RWA report: The rise of cryptocurrencies as real-world assets

Golden Finance reported that CoinGecko released the 2024 RWA report. Currently, most real-world assets (RWA) are stablecoins pegged to the U.S. dollar, the report said. The top three US dollar stablecoins alone account for 95% of the market share, with Tether (USDT) having a market value of US$96.1 billion, USDC (USDC) with a market value of US$26.8 billion, and Dai (DAI) with a market value of US$4.9 billion. USDT continues to dominate, with a market share of 71.4%. Meanwhile, after a brief decoupling during the U.S. banking crisis in March 2023, USDC’s market share plummeted and has yet to recover. Stable assets other than USD-pegged stablecoins account for only 1% of the market. These assets include other fiat currencies such as Euro Tether (EURT), Offshore Yuan Tether (CNHT), Mexican Peso Tether (MXNT), Euro/USD (EURC), StasisEuro (EURS), and Lira (TRYB). The market capitalization of stable assets soared from $5.2 billion in early 2020 to a peak of $150.1 billion in March 2022, before gradually declining throughout the bear market. However, its market capitalization increased by 4.9% in 2024, from $128.2 billion at the beginning of the year to $134.6 billion on February 1.