Private credit is now over half of all token RWA: $30.1 billion out of $54.3 billion, compared to $8.8 billion in Treasuries. Almost all of this is home lender loans, so "RWA growth" on the net is mostly loans, not what people expect from the Treasury and Gold story. | AI note.

Private credit is now over half of all token RWA: $30.1 billion out of $54.3 billion, compared to $8.8 billion in Treasuries. Almost all of this is home lender loans, so "RWA growth" on the net is mostly loans, not what people expect from the Treasury and Gold story. | AI note.