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1) Executive summary Definition (plain-English):   Programmable money  is value that carries embedded rules —who can receive it, when it can move, and under what conditions—enforced automatically by code (smart contracts/APIs) at settlement time. Why now:  Over the last 24 months we’ve seen (a) stablecoin rails  used by major payment networks, (b) bank-grade programmable payment stacks  for corporates, and (c) CBDC pilots  reach MVP scale—together turning “digital money” into

1) Executive summary Thesis:  Stablecoins have become crypto’s core dollar liquidity layer; pairing them with transparent collateral and programmable risk controls unlocks scalable lending and credit for consumers, SMEs, funds, and market-makers. 2025 snapshot:  Total stablecoin float is ~ $300B+  (Oct 28–29, 2025). Leaders USDT (~$183B)  and USDC (~$76B)  account for the vast majority of circulation; newer models like USDe (~$9.6B)  add competitive pressure and design divers

1) Executive Snapshot (Q4 2025 Context) As stablecoins and tokenized real-world assets (RWAs) mature into core financial infrastructure, risk modeling has become a top priority for issuers, auditors, and regulators alike. The stablecoin market now exceeds $308 billion  in aggregate float, while tokenized Treasuries and money-market funds have surpassed $8.6 billion TVL  across 50+ products. These assets settle $20 – 26 trillion  annually on-chain—far surpassing the throughput

1) Executive snapshot (Q4-2025) Stablecoin float:  ~$308.5B total market cap, with USDT ~59% share. Growth ~4% over the last 30 days. ( DeFi Llama ) Real usage/settlement:  Adjusted on-chain stablecoin settlement runs in the $20–26T per year  range, per Artemis’ 2025 report (noise-adjusted methodology). ( Castle Island Ventures ) Tokenized Treasuries on-chain (cash-equivalents):   $8.64B TVL , 52  distinct products, 56.6k  holders. ( RWA.xyz ) Flagship RWA funds:  BlackRock B

1) Executive Summary Stablecoins have matured from experimental crypto assets into a systemically relevant bridge between traditional finance and digital value transfer . Their rapid growth—more than $160 billion in circulating supply globally by mid-2025—has drawn sustained attention from lawmakers and central banks. The core promise of a stablecoin is simple: a digitally transferable token whose value remains pegged 1:1 to a reference asset , typically the U.S. dollar or eu

1) Executive summary In high-inflation, FX-constrained economies, USD stablecoins (especially USDT)  operate as de-facto digital dollars for household savings, remittances, trade settlement, and contractor payroll. Adoption accelerated through 2024–2025, with independent data showing large, rising stablecoin shares of on-chain activity and strong grassroots use across LATAM, Sub-Saharan Africa, and parts of Asia. Low-fee rails (notably Tron ) and P2P channels are key enablers

1) Executive summary (CIGI+1 framing) Stablecoins are moving from niche crypto tools to programmable settlement infrastructure  that can bridge domestic payment systems and enable always-on, low-cost, conditional payments. In CIGI Paper No. 331 (Aug 2025) , Christian Catalini argues that successful integration turns on three pillars: programmable compliance , interoperable settlement , and credible backing/convertibility —together enabling instant settlement, cross-border rea

1) Executive summary Stablecoins have become a large, dollar-linked funding and settlement layer in crypto, dominated by fully reserved, fiat-backed tokens; as of today the sector’s market cap is roughly $308B  with USDT ~59% share . Meanwhile, new designs are pushing beyond hard 1:1 pegs toward mechanisms that target stability via control systems, hedging, soft-pegs, and diversified collateral—seeking better trade-offs among decentralization, capital efficiency, and safety/s

1) Introduction: Why the design category matters Stablecoins today represent the core settlement layer of digital asset markets , accounting for roughly $250–$270 billion in total capitalization  according to IMF and CoinMetrics aggregates (Oct 2025). The BIS 2025 Annual Economic Report  describes them as “digital representations of money whose stability rests on the quality of their backing assets and governance arrangements.” In other words, how  a stablecoin maintains its

1) Executive overview: what stablecoins are (and aren’t) in 2025 Stablecoins are digital tokens designed to maintain a stable value—typically pegged to a fiat currency (most frequently the U.S. dollar)—and used as a medium of exchange, unit of account or store of value within blockchain-based systems. However, they are not  identical to central bank money or bank deposits: their design, regulation, and risk profile differ. As of mid-2025, the market for stablecoins reached an

