RWA.xyz has Ethereum at $16.8B of non-stablecoin RWAs and $162B of stables, but Solana already lists more RWA instruments by count, so ETH's edge is depth, not breadth. The payoff comes if BUIDL/USTB/OUSG-type assets become collateral and margin inside Aave, Morpho, Maple and perps, not if they sit in whitelisted wallets as inert ERC-20 receipts. Otherwise institutions get cheap settlement optics while the actual velocity, spreads and leverage migrate to whatever venue makes the assets usable.

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