RWA Market Growth Puts LINK, XLM and ONDO In Focus

The RWA market is getting hard to ignore. Excluding stablecoins, tokenized real-world assets have expanded 18.1 times in three years to $44.6 million, with institutional demand for yield-bearing products doing much of the heavy lifting. Now, three tokens tied closely to this infrastructure, LINK, XLM and ONDO, are sitting at technically important levels where the next move could matter.

RWA Market Growth Is Creating New Demand

Tokenized U.S. Treasury bills lead the market at $15.1 billion, followed by active yield strategies at $8.9 billion and private credit funds at $6.4 billion. But this is not simply a story about blockchains competing for the same job.

Ethereum remains the dominant Layer 1 settlement layer, accounting for roughly one-third of the tokenized asset market. Stellar and Avalanche, meanwhile, have emerged as important issuance rails for institutional funds.

The specialized protocols are where thighs get more interesting. Ondo Finance focuses on issuing and distributing yield-bearing traditional assets such as U.S. Treasuries on-chain. Chainlink provides middleware through its oracle infrastructure and CCIP, including Proof of Reserves and connections between off-chain financial data and on-chain assets. Stellar offers a fast, cost-effective settlement environment and hosts financial products such as Franklin Templeton’s tokenized money market fund.