Arrakis Finance: Who is Actually Buying RWAs?

A study tracing $91.3B in onchain RWA acquisitions across 71,697 buyers, finding that:

> No single dollar clearly traced back to a pension fund, asset manager, bank, or other TradFi entity.

> Two-thirds of attributable capital came from protocol and DAO treasuries.

> Institutional capital dominates all RWA product

> Wallets writing $1M+ cheques make up just 4% of buyers but control 93% of capital.

> USDC is serving as the dominant payment rail at 80% of product notional.

Source: https://x.com/ArrakisFinance/stat...
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