# RWA crypto coins — market cap, protocol fees and revenue

> RWA vs Bitcoin — Relative Strength & Breadth

Bottom line: Velo ranks first for research priority in RWA crypto at 44.3/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is -3.4% on 13% breadth, which is what decides whether that lead is isolated or broad. 1 of the 42 assets here carries enough native evidence to move past a tape-led label.

## Agent research brief

- What matters now: RWA is -3.4% versus Bitcoin over 13 weeks. Only 13% of covered assets are above trend; leadership is narrow.
- Best research lead: Velo ranks first at 44.3/100 with 87% total evidence and 74% native evidence.
- The contradiction: 1/42 assets clear the native-evidence gate; the rest should not be treated as fundamentally confirmed.
- What to do with it: Keep this as a research queue, not an entry list. The market gate reopens only when Bitcoin trend and sector breadth improve.

Data: price 2026-07-24; protocol 2026-07-24; chain users/transactions 2026-07-24; chain TVL 2026-07-24; market-cap snapshot 2026-07-04.

## 4-Factor Crypto Evidence Score

A within-theme research-priority score for the 42 assets in RWA, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. Velo is highest at 44.3/100 on 87% evidence. It ranks research attention, not portfolio action.

1. Velo (VELO): 44.3/100 — Illiquid · research only; 26.6 + 7.6 + 3.5 + 6.6 = 44.3; evidence 87%; native evidence 74%
   Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.
2. Injective (INJ): 68.6/100 — Tape-led · on-chain proof incomplete; 34.2 + 12.9 + 10.0 + 11.5 = 68.6; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
3. Ondo (ONDO): 68.3/100 — Tape-led · on-chain proof incomplete; 31.9 + 15.0 + 10.0 + 11.4 = 68.3; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
4. Stellar (XLM): 62.3/100 — Tape-led · on-chain proof incomplete; 22.1 + 17.5 + 10.0 + 12.7 = 62.3; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
5. Compounding OpenDollar (CUSDO): 61.9/100 — Illiquid · research only; 30.6 + 15.0 + 10.0 + 6.3 = 61.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
6. XDC Network (XDC): 54.4/100 — Tape-led · on-chain proof incomplete; 19.3 + 13.3 + 10.0 + 11.8 = 54.4; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
7. STAU (STAU): 53.6/100 — Illiquid · research only; 21.0 + 15.0 + 10.0 + 7.6 = 53.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
8. Quant (QNT): 53/100 — Tape-led · on-chain proof incomplete; 17.0 + 15.0 + 10.0 + 11.0 = 53.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
9. tx (TX): 52.2/100 — Illiquid · research only; 26.2 + 15.0 + 10.0 + 1.0 = 52.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
10. RIZE (RIZE): 50.6/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.6 + 10.0 + 7.5 = 50.6; evidence 5%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
11. GAIB AID (AID): 50.3/100 — Illiquid · research only; 18.7 + 15.0 + 10.0 + 6.6 = 50.3; evidence 42%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
12. Securitize Tokenized AAA CLO Fund (STAC): 50.3/100 — Illiquid · research only; 18.7 + 15.0 + 10.0 + 6.6 = 50.3; evidence 42%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
13. Collect on Fanable (COLLECT): 50/100 — Illiquid · research only; 19.3 + 15.0 + 10.0 + 5.7 = 50.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
14. REAL (ASSET): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
15. Provenance Blockchain (HASH): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
16. Nest Basis Vault (NBASIS): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
17. Spiko Amundi Overnight Swap Fund (SAFO): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
18. Maple Finance (SYRUP): 49.5/100 — Tape-led · on-chain proof incomplete; 15.4 + 15.0 + 10.0 + 9.1 = 49.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
19. RE (RE): 49.4/100 — Tape-led · on-chain proof incomplete; 15.4 + 15.0 + 10.0 + 9.0 = 49.4; evidence 23%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
20. Centrifuge (CFG): 49.1/100 — Tape-led · on-chain proof incomplete; 14.1 + 15.0 + 10.0 + 10.0 = 49.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
21. RedStone (RED): 48.8/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 6.3 = 48.8; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
22. StrikeX (STRX): 48.5/100 — Illiquid · research only; 17.5 + 15.3 + 10.0 + 5.7 = 48.5; evidence 17%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
23. Algorand (ALGO): 47.3/100 — Tape-led · on-chain proof incomplete; 11.1 + 14.0 + 10.0 + 12.2 = 47.3; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
24. Plume (PLUME): 46.8/100 — Tape-led · on-chain proof incomplete; 18.7 + 10.2 + 7.8 + 10.1 = 46.8; evidence 73%; native evidence 46%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
25. MANTRA (MANTRA): 46/100 — Tape-led · on-chain proof incomplete; 9.0 + 16.7 + 10.0 + 10.3 = 46.0; evidence 48%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
26. Epic Chain (EPIC): 45.2/100 — Illiquid · research only; 17.1 + 15.0 + 10.0 + 3.1 = 45.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
27. Usual (USUAL): 44.2/100 — Tape-led · on-chain proof incomplete; 4.3 + 13.1 + 16.5 + 10.3 = 44.2; evidence 68%; native evidence 36%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
28. Polymesh (POLYX): 43.1/100 — Illiquid · research only; 10.6 + 15.0 + 10.0 + 7.5 = 43.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
29. Clearpool (CPOOL): 42.7/100 — Illiquid · research only; 11.0 + 15.0 + 10.0 + 6.7 = 42.7; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
30. Reserve Rights (RSR): 42.5/100 — Illiquid · research only; 9.8 + 12.5 + 12.2 + 8.0 = 42.5; evidence 68%; native evidence 36%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
31. KAIO (KAIO): 41.4/100 — Illiquid · research only; 13.5 + 14.4 + 10.0 + 3.5 = 41.4; evidence 28%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
32. Keeta (KTA): 40.3/100 — Illiquid · research only; 9.7 + 15.0 + 10.0 + 5.6 = 40.3; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
33. Ravencoin (RVN): 39.6/100 — Illiquid · research only; 6.2 + 15.0 + 10.0 + 8.4 = 39.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
34. Zebec Network (ZBCN): 37.5/100 — Tape-led · on-chain proof incomplete; 1.7 + 15.0 + 10.0 + 10.8 = 37.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
35. Creditcoin (CTC): 37.1/100 — Illiquid · research only; 5.3 + 15.0 + 10.0 + 6.8 = 37.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
36. LCX (LCX): 35.7/100 — Illiquid · research only; 6.8 + 15.0 + 10.0 + 3.9 = 35.7; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
37. Chintai (CHEX): 35.6/100 — Illiquid · research only; 7.9 + 15.0 + 10.0 + 2.7 = 35.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
38. DUSK (DUSK): 34.9/100 — Illiquid · research only; 3.4 + 15.0 + 10.0 + 6.5 = 34.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
39. OpenEden (EDEN): 34.8/100 — Illiquid · research only; 6.2 + 15.0 + 10.0 + 3.6 = 34.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
40. Energy Web Token (EWT): 34.7/100 — Illiquid · research only; 6.9 + 13.5 + 10.0 + 4.3 = 34.7; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
41. DeFiChain (DFI): 34.1/100 — Illiquid · research only; 10.6 + 11.7 + 10.0 + 1.8 = 34.1; evidence 59%; native evidence 18%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
42. Casper Network (CSPR): 32.6/100 — Illiquid · research only; 2.1 + 15.0 + 10.0 + 5.5 = 32.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

