RWA & DeFi
BlockInsider Take on RWA This Week: Circle Is The New King
Circle overtakes Securitize as tokenized equities shift, while bStocks closes in on Ondo and RWA users surge to 43 million.
BLOCKINSIDERLoadingCircle overtakes Securitize as tokenized equities shift, while bStocks closes in on Ondo and RWA users surge to 43 million.
Circle has overtaken Securitize as the largest stock by underlying value in the tokenized equities market. The shift came this week as Securitize's underlying value crashed by $135 million, falling to $295 million. Circle now sits at $308 million, crowning a new leader of the tokenized stocks market.
Meanwhile, Ondo's growth stalled at $923.8 million while bStocks surged $85 million to $895 million. The RWA market also welcomed millions of new users as optimism around crypto stability continued to build.
Ondo barely noted any growth over the past week after crossing the $900 million mark. Its total tokenized stocks value now stands at $923.8 million.
That is less than a $10 million rise from the $915 million recorded a week earlier.
Ondo's weekly gain of about $8.8 million amounts to roughly 1% growth. The slowdown matters as Ondo only recently crossed the $900 million threshold. Ondo still leads, though its edge thins.
However, bStocks continued the strong streak it has held in recent weeks. It registered $85 million in growth over seven days, reaching $895 million.
The gap between the two platforms has narrowed to roughly $29 million.
bStocks, by contrast, grew about 10.5% in the same period. Its value stood near $810 million a week earlier. Such momentum suggests demand is spreading beyond the leader. Combined, the two platforms now hold more than $1.8 billion in tokenized stocks. A continued run for bStocks could flip the leaderboard within weeks.
Specific stocks, however, had a vastly different week. The underlying Securitize stocks' value crashed from $430 million to $295 million in seven days. That marked a $135 million decline in value. The drop represents a decline of roughly 31% in a single week.
On the other hand, Circle, which was climbing quickly, finally overthrew Securitize. It retained its place above the $300 million mark, sitting at $308 million at the moment. Circle is now the biggest stock by underlying value in the tokenized market. Its $308 million valuation edges Securitize by $13 million.
Strategy, however, saw little movement. The Strategy PP Variable remained largely unchanged at $217 million. Class A stocks stood at $212 million.
Together, the two Strategy classes hold roughly $429 million in underlying value. Their stability contrasts with the swings at Securitize and Circle.
Going forward, the underlying stocks may witness fluctuation in RWA-represented value owing to external market factors. Additionally, RWA Foundation data shows networks with the most holders have the smallest average balances. Avalanche averages about $171K per holder across 10K holders, while Robinhood averages $115 across 1.57 million.
Avalanche's high averages likely reflect fewer, larger holders. Robinhood's low averages likely reflect a broad base of small retail accounts. That gap shows retail-heavy networks inflate holder counts while institutions concentrate value.
The RWA market witnessed a user surge over the past week, from 38 million to 43 million. The overall optimism surrounding the crypto market's stability and RWA growth seems to be drawing investors.
The clearest example is Collector Crypt (CARDS), which emerged as the best performing RWA token this week. CARDS noted a surge of 25% over the last seven days to currently change hands at $0.2468.
The Solana-based platform tokenizes graded Pokémon cards and runs a gacha pack-opening machine. Its team reported crossing $1 billion in gross revenue in August, with revenue funding CARDS buybacks.
A burn of over 3 million CARDS on October 1 added to the scarcity narrative. The burn removes supply from circulation while buybacks create ongoing demand.
That momentum helped the token outpace the rest of the RWA sector.
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