Starter.xyz (BUIDL)

BUIDL, BENJI, WTGXX, USYC... all competing in the same product category: short-duration, dollar-denominated, permissioned yield.

Similar underlying but different TVL. the spread isn't product differentiation but distribution

Castle Labs released an RWA industry report stating that the on-chain tokenized Real World Asset (RWA) market has reached $28.2 billion, an increase of about 500% since early 2025, with a peak of $31.8 billion. Currently, tokenized US Treasury bonds and money market funds remain the largest category, about $17 billion, accounting for nearly 60% of the total RWA market, with BlackRock BUIDL and Hashnote USYC both surpassing $3 billion. The report also notes that tokenized equities have become one of the fastest‑growing RWA sub‑tracks, having grown over 170% year‑to‑date, significantly higher than the roughly 60% growth of tokenized US Treasuries. Castle Labs believes that stablecoin expansion, institutional capital inflows, and regulatory frameworks such as CLARITY and MiCA are driving traditional financial assets onto the chain, but the current biggest industry bottleneck has shifted from asset issuance to redemption mechanisms and DeFi composability; currently, out of about $28.2 billion of on-chain RWA, only about $3 billion have entered DeFi, a penetration rate of roughly 10%. https://t.co/MzPa1gDkvq

The top RWA assets by market cap (BUIDL, BENJI, USDY, JTRSY) are mostly permissioned... insti capital is flowing hardest into the structures least composable w/ DeFi

the "tokenization unlocks DeFi utility" thesis is legitimate but not occurring @ the top of the leaderboard yet https://t.co/XkVu5ppqnx