RWA token sector tripled in on-chain value to $33.5B but six of seven largest tokens posted losses ranging from -44.7% to -98.8% over Jan 2025–March 2026, raising questions about structural tokenomics.
RWA & Tokenization ·
Real-world asset tokens grew substantially on-chain over the past year, with tradable RWA value roughly tripling to around $33.5B excluding stablecoins. Yet this sector expansion masked widespread token underperformance: six of the seven largest RWA tokens posted negative returns between January 2025 and March 2026, with losses ranging from roughly 44.7% down to 98.8%. Ondo Finance, identified as the category leader, saw its token fall approximately 80.6%, while MANTRA Chain's token dropped over 90% following its April 2025 collapse. Maple Finance's token stood as the sole outlier, rising 28.6%.
The divergence between on-chain asset growth and token holder losses raises structural questions about how these projects distribute value. Neither dilution dynamics nor vesting schedules are detailed in available reporting, leaving the specific mechanisms driving the discrepancy unresolved. The pattern—substantial growth in underlying assets coupled with significant token depreciation across most major players—suggests a possible disconnect between sectoral expansion and token economics that warrants closer examination.