1) Executive framing: why cash-equivalents are the tip of the spear The most credible evidence of institutional adoption in real-world-asset (RWA) tokenization is concentrated in cash-equivalents —namely tokenized U.S. Treasuries  and tokenized money-market fund (MMF) shares . These instruments align with existing legal wrappers, custody models, and daily NAV  workflows, which makes them operationally compatible with bank and corporate treasury requirements (sweep programs, i

1) Executive summary: where institutional adoption really is in 2025 Institutional participation in real-world asset (RWA) tokenization has moved from pilots to controlled production  in 2024–2025—led by tokenized cash equivalents (MMFs, short-duration Treasuries) , and expanding into bank treasury, custody, and collateral  workflows. As a scale anchor, independent telemetry shows ~$34.5B of RWAs on-chain  (ex-stablecoins included in the site’s broader dashboard), with tokeni

1) Executive overview: Why these five use cases matter now The tokenization of real-world assets (RWAs) has progressed significantly in recent years, moving from concept to initial production. According to the analytics platform RWA.xyz , the total on-chain RWA value stood at approximately US $34.36 billion  as of October 21 2025. ( RWA.xyz ) While this is modest relative to global asset-markets, the rate of growth and breadth of use-cases now warrant close attention. Why foc

1) Introduction: promise vs. reality (and why liquidity is the bottleneck) Real-world asset (RWA) tokenization has advanced from pilots to production in select categories (notably cash equivalents and short-duration credit). On-chain market trackers put total RWA value at roughly $34–35B as of Oct 22, 2025 , with tokenized U.S. Treasuries ~ $8.4B —clear growth versus 2023, but still small relative to traditional markets. The key constraint today isn’t issuance: it’s secondary

1) What’s real vs marketing Real-world asset (RWA) tokenization—the process of representing tangible or financial assets (treasuries, private credit, real estate, funds) as blockchain-native tokens—is increasingly moving from pilot projects to live production. For example, the market grew from approximately US$5 billion in 2022  to about US$24 billion by June 2025 , a nearly 380% increase. ( CoinDesk )However, many popular blogs still conflate early promise with full scale: t

1) Introduction: Why 2025 is a pivot year In recent months, tokenization of real-world assets (RWAs) has shifted from nascent use-cases to demonstrable market activity. According to several independent trackers, the on-chain non-stablecoin RWA market value surpassed ~$24 billion  by mid-2025, up from roughly $5 billion  in 2022 — a ~380 % growth. ( CoinDesk )That scale, while still small relative to global asset markets, matters because it shows the model is operational — not

1) Why these names (and how to evaluate them) Not every “tokenization” pitch warrants attention. The projects worth tracking in 2025 share three traits: Live, regulated products or credible institutional partnerships  (not pilots that never leave a deck). Operational depth —issuance, compliance, data/ reporting, and custody integrations that stand up to real workflows. Transparent, verifiable facts —clear documentation, public trackers, and disclosures. By that bar, Ondo Fina

1) Introduction: From experiment to infrastructure Over the last two years, real-world assets (RWAs)  moved from a DeFi thought experiment to a functioning piece of financial infrastructure . The story is simple: institutions want faster settlement, better transparency, and programmable distribution  for assets that already exist—treasuries, private credit, funds—without sacrificing compliance. The on-chain share of these markets is still small, but the direction of travel is

1. Same Goal, New Tools For decades, securitization  has been the financial industry’s workhorse for turning illiquid assets into tradeable investments. Mortgage-backed securities, auto-loan ABS, and commercial receivables all rely on the same principle — bundle predictable cash flows, structure the risk, and sell it to investors. Tokenization  aims for the same outcome but approaches it with a new set of tools. Instead of opaque intermediaries, spreadsheets, and paper-based

1. The Bridge Between Physical Value and Digital Finance If 2023 was the year of speculation and 2024 was the year of survival, 2025 is becoming the year of integration—when real value  finally meets the digital rails it deserves. For years, the crypto market revolved around narratives — yield farming, NFTs, memecoins, hype cycles — but little of it connected to the real economy. The next phase of blockchain adoption is being built on something more tangible: Real-World Asset