$301.4B of Token Terminal's tokenized-asset universe sits in stablecoins versus $44.1B RWAs, so the near-term allocator lens is issuer balance sheets and distribution chokepoints. Tether at 98.5% USDT with 97.3% of issued assets on Ethereum+Tron makes chain mix a live concentration metric, while Circle's USYC and Ondo's USDY/OUSG/equities show how stablecoin rails can turn into an onchain asset-management stack. TVL alone misses the trade: redemption mechanics, product breadth, and where the liabilities circulate are going to decide which issuers get treated like money-market funds versus DeFi wrappers.

Top comment by @Benthic