# RWA — X 热门讨论 (2026-09-30 08:45 UTC)
## @WorldOfMercek (Mercek) · 09-30 07:50 · ♥48 ↻5 💬39 RWA market is getting wider much faster than it's getting deeper.
I spent some time on @coingecko's RWA Charts this week, mostly on the 3M view, and that's the part I'd pay attention to.
If you haven't used it, the page tracks tokenized market cap, volume and token count, and you can break each one down by asset type or by issuer.
Start with token count. It goes from roughly 700 to almost 1,940 tokens in three months, and most of that growth is tokenized stocks. The day that caught my eye was September 11. Close to 600 new tokens showed up in a single day, and when I switched to the issuer view, almost all of them came from one issuer.
Volume doesn't have a moment like that. Activity is clearly higher than in July (roughly $0.8B a day back then, closer to $1.3B in September), but it stays choppy. A couple of days push past $2B and then it falls right back.
Market cap is the calmest of the three. It moved from about $6.9B to $9.1B over the same window, just over 30%, and the line looks smooth next to the staircase in token count.
Put together, it looks like distribution is outrunning liquidity. Issuers can bring hundreds of assets onchain almost overnight. Getting real capital into them, and then getting that capital to trade every day, takes a lot longer.
That's why I wouldn't judge RWA adoption by token count or TVL alone. What I'm watching for is issuance, capital and recurring volume starting to move together.
Worth playing with the timeframes yourself, from 24H all the way to Max, and seeing where those three actually converge: https://t.co/Xk3QLZCDsz https://x.com/WorldOfMercek/status/2105203643892867117
## @2xnmore (2xnmore) · 09-30 08:00 · ♥63 ↻6 💬7 Ondo stacked BlackRock, DTCC, and Tesla into a single month.
If you hold $ONDO, none of it touched your bag.
That is not bearish. It is the one detail that tells you what this token is actually worth.
The timeline scored September as five separate wins.
They are one machine, and the part everyone is excited about is not the part that pays you.
Policy, TradFi pipe, inventory, crypto distribution, product. For the first time, every layer connects.
Now run the test nobody ran. Delete $ONDO from the stack and ask what stops working.
The DTCC seat still works. The Alpaca conversion still works. The NEAR route still works. The BlackRock models still work.
Not one of them requires the token.
That is the real gap between the company winning and the holder winning.
It closes with a fee switch, a buyback, or a product that needs $ONDO.
Until then you are long the story, not the cash flow.
I mapped all five layers and the three questions that size any branded RWA headline before it goes near a portfolio.
Ondo already won September.
The token is still waiting for its invitation. > 引用 @2xnmore: BlackRock Did Not Put a Fund Onchain. Here Is What You Actually Hold https://x.com/2xnmore/status/2105206011019825428
## @Mayacrypt (Maya 💙💛) · 09-30 06:15 · ♥41 ↻2 💬32 I think the biggest RWA problem is starting to move away from tokenization itself.
Token Terminal tracks roughly $45.9B in tokenized RWA market cap.
But only $3.6B is deployed inside the DeFi applications it tracks.
That’s just 7.8%.
At first glance, you might read that as $42B sitting unused.
That would be wrong.
Some tokenized assets are held for treasury management, institutional portfolios, settlement or other purposes that never require them to enter DeFi.
But the gap still tells us something important.
Issuing an asset onchain and making that asset useful onchain are two very different problems.
You can tokenize a Treasury fund.
That doesn’t automatically mean:
+ @Aave or @Morpho accepts it as collateral + borrowers can lever against it + DEXs have meaningful liquidity for it + vaults can integrate it + market makers can efficiently arbitrage it + protocols can build products around it
That second layer requires liquidity, pricing infrastructure, risk frameworks, oracle support and protocols willing to accept the asset.
And this is where I think the next stage of the RWA market gets more interesting.
For the last few years, the headline metric has mostly been how much value has been tokenized.
But if issuance keeps growing while DeFi deployment remains a small fraction of total supply, market cap alone starts telling us less about how useful these assets actually are.
The better question becomes:
How much tokenized value can actually move through onchain financial markets?
That’s the difference between putting traditional assets on a blockchain and turning them into native financial building blocks.
The current ratio is only 7.8%.
RWA issuance has scaled much faster than RWA composability.
That gap is probably where a lot of the next infrastructure opportunity sits. https://x.com/Mayacrypt/status/2105179730685071574
## @defikadic (DEFI Kadic) · 09-30 06:18 · ♥44 ↻3 💬18 Big shift toward RWA adoption of @Mantle_Official.
Back to few days ago, Mantle has crossed over 100% gain in RWA value over just 1 month.
Now the network plays big via the collab with one of the largest tokenized assets manager - @FTDA_US (also a big investor in DeFi).
According from data from https://t.co/gjLwHxc3jw, Franklin Templeton currently hold:
+ $2.52b distributed asset + 16 RWA counts + 1,427 holders
Mantle has made the right choice. > 引用 @Mantle_Official: Institutional strategies from a $1.7T asset manager, coming to millions of onchain users.
@Bybit_Ins, @FTDA_US and Mantle are bringing more tokenized wealth products onchain, opening access to strategies once gated behind institutions.
Another border, down.
More soon. https://t.co/tcLPWv7tYR https://x.com/defikadic/status/2105180347172601932
## @Zuesthekreator (Zues) · 09-30 06:15 · ♥42 ↻5 💬5 ICYMI Injective Meridian Update is live.
here’s what just changed on @Injective forever:
→ CypherOS testnet alpha going live soon. native onchain privacy on the same chain handling $1B in tokenized mortgages and 135 RWA perp markets.
→ regulated tokenized securities now live at the protocol level.
the SEC transfer agent registration finally has the full infrastructure stack underneath it.
→ next-gen RFQ perp markets. the execution quality institutional capital actually requires is now built in.
→ novel onchain INJ expansion. details coming.
→ major redacted release. 👀
two redacted items from a team that has delivered everything it teased this cycle. ETF filings progressing. INJ natively live on four chains.
Meridian was the upgrade that made the infrastructure complete enough to capture everything building around it.
it’s live. the new era starts now. 🥷 https://x.com/Zuesthekreator/status/2105179648631935425