The RWA market—tokenized real-world assets—is worth $39.2 billion, but something is shifting within it. Tokenized Treasuries, namely funds invested in U.S. government securities and brought onto blockchains such as BlackRock’s BUIDL, are losing holders. Over the past 30 days, flows have moved toward European government securities and, above all, toward Robinhood’s tokenized stocks, which have more than 1.2 million holders.

Decline of Tokenized Treasuries in RWA

The RWA sector is growing overall, but capital is shifting from one product to another. RWA.xyz’s 30-day net-flow dashboard shows three platforms with inflows and seven with outflows. Leading the way is WisdomTree, the U.S. ETF manager, with $456 million in inflows. It is followed by Spiko, which tokenizes European government securities, with $214 million, and Robinhood, with $129 million.

Among the platforms recording outflows, Circle lost $410 million from its USYC tokenized Treasury product. Backed Finance, the issuer of xStocks, gave up $220 million; Ethena, a synthetic stablecoin protocol, lost $199 million; and Maple, an on-chain lending platform, saw $197 million leave.

BlackRock’s BUIDL Grows in Value but Loses Holders

BlackRock’s BUIDL fund remains the symbol of tokenized Treasuries, with a value of $2.73 billion, up 0.63% over 30 days. During the same period, the number of holders fell to 106, a decline of 7.83%. Average assets per holder therefore exceed $25.8 million. The holder figures suggest that this is a product reserved for a small number of institutional treasuries. Solana has become the fund’s leading network, with $946.5 million, ahead of Ethereum at $861.1 million.

The decline is also influenced by the U.S. environment, including geopolitical tensions, uncertainty over Fed interest rates, doubts about economic growth and rising public debt. Treasury yields remain attractive, but the uncertain outlook is prompting some capital to look elsewhere.

Robinhood Brings 1.2 Million Holders to Tokenized Stocks

Robinhood is bringing an audience to tokenized stocks that Treasuries have never had. The platform’s page on RWA.xyz shows $150.68 million in distributed value, up 385.74% over 30 days from a base below $30 million.

There are 1,200,306 holders, an increase of 172.92%, while monthly active addresses number 809,400. The volume transferred over one month is $12.79 billion, up 601.47% from the previous 30 days. Each token therefore changes hands approximately 85 times a month, while BUIDL remains stationary in wallets—although it has different characteristics, as do its holders.

Backed Finance and Robinhood Move in Opposite Directions

In tokenized stocks, the other major operator is Backed Finance, issuer of the xStocks tokens, which moved in the opposite direction to Robinhood in September. Backed Finance lost $220 million, while Robinhood gained $129 million. The more relevant comparison, however, is between Robinhood and BlackRock’s BUIDL—that is, between tokenized stocks and tokenized Treasuries. BUIDL holds $2.73 billion in assets sitting in the wallets of 106 institutional holders. Robinhood manages only $150 million, but has 1.2 million holders and recorded $12.79 billion in trading volume in one month.