<The steadily growing RWA market, BlackRock in RWA and their influence, is the BlackRock BUIDL fund undervalued?> As of July 3, 2025, the total TVL in DeFi is around $150 billion, recovering about 83% of the 2021 peak ($180 billion). This recovery is not just a simple rebound of the existing sector; the key point is the qualitative change in the influx of structural capital. The recovery of stablecoin market cap, the emergence of real-world income-generating assets, and the acceleration of the flow from TradFi to on-chain liquidity. And the most important sector we will discuss today is RWA. RWA: Real World Assets is the fastest-growing sector in DeFi from 2024 to 2025. January 2024: $4.5B -> June 2025: $12.3B Approximately threefold growth over two years, with an annual growth rate of +85%... Although its share in the overall DeFi is still less than 8%, it is rapidly expanding based on institutional participation. The key driving force behind RWA growth is the overwhelming presence of BlackRock. At the center of this RWA growth is the giant asset management firm BlackRock, which holds a significant share. BlackRock's BlackRock BUIDL fund occupies an overwhelming first place in RWA TVL, demonstrating their tremendous influence as shown in the table. As indicated in the table, out of a total RWA TVL of $12.8 billion, BlackRock BUIDL accounts for $2.84 billion, and BlackRock's participation significantly boosts institutional investors' confidence in the RWA market. <Duli thinks this> Is RWA undervalued or overvalued? Naturally, based on market capitalization, it is an extremely undervalued sector. - Based on market capitalization: $12.3B RWA TVL is ▸ 0.009% of the global bond market ($133T) ▸ 0.003% of global financial assets ($400T)→ This can be interpreted as an extremely low market penetration rate. From the perspective of institutions, I believe they will see this as a market with sufficient merit to diversify capital inflow routes with much lower costs and regulations. Although liquidity seems to be drying up now, DeFi is gradually evolving and growing. If BlackRock can prove that this market is a good place to gather money through sufficient profitability (as Tether has done), I believe other institutions will have no reason not to follow suit. RWA and stablecoins. I think these two will continue to be long-lasting growth sectors in the future. They are inseparable structures... it's like Chuberlip itself... $usdt $usdc $rwa @OndoFinance