According to CoinGecko's 2024-2025 RWA Sector Analysis Report: Stablecoin Sector Market Size & Growth: -The market cap of fiat-backed stablecoins surged by +$97B (+76%) from 2024 to April 2025, reaching an all-time high of $224.9B. -USDT and USDC dominate with a combined 93.5% market share. -Contribution to growth: USDT added +$56.3B, USDC added +$37.6B. New Entrants: -USDt (@ethena_labs): $1.4B market cap (ranked #4 within 12 months). -USD0 (@usualmoney): $0.6B market cap (ranked #6 within 12 months). Others: -Includes TUSD, USDB, USDD, etc. (10 stablecoins), collectively holding a stable 3.3% share in 2024-2025. -TradFi-backed stablecoins (e.g., PYUSD, EURCV) underperformed; more institutions await regulatory clarity.

2. Tokenized Treasuries Market Size & Growth: -April 2025 ATH: $5.6B (up +$4.7B, +544.8% since early 2024). -Accelerated growth in March-April 2025: +$2.3B (+67.1%), driven by global economic risks (e.g., U.S. tariffs). -BUIDL (by BlackRock & Securitize): Launched July 2024, captured 45% market share by April 2025 (#1), with +372.8% growth. -Ethereum dominates; only 11,000+ onchain holders, indicating niche adoption.

Onchain Private Credit Market Size: -Total active loans: $546.8M (still ~1/3 of May 2022’s peak). Q3 2024 slump due to Centrifuge’s pivot to tokenized treasuries. -Maple Finance leads with $374M active loans (67% of top 6 protocols), while expanding into RWA via syrupUSDC stablecoin.