PANews reported on March 24 that according to Velo Protocol analysis, the RWA sector performed strongly in 2025, with a year-to-date growth of 237%, and the total market value doubled to US$19 billion, mainly driven by private credit, with the number of holders and activity reaching record highs. At the same time, the total value of stablecoins reached US$225 billion. As of March 24, 2025, the top five RWAs by market value include:

1. BlackRock’s $BUIDL, approximately $1.5 billion (largest RWA)
2. Hashnote’s $USYC (acquired by Circle in 2025), approximately $800 million
3. $XAUT in Tether Gold, ~$750 million
4. Franklin OnChain’s $BENJI, approximately $700 million
5. Paxos Gold’s $PAXG, approximately $650 million.