RWA data: The on-chain asset size has exceeded 17.2 billion, and over 25% of BUlDL fund assets have flowed out of the Ethereum network

Author: OurNetwork

Compilation: Deep Tide TechFlow

BUIDL | Tether Gold | Franklin Templeton | Maple Finance | Superstate

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Tokenized RWAs - excluding stablecoins - on-chain scale surpasses $17.2 billion

Since 2024, the scale of tokenized real-world assets RWAs( has doubled, reaching $17.2 billion, with private credit and tokenized national debt as the main drivers. The growth of private credit is mainly driven by Figure's consumer finance products and Tradable's institutional platform. Tradable partnered with Victory Park Capital, an asset management company focusing on private asset-backed lending, to tokenize $1.7 billion in assets. Meanwhile, tokenized national debt has grown from $800 million to $3.6 billion, with outstanding performance in this field from Hashnote's USYC, BlackRock's BUIDL, and Ondo's related products. While early users tended to use traditional blockchain networks, institutional investors are now gradually shifting towards Ethereum and other emerging networks.

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In the private lending sector, Figure has launched a tokenized product based on home equity line of credit )HELOCs( through the Provenance Blockchain, making it a leader in this field. In January 2025, Tradable partnered with Victory Park to launch $1.7 billion worth of institutional private credit assets on Layer 2 network ZKsync Er. In addition, Maple Finance has further expanded the application of tokenized private credit through its decentralized lending platform.

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In the field of tokenized US government bonds, the USYC product launched by Hashnote, as well as its integration with the income-type stablecoin USD0 of Usual Protocol, has become an important driving force for market growth. At the same time, BlackRock's BUIDL and Ondo's USDY/OUSG products provide institutional-level solutions and infrastructure for income generation and government bond management.

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Transaction Spotlight ): On-chain data shows that the stablecoin USD0 launched by Usual Protocol is backed by Hashnote's USYC Token. Users can directly redeem USD0 through the protocol and receive assets in the form of USYC. In addition, on-chain records show that Usual Protocol's treasury wallet is the largest holder of USYC.

BUIDL

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More than 25% of BUIDL Fund assets have been migrated to blockchains other than Ethereum

The BUIDL fund managed by Blackrock and Securitize has maintained a stable supply in the past few months, only slightly dropping to $625 million at the end of January. Recently, the total supply has rebounded to $650 million at the beginning of the year.

Dune - @Marcov

Since the implementation of multi-chain support in November 2024, the BUIDL Fund's assets have been gradually transferred to blockchains other than Ethereum. Currently, more than 26% of assets are spread across Arbitrum, Optimism, Polygon, Aptos, and Avalanche.

Dune - @Marcov

It is noteworthy that the synthetic USD protocol Ethena has introduced a stablecoin USDtb supported by the BUIDL Fund, making liquidity more widely accessible. As of now, the supply of USDtb is 89 million USD, with 18.7 million supported by the BUIDL Fund, and is expected to further increase in the future.

Dune - @Marcov

Tether Gold (XAUt)

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Tether Gold's market value surpasses $700 million, benefiting from the rise in gold prices

As the largest tokenized gold asset, the market value of Tether Gold (XAUt) has surpassed 700 million USD due to the recent increase in gold prices. XAUt is a token that grants holders ownership of physical gold, with a minimum purchase requirement of 50 XAUt for each verified buyer (approximately 146,608 USD as of February 14, 2025). Currently, XAUt accounts for 41% of the total market value of tokenized gold.

Dune - @sqrr

A total of 246,500 XAUt have been issued on Ethereum, with each token corresponding to 1 ounce of custodied gold. However, 24.7% of the tokens are still held in Tether's treasury. The last on-chain issuance of XAUt tokens occurred on March 7, 2022. Currently, the number of addresses holding XAUt has increased to 3888.

