Post #2122

Tokenized gold (XAUT, PAXG) still sits at the top by total value — the classic hedge trade. But right behind it, Treasury-backed products like BUIDL, USYC, USDY, and BENJI are accumulating billions. That’s institutional capital allocating directly on-chain. What drove this? High interest rates + macro risk-off positioning + confidence in short-term U.S. paper. Put simply, RWAs are turning into the on-chain money market.