Research firm Castle Labs said more than $38 billion in assets have now been tokenized on-chain. According to ChainCatcher, U.S. Treasuries account for over $15.9 billion, followed by commodities at $4.9 billion, active strategies at $3.6 billion, asset-backed credit at $2.56 billion, and equities at $2.52 billion. Castle Labs cited Mantle, an Ethereum layer-2 network, as an example of current real-world asset adoption. According to ChainCatcher, the Mantle ecosystem currently holds more than $225 million in assets, with over 60% in the active RWA strategy Mantle Index Four Fund, 21% in syrupUSDT, 15% in Ondo USDY, and 2% in xStocks. The firm said 96% of RWA value is concentrated in yield-bearing assets, and xStocks has grown to more than $4.4 million since launching in March. Castle Labs said listed assets are now relatively easy to bring on-chain, but the harder task is turning them into effective capital after tokenization. It said tokenized assets must be tradable in deep liquidity, usable as collateral, composable across venues, and broadly usable, or they may worsen liquidity fragmentation. The firm added that wider RWA adoption will require offering utility beyond traditional finance in accessibility and composability.
