ME News report, May 22 (UTC+8), according to CoinFound data:
- Stablecoin, $230.571 billion
- Commodities, $5.591 billion
- Asset-backed credit, $2.098 billion
- U.S. Treasury bonds, $1.941 billion
- Tokenized stocks, $1.749 billion
- Featured Finance, $199 million
- Multi-currency credit, $0.12 billion
- Corporate credit, $0.01 billion
- Non-U.S. government bonds, $0.01 billion
Market dynamics:
- The size of tokenized U.S. Treasuries has surpassed $12B–$13B, becoming the largest non-stablecoin RWA category on-chain.
- The U.S. SEC is preparing to introduce an "innovation exemption" that would allow crypto platforms to legally trade on-chain stocks.
- JPMorgan is launching a new tokenized money market fund.
Summary:
The biggest change in the RWA market isn't "a certain project rising," but rather the joint push by U.S. regulators and Wall Street to shape the on-chain securities market, with Tokenized Treasuries becoming the new foundational asset class across the entire crypto financial system.(Source: CoinFound)


