Starter.xyz (BUIDL)

BlackRock putting T-bills onchain is cool, but that's just RWA Phase 1.

It's about tokenizing assets, wrapping T-bills, money market funds, private credit, and gold, then showing institutions this thing doesn't explode on contact with compliance.

It worked. The RWA market is now at $32.4B, up 35% in one quarter.

– USYC and BUIDL both sitting at $3B
– Franklin's BENJI suite at $781M AUM
– Securitize at $4B AUM, $24.9B AUA, and 650 active funds serviced

I think every industry needs to mature, and RWA Phase 2 is about proving the token can actually do something.

We're seeing:

– BUIDL trading through UniswapX

– BENJI with P2P transferability, 365-day dividend distribution, and intraday yield accrual

– Maple lending where yield comes from real borrower interest

– Robinhood building a financial-grade chain for RWAs and tokenized stocks

Phase 2 needs products that actually make tokenized assets useful.

@RobinhoodCrypto Chain: Arbitrum-based financial L2 built for RWAs, tokenized assets, lending platforms, and perpetual exchanges.

@Securitize: regulated tokenization and transfer agency layer. BUIDL issuer infrastructure, NYSE Digital ATS design partner, and Computershare partnership.

@OndoFinance: tokenized cash and public market asset layer. Ondo Global Markets pushes tokenized stocks and ETFs beyond just T-bill wrappers.

@SuperstateInc: fund infrastructure with USTB at $866M AUM, an Invesco partnership, and Opening Bell trying to make ETFs and funds natively onchain.

@centrifuge: credit layer that moved EVM-native. Janus Henderson's JAAA brought AAA CLO exposure onchain with $1B backing.

@maplefinance: institutional lending layer with $2.5B TVL, real loan interest, syrupUSDC and syrupUSDT as composable yield tokens, plus cash management vaults using tokenized Treasuries.

@OpenEden_X: compliant T-bill issuance on XRPL, strict KYC/AML, T-bills and reverse repo collateral, $219M TVL, and a Moody's A rating signal.

@ethena: stablecoin collateral evolution, using tokenized JAAA via Centrifuge and Janus Henderson to bring higher-grade credit into USDe's backing stack.

The next 3–5 years are probably not about whether tokenized Treasuries grow from $30B to some bigger number.

That'll happen in the background.

The market wants to see whether those assets become useful across DeFi and TradFi at the same time.

BUIDL, BENJI, WTGXX, USYC... all competing in the same product category: short-duration, dollar-denominated, permissioned yield.

Similar underlying but different TVL. the spread isn't product differentiation but distribution

Castle Labs released an RWA industry report stating that the on-chain tokenized Real World Asset (RWA) market has reached $28.2 billion, an increase of about 500% since early 2025, with a peak of $31.8 billion. Currently, tokenized US Treasury bonds and money market funds remain the largest category, about $17 billion, accounting for nearly 60% of the total RWA market, with BlackRock BUIDL and Hashnote USYC both surpassing $3 billion. The report also notes that tokenized equities have become one of the fastest‑growing RWA sub‑tracks, having grown over 170% year‑to‑date, significantly higher than the roughly 60% growth of tokenized US Treasuries. Castle Labs believes that stablecoin expansion, institutional capital inflows, and regulatory frameworks such as CLARITY and MiCA are driving traditional financial assets onto the chain, but the current biggest industry bottleneck has shifted from asset issuance to redemption mechanisms and DeFi composability; currently, out of about $28.2 billion of on-chain RWA, only about $3 billion have entered DeFi, a penetration rate of roughly 10%. https://t.co/MzPa1gDkvq