## Which projects are generating the most network fees?

What the numbers say: Usual leads RWA crypto on Trailing 12-month fees at $21.7M, 211% ahead of Reserve Rights. 0 of 1 asset with comparable change data are growing. Coverage is 4 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

- Usual (USUAL): $21.7M
- Reserve Rights (RSR): $7.0M
- Plume (PLUME): $867.4K
- Velo (VELO): $2.9K

## Which projects convert activity into protocol revenue?

What the numbers say: Usual leads RWA crypto on Trailing 12-month revenue at $13.7M, 1230% ahead of Reserve Rights. 0 of 1 asset with comparable change data are growing. Coverage is 4 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

- Usual (USUAL): $13.7M
- Reserve Rights (RSR): $1.0M
- Plume (PLUME): $855.8K
- Velo (VELO): $2.9K

## Where is capital actually committed on-chain?

What the numbers say: Provenance Blockchain leads RWA crypto on Quarter-end TVL at $1.4B, 574% ahead of Stellar. 2 of 14 assets with comparable change data are growing, fastest at Stellar. Coverage is 16 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

- Provenance Blockchain (HASH): $1.4B
- Stellar (XLM): $200.7M
- Usual (USUAL): $95.1M
- KAIO (KAIO): $60.8M
- Reserve Rights (RSR): $38.4M

## Which chains are gaining real users?

What the numbers say: Plume leads RWA crypto on Average daily active addresses at 1,804 addresses. 0 of 1 asset with comparable change data are growing. Coverage is 1 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: address growth reverses for two complete quarters or activity rises without corresponding fees.

