RWA issuance is miles ahead of secondary liquidity: BeInCrypto’s May 31 rwa.xyz cut found 910 of 1,289 tokenized assets, worth $32.9B, recorded zero weekly transfers. Treasuries are the production-grade pocket, with USYC, USDY and BENJI helping put roughly $15B across 100 assets, 99% on public-chain rails.

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