On March 24th, according to Velo Protocol analysis, the RWA sector performed strongly in 2025, growing 237% during the year, and the total market capitalization doubled to $19 billion, mainly driven by private credit. The number of holders and active level reached a record high. At the same time, the total value of stablecoins reached $225 billion. As of March 24, 2025, the top five RWA by market capitalization include: $BUIDL for BlackRock, about $1.50 billion (largest RWA) $USYC for Hashnote (acquired by Circle in 2025), about $800 million $XAUT for Tether Gold, about $750 million $BENJI for Franklin OnChain, about $700 million $PAXG for Paxos Gold, about $650 million.