Top 10 RWAs by Market Cap - DeFi Adoption: 1. @tethergold - Tether Gold $XAUT: $3.44b mc, 4.5% in DeFi 2. @Paxos - PAX Gold $PAXG: $2.156b mc, 0.8% in DeFi 3. @circle - US Yield Coin $USYC: $1.613b mc, 2.4% in DeFi 4. @BlackRock- BlackRock BUIDL $BUIDL: $1.371b mc, 1.7% in DeFi 5. @WisdomTreePrime - WisdomTree Treasury $WTGXX: $579.45m mc, 3.3% in DeFi 6. @OndoFinance: Ondo OUSG $OUSG: $429.85m mc, 9.0% in DeFi 7. @superstateinc - Superstate USTB $USTB: $419.14m mc, 17.1% in DeFi 8. @theo_network - Theo Network thBill $thBILL: $238.51m mc, 26.4% in DeFi 9. Superstate USCC $USCC: $195.76m mc, 80.5% in DeFi 10. @Spiko_finance - EUTBL by Spiko $EUTBL: $171.82m mc, 1.3% in DeFi Observation: Only 3 of the top 10 RWAs have >20% of supply in DeFi. Most institutional RWA products remain heavily centralized with minimal DeFi integration - despite the narrative.

RWAs are strong by