Ondo Finance Leads Market Capitalization in Real World Assets (RWA) Crypto Sector
The sector of real world assets (RWA), enabling assets in the real world to be tokenized, is gaining significant popularity, especially after major institutions like BlackRock were reported to be exploring this sector.
Among the various circulating RWA projects, ONDO has recorded the highest trading volume in the last 24 hours, reaching a value of US$393 million, followed by POLYX and PENDLE, with trading volumes of US$102 million and US$74 million, respectively. ONDO's market capitalization also ranks at the top with a figure of US$1.3 billion.
Meanwhile, Lookonchain reported that whales have been engaging in significant transaction activities with ONDO.
Whale "0x56F9" withdrew 6.53 million $ONDO (US$5.88 million) from #Bybit in the last month. A new wallet "0x92dD" withdrew 1.98 million $ONDO (US$1.78 million) from #Gateio in the last hour. Wallet "0xE6bf" withdrew 937,600 $ONDO (US$845K) from #Gateio 3 hours ago.
Natural RWA Products Surge
In CoinGecko's latest report for the year 2024 titled "RWA Report 2024: Rise of Real World Assets in Crypto," it highlights the trends in this sector.
The CoinGecko report reveals a surprising surge in tokenized treasury products, experiencing increased popularity during bearish markets, with its market capitalization increasing by 641% in 2023, from US$114.0 million to US$845.0 million.
Franklin Templeton currently stands as the largest issuer of tokenized treasury products in the US, with tokens worth US$332.0 million issued from the US Government Money Fund On-Chain. This gives it a market share of over 38.6%.
Stablecoin issuers generating yield such as Mountain Protocol and Ondo Finance have also proven to be popular. In February 2024, Mountain Protocol has minted Mountain Protocol USD (USDM) tokens worth US$154.0 million since its inception in September 2023, while Ondo has a market capitalization of Ondo US Dollar Yield (USDY) worth US$132.4 million according to reports. Meanwhile, ONDO Finance's market capitalization itself has reached US$1.3 billion.
Other RWA Trends
Another significant trend highlighted in the CoinGecko report is precious metal tokens like Tether Gold (XAUT) and PAX Gold (PAXG) dominating 83% of the commodity-backed token market capitalization.
Tokens like XAUT and PAXG are backed by one troy ounce of physical gold, while Kinesis Gold (KAU) and VeraOne (VRO) are pegged to one gram of gold. Despite the dominance of precious metal tokens, tokens backed by other commodities have also been launched.
Read Too: Solana Achieves Title of Most Popular Blockchain in Early 2024
*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
