RWA Real-World Usage Data Exposed: Stablecoins Dominate, Other Assets Remain on the Periphery

Despite institutional discussions about the tokenization prospects of real estate, government bonds, and private credit, actual user data reveals a starkly different reality: the only RWA (Real World Asset) category that is truly widely used is stablecoins. According to the latest statistics from RWA.xyz, stablecoins boast a staggering 14,392,013 active wallet addresses, far exceeding the sum of all other tokenized assets. Tokenized public equity ranks second with only 21,705 active addresses, followed by commodities at 9,387, private credit at 4,045, U.S. Treasury bonds at a mere 1,363, and real estate at a low of 524. The user base of stablecoins is 663 times that of the second-place category, and all other categories combined account for less than 0.3% of stablecoin users.

This significant disparity is not accidental. Stablecoins are widely adopted because they address the most pressing needs of ordinary people—in regions with high inflation or unstable banking systems (such as Argentina, Colombia, and Brazil), 70% of crypto funds flow into stablecoins. What users truly need is not yield, but a digital dollar that can preserve value, be transferred across borders, and does not require a bank account. In contrast, while tokenized government bonds, real estate, or private credit have theoretical advantages such as disintermediation, fractional ownership, or increased liquidity, they are predicated on users already having financial stability and investment capabilities. These scenarios are too high a barrier for ordinary users and have not yet generated widespread demand.

Notably, tokenized public equity ranks first among non-stablecoins with approximately 21,000 addresses, and its growth momentum also stems from "accessibility": providing access to users who have difficulty opening traditional brokerage accounts. This aligns with the underlying logic of stablecoins, but serves a narrower audience. The 4,000+ addresses for private credit come almost entirely from institutions, with large transaction sizes and complex processes, making it difficult to target the general public. And corporate bond tokenization has only 3 active addresses—worldwide. The conclusion is clear: the real winner in the current RWA ecosystem is stablecoins. Other categories are still in the early stages of experimentation and have not yet bridged the gap between the "institutional narrative" and "actual user behavior."