Castle Labs: On-chain tokenized assets exceed 38 billion USD

Research institution Castle Labs released a report stating that over 38 billion dollars in assets have been tokenized on-chain. Among them, U.S. Treasury bonds exceed 15.9 billion dollars, commodities 4.9 billion dollars, active strategies 3.6 billion dollars, asset-backed credit 2.56 billion dollars, and stocks 2.52 billion dollars.

The report uses the Ethereum Layer 2 network Mantle as an example, stating that the Mantle ecosystem currently hosts over 225 million dollars in assets, of which over 60% is in the active RWA strategy Mantle Index Four Fund, 21% is in syrupUSDT, 15% is in Ondo USDY, and 2% is in xStocks. Of the RWA value, 96% is in income-generating assets, and xStocks has grown to over 4.4 million dollars since its launch in March.

Castle Labs: Listed assets are relatively easy, but the challenge lies in whether assets can become effective capital after being on-chain. Tokenized assets need to be able to trade in deep liquidity, be used as collateral, be combined across venues, and be widely used; otherwise, it will exacerbate liquidity fragmentation. For RWA to gain widespread adoption, it must provide additional utility compared to traditional finance in terms of accessibility and combinability. Early tokenization rewards the ability to bring assets on-chain, while the next phase will reward the ability to make these assets useful.