If 2023–2024 saw tokenized Treasuries play the role of a “first stage,” then 2025 marks a clear shift, with capital gradually flowing into Private Credit and other higher-yield products. In 2025, on-chain capital is no longer just about stablecoins and staking. A new asset class — Real World Assets (RWA) — has taken center stage, as crypto investors seek yield from traditional financial instruments “wrapped” in token form. RWA 2025: The Big Picture According to the Dune x RWA 2025 report, the total value of tokenized assets continues to grow strongly, reaching approximately USD 30
source: https://beincrypto.com/rwa-capital-in-2025-the-shift-from-safe-treasuries-to-high-yield-private-credit/