3.5 billion AUM, driven primarily by its permissionless, DeFi-integrated syrupUSDC product. -> Global Bonds: Though smaller than U.S. Treasuries at $0.6 billion, this category is growing rapidly (+171% YTD) and is notably concentrated on non-Ethereum networks like Polygon and Arbitrum, which together account for 62% and 30% of the market, respectively. -> Commodities: This sector has reached $2.4 billion (+127% YTD), with gold still holding dominance. However, the market is diversifying into areas like mineral rights and even GPU compute power, signaling broader adoption. -> Public Equities: While a smaller category at $0.3 billion, tokenised stocks show strong momentum with exceptionally high holder counts, indicating retail-led adoption. Platforms such as Ondo Global Markets and Backed Finance are expanding access to U.S. equities for global investors. It's not just about new figures or rising numbers. It’s clear that traditional finance and DeFi are no longer opposing forces. They are converging. Tokenization is the bridge making this possible, bringing the credibility and scale of Wall Street into the open, programmable world of blockchains. When these two worlds merge, the result is something entirely new: Markets that are global, increasingly liquid, and open to everyone, everywhere - all while staying open 24/7