POPA ReconDL Research - The State of RWAFi Q1 2026 Report
DL Research - The State of RWAFi Q1 2026 Report Market grew 5x to $25.2B mcap in a year, but uneven since tokenised funds ($13.5B), commodities ($5.9B, ~95% gold), private credit ($4.6B) and stocks ($1.2B) are 95%+ of the market, and only ~$2.8B sits in DeFi, so issuance is still ahead of usage Gold leads DeFi-maturity (collateral, perps, yield via thGOLD/pmUSD); stocks have consolidated around custody-backed models (Ondo, xStocks) with native issuance (Galaxy's GLXY) emerging; private credit went from $49M to $4.57B led by Maple's SyrupUSDC; real estate and carbon credits remain early and n…
The excerpt is quoted from a public Telegram channel, which owns its text.