Dune - @sqrr

On the decentralized exchange (DEX), the total trading volume of XAUt has exceeded 237 million US dollars, with the most active trading pairs being PAXG and USDT. With the record high gold prices, decentralized trading activities have significantly increased since the end of January 2025. At the same time, judging from the positions of the centralized exchange (CEX), the trading volume of XAUt may be higher on the CEX.

Dune - @sqrr

Franklin Templeton

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Franklin Templeton's on-chain US government money market fund (FBOXX) has assets under management close to 600 million dollars

Since 2021, Franklin Templeton has quietly established its largest tokenized U.S. money market fund to date. FBOXX is its on-chain U.S. government currency fund, with assets under management approaching $600 million. This indicates that institutional investors' acceptance of blockchain-based financial products is increasing. FBOXX provides a regulated blockchain tool that allows investors to hold U.S. government bonds while maintaining a stable net asset value of $1 NAV.

Dune - @BiffBuster

BENJI is an on-chain tokenized representation of FBOXX that allows investors to transfer tokenized shares between multiple blockchains. The fund currently has 553 holders, offers an annualized yield of 4.55% (APY), and charges a 0.15% management fee.

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Although Ethereum remains the main blockchain for tokenized physical assets, with a total market value of 25 billion USD, Franklin Templeton's early success on Stellar demonstrates the significant importance of low-cost alternatives for tokenized government bonds.

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Transaction Spotlight: Whenever BENJI is released on a new blockchain, it usually sees a large inflow of funds the next day. For example, in the BENJI Money Market Fund on Aptos, there were $21 million in new deposits, increasing AUM by about 5%. With the Benji investment platform now available on Solana, which has the advantage of being a low-cost, high-volume blockchain, AUM is expected to grow significantly over the next three months.

Maple Finance

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Maple Finance's total value locked (TVL) surpasses $600 million in early 2025

Maple Finance generates high-quality yields for borrowers by providing institutions with loans secured by BTC, ETH, and SOL. Since August 2024, the platform's total value locked has more than tripled, with both Maple and Syrup products seeing significant growth. Protocol revenue showed a similar trend, reaching an all-time high in January 2025.

Dune - @maple-finance

In November 2024, MPL initiated the migration to SYRUP and reintroduced the staking function, allowing users to share the growth of the DeFi leading lending platform. Currently, over 50% of the circulating supply of SYRUP has been staked, and 20% of the January income is used for repurchasing SYRUP.

Syrup

Against the backdrop of widespread compression of DeFi yields, Syrup's yield performance significantly outperforms major competitors. In the past 30 days, Syrup's net yield has exceeded Aave's by two times, 50% higher than Ethena's sUSDE, while maintaining a loan book with an average collateralization ratio of over 165%.

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Trading focus: Despite the market volatility in early February leading to a record high in liquidation volume, Maple and Syrup actually attracted nearly $40 million in new deposits. Many large holders are reallocating funds from protocols such as Aave to Syrup, seeking higher stablecoin returns.

Superstate

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Superstate achieves multi-chain expansion, with tokenized fund assets under management surpassing 300 million dollars

Asset management company Superstate, based in the United States, announced that its tokenized fund collectively exceeded $300 million in assets under management in January 2025, further demonstrating the increasing acceptance of on-chain finance by institutional investors. Superstate's USTB fund focuses on short-term U.S. Treasury bonds and institutional securities, with assets under management surpassing $200 million. As a result, the fund has introduced a management fee of 15 basis points while continuing to provide investment opportunities in traditional financial assets through tokenization infrastructure.

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In addition, Superstate's Crypto Carry Fund (USCC) also surpassed $100 million in assets under management, with investors allocating funds into crypto strategies that cover BTC, ETH (including staked ETH), and U.S. Treasuries. The two funds support both Ethereum on-chain and off-chain transactions in the form of bookkeeping, with plans to expand to the Plume blockchain, a network designed specifically for tokenizing physical assets.

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