PANews reported on March 24 that according to Velo Protocol analysis, the RWA sector performed strongly in 2025, with a 237% growth during the year and total market capitalization doubling to $19 billion, primarily driven by private credit. The number of holders and activity both reached historical highs. Meanwhile, the total value of stablecoins reached $225 billion. As of March 24, 2025, the top five RWAs by market cap include:

1. BlackRock's $BUIDL, approximately $1.5 billion (largest RWA)
2. Hashnote's $USYC (acquired by Circle in 2025), approximately $800 million
3. Tether Gold's $XAUT, approximately $750 million
4. Franklin OnChain's $BENJI, approximately $700 million
5. Paxos Gold's $PAXG, approximately $650 million.