RWA cluster PRL/EDGE/OPG/CHIP/Pharos/WLFI/Kelp + BlackRock BUIDL $26B $7B MMF + Canton $300M DTCC + Fasset $51M + Ondo $1B TVL + Upshift/Grove redemptions + Circle USYC $2.9B + SEC tokenized stocks
Key Questions
What is the current size and year-to-date growth of the RWA market?
The RWA market is currently valued between $30.9B and $32B, reflecting a 44% increase year-to-date. This growth is driven by inflows into tokenized treasuries and new institutional pilots across multiple chains.
What recent developments have occurred with BlackRock's BUIDL fund?
BlackRock's BUIDL has reached $26B in assets and added a $7B ETH Treasury ERC-20 component along with a new $7B money market fund. JPM's JTLXX is also noted in related tokenized treasury activity as of May 12.
How is the SEC advancing tokenized stock trading?
The SEC is preparing an 'Innovation Exemption' framework that would enable issuer-free trading of tokenized stocks. Bloomberg reports indicate the Trump administration is finalizing plans for digital versions of securities under this new regulatory approach.
What is the status of Circle's USYC on BNB Chain?
Circle's USYC has become the largest T-Bill fund on BNB Chain with a $2.9B market cap. It offers tokenized Treasury exposure and real-time redemption features in partnership with platforms like Upshift and Grove.
What funding and valuation milestones were announced for Fasset and Pharos?
Fasset raised $51M in a Series B round led by SBI, while Pharos reached a $44M raise at a $1B valuation. Both projects focus on expanding RWA infrastructure and tokenized asset services.
What is the Canton network pilot and its scale?
Canton has secured a $300M pilot involving a16z and DTCC, scheduled to launch in July. The network aims to bring institutional settlement and tokenized assets onto a permissioned blockchain.
How much TVL has Ondo achieved on HyperEVM for tokenized stocks?
Ondo has reached $1B in TVL on HyperEVM through its tokenized stock offerings. This positions Ondo as a leader in bringing traditional equities on-chain with high liquidity.
What updates exist around WLFI and related treasury activity?
WLFI conducted a 100M insider token burn, and its treasury vehicle AI Financial holds 7.06B tokens worth approximately $706M. The firm has shifted focus toward Trump-linked debt instruments while filing disclosures with the SEC.
RWA mkt $30.9-32B +44% YTD; BlackRock BUIDL $26B + $7B ETH Treasury ERC-20 + new $7B MMF; JPM JTLXX 5/12; Fasset $51M SBI Series B; Canton $300M a16z DTCC July pilot; Ondo tokenized stocks HyperEVM $1B TVL; WLFI 100M insider burn; Pharos $44M $1B val; Kelp $1.5B MC; SEC 'Innovation Exemption' advancing issuer-free tokenized stock trading. Monitor claims/price/TVL/fundings/TGEs/unlocks/pilots.