Castle Labs said in a new report that more than $38 billion in assets have now been tokenized onchain, with U.S. Treasuries accounting for more than $15.9 billion of that total. The report also broke out other categories, including $4.9 billion in commodities, $3.6 billion in active strategies, $2.56 billion in asset-backed credit, and $2.52 billion in equities.
Using Ethereum layer-2 network Mantle as an example, Castle Labs said the Mantle ecosystem currently holds more than $225 million in assets. More than 60% sits in the active RWA strategy Mantle Index Four Fund, while 21% is in syrupUSDT, 15% in Ondo USDY, and 2% in xStocks. It added that 96% of RWA value on Mantle is concentrated in yield-bearing assets, and that xStocks has grown to more than $4.4 million since launching in March.
Castle Labs argued that getting assets listed is now relatively easy. The harder question, it said, is whether tokenized assets can become effective capital after moving onchain through deep liquidity, collateral use, cross-venue composition, and broad usage.
Research firm Castle Labs said in a report that more than $38 billion in assets have now been tokenized onchain.
By category, U.S. Treasuries account for more than $15.9 billion, followed by $4.9 billion in commodities, $3.6 billion in active strategies, $2.56 billion in asset-backed credit, and $2.52 billion in equities.
How Castle Labs framed Mantle as an RWA case study
The report used Ethereum layer-2 network Mantle as an example, saying the Mantle ecosystem currently holds more than $225 million in assets. More than 60% of that is in the active RWA strategy Mantle Index Four Fund, 21% is in syrupUSDT, 15% in Ondo USDY, and 2% in xStocks.
Castle Labs said 96% of RWA value in the Mantle ecosystem sits in yield-bearing assets. It also said xStocks has grown to more than $4.4 million since its March launch.
What Castle Labs sees as the next phase of tokenization
Castle Labs said listing assets has become relatively easy, but the harder challenge is whether those assets can become effective capital after moving onchain.
According to the report, tokenized assets need to trade in deep liquidity, be used as collateral, be combined across venues, and see broad usage. Otherwise, they may intensify liquidity fragmentation.
Castle Labs added that for RWA to reach broader adoption, it must offer added utility over traditional finance in both accessibility and composability. In its view, the early phase of tokenization rewarded the ability to bring assets onchain, while the next phase will reward the ability to make those assets useful.
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