[Changes in the RWA Market as of October 2025] Let's take a look at how much the on-chain RWA market has grown over the past 5 months. 1. RWA Excluding Stablecoins The size of the RWA market, excluding stablecoins, is $33.84B, which has grown by more than $10B from $22.96B in May of this year. There has also been a change in the asset composition. While Private Credit continues to hold the largest share, the size of Institutional Alternative Funds, which was very small 5 months ago, has grown significantly to take the third position. This indicates that the funding scale of RWA is not just increasing, but that on-chain finance is gradually establishing itself as an "institutional asset management market." In terms of market share by chain, Ethereum still holds over 57% market share. The second place, ZKSync, and the fourth place, Arbitrum, are also L2s that rely on Ethereum for security, meaning that the Ethereum network effectively accounts for over 70% of the total. Interestingly, @0xPolygon's market share has significantly increased compared to May, rising to third place. 2. Stablecoins The size of stablecoins is $293.84B, growing at a very rapid pace this year. Compared to May ($234.4B), it has increased by $60B (approximately 87 trillion KRW) in just 5 months. The market share of stablecoins by chain also shows that Ethereum holds over 58%. A positive note is that despite Tether's size increasing compared to before, Tron’s share is gradually declining. As of May, the Tron network accounted for over 50% of USDT issuance, but this has dropped to around 40%. The slowly decreasing share of Tron is flowing into Ethereum and Solana. It is also noteworthy that a significant amount of assets has been leaving Ethena's USDe recently. After a long time, I took a look at the changes in the RWA market, and I was surprised to see that it has grown much more than expected over the past 5 months. I believe RWA is still in its early stages. I also think that soon the narrative related to RWA will strongly return to the crypto investment market. (New RWA projects like @Theo_Network are also onboarding to Kaito and starting their marketing.) To summarize: 1. The size of RWA excluding stablecoins is $33.84B, having grown by 47.4% over the past 5 months. 2. The share of Institutional Alternative Funds is increasing, indicating that on-chain RWA is growing into an institutional asset management market. 3. The size of stablecoins has also grown by 25.4% to $293.84B compared to 5 months ago. 4. Ethereum holds nearly 60% market share across all RWA markets. 5. Tron’s Tether share is declining, gradually flowing into Ethereum and Solana.

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