- Plume (PLUME): 1,804

## Which protocols are winning trading activity?

What the numbers say: DeFiChain leads RWA crypto on Trailing 12-month DEX volume at $16M. 0 of 1 asset with comparable change data are growing. Coverage is 1 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: volume growth reverses or the activity is concentrated in one short-lived campaign.

- DeFiChain (DFI): $16.0M

## Which chains are processing the most transactions?

What the numbers say: Plume leads RWA crypto on Trailing 12-month transactions at 110,982,060 transactions. Coverage is 1 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: transaction growth turns negative while users and fees also deteriorate.

- Plume (PLUME): 110,982,060

## Every asset

- Velo (VELO) — 90d +26%; RS-BTC +44%; score 44.3; activity protocol
- Injective (INJ) — 90d +46%; RS-BTC +63%; score 68.6; activity chain TVL
- Ondo (ONDO) — 90d +47%; RS-BTC +64%; score 68.3; activity tape only
- Stellar (XLM) — 90d +4.7%; RS-BTC +22%; score 62.3; activity chain TVL
- Compounding OpenDollar (CUSDO) — 90d +0.6%; RS-BTC +18%; score 61.9; activity tape only
- XDC Network (XDC) — 90d -8.2%; RS-BTC +9.2%; score 54.4; activity chain TVL
- STAU (STAU) — 90d -7.2%; RS-BTC +10%; score 53.6; activity tape only
- Quant (QNT) — 90d -9.9%; RS-BTC +7.5%; score 53; activity tape only
- tx (TX) — 90d -7.9%; RS-BTC +9.5%; score 52.2; activity tape only
- RIZE (RIZE) — 90d —; RS-BTC —; score 50.6; activity protocol
- GAIB AID (AID) — 90d 0.0%; RS-BTC +17%; score 50.3; activity tape only
- Securitize Tokenized AAA CLO Fund (STAC) — 90d 0.0%; RS-BTC +17%; score 50.3; activity tape only
- Collect on Fanable (COLLECT) — 90d -14%; RS-BTC +3.7%; score 50; activity tape only
- REAL (ASSET) — 90d —; RS-BTC —; score 50; activity tape only
- Provenance Blockchain (HASH) — 90d —; RS-BTC —; score 50; activity chain TVL
- Nest Basis Vault (NBASIS) — 90d —; RS-BTC —; score 50; activity tape only
- Spiko Amundi Overnight Swap Fund (SAFO) — 90d —; RS-BTC —; score 50; activity tape only
- Maple Finance (SYRUP) — 90d -28%; RS-BTC -11%; score 49.5; activity tape only
- RE (RE) — 90d —; RS-BTC —; score 49.4; activity tape only
- Centrifuge (CFG) — 90d -19%; RS-BTC -1.8%; score 49.1; activity tape only
- RedStone (RED) — 90d —; RS-BTC —; score 48.8; activity tape only
- StrikeX (STRX) — 90d —; RS-BTC —; score 48.5; activity protocol
- Algorand (ALGO) — 90d -26%; RS-BTC -8.2%; score 47.3; activity chain TVL
- Plume (PLUME) — 90d -16%; RS-BTC +1.1%; score 46.8; activity chain + protocol + chain TVL
- MANTRA (MANTRA) — 90d -38%; RS-BTC -21%; score 46; activity chain TVL
- Epic Chain (EPIC) — 90d -25%; RS-BTC -7.6%; score 45.2; activity tape only
- Usual (USUAL) — 90d -42%; RS-BTC -25%; score 44.2; activity protocol
- Polymesh (POLYX) — 90d -29%; RS-BTC -12%; score 43.1; activity tape only
- Clearpool (CPOOL) — 90d -28%; RS-BTC -10%; score 42.7; activity tape only
- Reserve Rights (RSR) — 90d -30%; RS-BTC -13%; score 42.5; activity protocol
- KAIO (KAIO) — 90d —; RS-BTC —; score 41.4; activity protocol
- Keeta (KTA) — 90d -26%; RS-BTC -8.4%; score 40.3; activity chain TVL
- Ravencoin (RVN) — 90d -38%; RS-BTC -20%; score 39.6; activity tape only
- Zebec Network (ZBCN) — 90d -44%; RS-BTC -27%; score 37.5; activity tape only
- Creditcoin (CTC) — 90d -46%; RS-BTC -29%; score 37.1; activity tape only
- LCX (LCX) — 90d -36%; RS-BTC -19%; score 35.7; activity tape only
- Chintai (CHEX) — 90d -44%; RS-BTC -27%; score 35.6; activity tape only
- DUSK (DUSK) — 90d -51%; RS-BTC -34%; score 34.9; activity tape only
- OpenEden (EDEN) — 90d -84%; RS-BTC -67%; score 34.8; activity tape only
- Energy Web Token (EWT) — 90d -36%; RS-BTC -19%; score 34.7; activity chain TVL
- DeFiChain (DFI) — 90d -29%; RS-BTC -12%; score 34.1; activity protocol + chain TVL
- Casper Network (CSPR) — 90d -48%; RS-BTC -30%; score 32.6; activity tape only

