RWA went from $1B to $27B in ~3 years.
Treasuries leading growth. Private credit holding the largest share.
Institutions are also here: JPM moving $2B daily, Robinhood bringing tokenized equities on-chain.
Looks unstoppable, but zoom out.
This growth is built on one thing: yield + rates.
RWAs are working because TradFi returns are attractive. If macro shifts, flows can too.
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