# RWA Monthly Report: Tokenized Treasuries, Stocks and Credit

> A monthly RWA report: tokenized treasuries, stocks, private credit and gold by issuer and chain, supply changes, launches, holders and use as DeFi collateral.

Markdown copy of https://voltfincrypto.com/apps/tokenized-rwa-monthly-report

**Question:** How did tokenized real-world assets change this month, by asset class, issuer and chain?

- Kind: Report in Voltfin Folio
- Topic: [Tokenized assets](https://voltfincrypto.com/topics/rwa)
- Chains: Multi-chain, Ethereum, Solana, Polygon, Arbitrum, Avalanche, Stellar, Base, BNB Chain
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Tokenized real-world assets put claims on off-chain assets into tokens: shares of treasury funds, stocks, loans, gold and other commodities. Their supply lives on-chain, so it can be read from each token contract instead of waiting for issuers' reports. This report records each month in one dated edition: supply by asset class, issuer and chain, what launched and where the tokens were used.

It is honest about what a chain can show. Supply and holders are read on-chain. Values come from net asset values the issuer posts on-chain where it does so and from cited off-chain sources where it does not, each labelled by its source. Stablecoins are left out, so the totals describe tokenized assets rather than tokenized dollars.

## Blueprint

### The month in one paragraph

Total tokenized value and supply changes, the asset class and issuer that moved most and the chains that gained.

Cites: Tokenized value; Change from last month; Holders.

### By asset class

Treasuries and money-market funds, stocks, private credit, commodities and other assets, each with its change in supply and value.

Cites: Value by asset class; Change by asset class.

### Issuers and funds

The largest issuers and funds, their share and change and the funds that entered or left the top ranks.

Cites: Value by issuer; Largest funds.

### Chains

Tokenized value by chain and the chains that gained or lost issuance, with native and bridged supply kept apart.

Cites: Value by chain; Largest chain's share.

### Launches and DeFi use

New tokens issued in the month, and how much tokenized supply sat in DeFi lending, vaults and pools at month end.

Cites: Tokens launched; Held in DeFi.

### Coverage and corrections

Tokens added to the registry, the valuation sources used and corrections to earlier editions.

## How it will be measured

- Supply is each token's totalSupply() at the month's last block on every covered chain, kept per chain so that native and bridged copies are never added together.
- Value is supply times the issuer's net asset value or the underlying's reference price at the same date, each labelled on-chain or off-chain by its source.
- Holders are addresses with a non-zero balance, rebuilt from transfers and checked against balanceOf; DeFi use counts tokens held by labelled lending, vault and pool contracts.
- Launches are tokens added to the registry in the month, with their first mint block, issuer and asset class.

## Data it needs

- `rwa_supply_daily` (to build): Supply and holders of tokenized treasuries, money-market funds, stocks, gold and credit per token and chain per day, with issuer and asset class.
- `token_holders_snapshot` (to build): Holder counts, top holders and concentration shares of registry tokens at a pinned block, with contract and exchange labels.
- `defi_tvl_daily` (to build): Assets deposited in DeFi protocols per protocol, chain and asset at day end, valued with oracle prices, never double counting receipt tokens.
- `address_labels` (to build): Labels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- Source: totalSupply() of each registry token at the month's last block on each chain
- Source: Transfer logs of each token, for holders and launches
- Source: Issuer NAV oracles where they are on-chain, and cited issuer reports where they are not
- Source: Balances held by labelled lending, vault and pool contracts

## Questions

### What counts as a tokenized real-world asset?

A token that represents a claim on an asset that exists off-chain: fund shares, government bills, loans, equities, commodities or property. Stablecoins are excluded here, as are tokens that only track a price without any claim on the asset.

### Which tokenized assets grew the most?

Each edition ranks asset classes and issuers by their change in supply and value over the month. Treasury funds, tokenized stocks and private credit have each led growth at different times, so the report names the month's leaders from its own figures.

### Why are tokenized assets used in DeFi?

Some can be held by smart contracts, so protocols accept them as collateral, hold them as reserves or wrap them into yield-bearing tokens. The report counts how much of each token sits in labelled DeFi contracts at month end.

### Who can buy tokenized assets?

It depends on the token. Many treasury funds and credit pools restrict holding to verified investors through allowlists in the contract, while some stock and gold tokens can be transferred freely. The registry records each token's transfer rules.

### How is this different from the RWA market size dashboard?

The dashboard shows value by chain and asset class as it changes. This report is a dated edition that sums the month, names what drove it and lists launches, so a month can be cited later.

## Glossary

- **Net asset value**: The value of a fund's assets minus its liabilities per share, published by the issuer and sometimes posted on-chain by an oracle.
- **Allowlist**: A list of approved addresses written into a token contract; only those addresses can hold or receive the token.

## Related apps

- [Tokenized RWA Market Size by Chain](https://voltfincrypto.com/apps/tokenized-rwa-market-size-by-chain)
- [Tokenized Treasuries Tracker: BUIDL, BENJI, USYC, OUSG](https://voltfincrypto.com/apps/tokenized-treasuries-tracker)
- [Tokenized Stocks Market Cap by Issuer and Chain](https://voltfincrypto.com/apps/tokenized-stocks-market-cap)
- [Tokenized Stocks List: Every Stock Token by Issuer and Chain](https://voltfincrypto.com/apps/tokenized-stocks-list)
- [Tokenized Gold Supply: XAUT vs PAXG](https://voltfincrypto.com/apps/tokenized-gold-xaut-paxg)
- [BlackRock BUIDL Fund: Supply, Chains and Holders](https://voltfincrypto.com/apps/blackrock-buidl-fund-tracker)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F