RWAs, growing like crazy in the crypto bear
allison1 min read·Just now--
Coin gecko’s 1Q26 RWA report was published yesterday. Here are some highlights:
Tokenized RWAs now reach $19.3bn, with nearly half of their market cap consisting of tokenized Treasuries.
Commodities: $5.5bn is driven by gold-backed tokens. Spot trading in tokenized gold for the quarter($91bn) exceeded that traded for all of 2025.
Stocks: mostly tech tickers, stock RWA’s are now in the range of $0.5bn. Here too, spot trading for the quarter ($15.1bn) surpassed the entirety of 2025 ($14.8bn).
ETFs: reached $0.3B.
Perpetuals: volume jumped to $524.8bn for the quarter, trouncing the $313.0bn total from all last year.
Throughout 2025, tokenized stocks were mostly focused on popular retail technology stocks, including TSLA, NVDA, and GOOG, with some exposure going to crypto-focused companies such as MSTR and COIN. But during the first quarter Circle gained strong momentum and now represents over one-third of the space. Here, ONDO has been the clear RWA provider, accounting for the vast majority of Circle’s token sales.
ONDO has done even better with tokenized indexed ETFs, raising the market cap of its products by nearly 480x since July of 2025. Not bad sales for a bear market!
