RWA Report: The Rise of Cryptocurrencies as Real-World Assets

CoinGecko released its RWA 2024 report. The report states that most real-world assets (RWAs) are currently stablecoins pegged to the US dollar. The top three US dollar stablecoins alone account for 95% of the market, with Tether (USDT) having a market cap of $96.10 billion, USDC (USDC) having a market cap of $26.80 billion, and Dai (DAI) having a market cap of $4.90 billion.
USDT continues to dominate, with a market share of 71.4 per cent. Meanwhile, after a brief decoupling during the US banking crisis in March 2023, USDC's market share plummeted and has yet to recover.
Stable assets other than dollar-pegged stablecoins make up just 1% of the market. These assets include other fiat currencies such as Euro Tether (EURT), Offshore RMB Tether (CNHT), Mexican Peso Tether (MXNT), Euro-Dollar (EURC), StasisEuro (EURS), and Birira (TRYB).
The market capitalization of the stable asset soared from $5.20 billion in early 2020 to a peak of $150.10 billion in March 2022, before gradually declining throughout the bear market. However, its market capitalization increased by 4.9% in 2024, from $128.20 billion at the beginning of the year to $134.60 billion on February 1.