## Limitations

- Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
- Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
- Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
- Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
- Equal weighting is used for sector history because true historical market-cap weights are unavailable.

## FAQs

### What is RWA crypto?

RWA crypto refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 42 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-24.

### What is the total market cap of RWA crypto coins?

The RWA coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.

### Are RWA crypto coins outperforming Bitcoin?

RWA has returned -25.3% versus Bitcoin over 52 weeks and -3.4% over 13 weeks on an equal-weight current-member index. 4/32 covered assets are above their 200-day averages as of 2026-07-24.

### Which RWA asset has the strongest research score?

Velo ranks first at 44.3/100: 26.6 + 7.6 + 3.5 + 6.6 = 44.3. It is labelled “Illiquid · research only” with 87% overall evidence and 74% native-economics evidence.

### How is the RWA 4-factor score calculated?

The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.

### Why can a RWA asset be labelled tape-led?

Tape-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.

### Does protocol revenue accrue to the token?

Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.

### Does crypto have a P/E or PEG ratio?

No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.

### How much history is shown for RWA?

The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.

### Why do the crypto data dates differ?

Prices and technical metrics run through 2026-07-24; protocol activity through 2026-07-24; chain users and transactions through 2026-07-24; chain TVL through 2026-07-24; market capitalisation is a separate snapshot dated 2026-07-04.

### Are stablecoins and wrapped tokens included in RWA?

No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.

### Can one token appear in multiple raw crypto categories?

Yes, but public MLA pages assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. RWA therefore has one canonical membership list.

### What would invalidate the current RWA theme read?

The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity also contracts.

### Does this page include funding rates, open interest or token unlocks?

No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.

### Which projects are generating the most network fees?

Usual leads RWA crypto on Trailing 12-month fees at $21.7M, 211% ahead of Reserve Rights. 0 of 1 asset with comparable change data are growing. Coverage is 4 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

### Which projects convert activity into protocol revenue?

Usual leads RWA crypto on Trailing 12-month revenue at $13.7M, 1230% ahead of Reserve Rights. 0 of 1 asset with comparable change data are growing. Coverage is 4 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

### Where is capital actually committed on-chain?

Provenance Blockchain leads RWA crypto on Quarter-end TVL at $1.4B, 574% ahead of Stellar. 2 of 14 assets with comparable change data are growing, fastest at Stellar. Coverage is 16 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

### Which chains are gaining real users?

Plume leads RWA crypto on Average daily active addresses at 1,804 addresses. 0 of 1 asset with comparable change data are growing. Coverage is 1 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if address growth reverses for two complete quarters or activity rises without corresponding fees.

### Which protocols are winning trading activity?

DeFiChain leads RWA crypto on Trailing 12-month DEX volume at $16M. 0 of 1 asset with comparable change data are growing. Coverage is 1 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if volume growth reverses or the activity is concentrated in one short-lived campaign.

### Which chains are processing the most transactions?

Plume leads RWA crypto on Trailing 12-month transactions at 110,982,060 transactions. Coverage is 1 of the 42 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if transaction growth turns negative while users and fees also deteriorate.

### Which RWA project has the largest fee base?

Usual leads covered trailing-12-month fees at $21.7M. Coverage is 4/42; this is network activity, not automatically token-holder income.

### Which are the biggest RWA crypto coins by market cap?

Stellar is the largest RWA crypto coin by market capitalisation at $6.9B, ahead of Ondo at $1.6B and Quant at $988.3M. The 42 RWA coins on this page carry $13.7B between them, with a market-cap figure on file for 42 of them. Market-cap metadata is dated 2026-07-04.