🔮 Solana Joins the Tokenisation Race, Ondo Expands to XRP Ledger & BlackRock Goes Multichain

Sunday is here.

Welcome back to another newsletter from us at The Merge.

Tokenisation News

 🔮 Solana joins Tokenisation Race with Securitize

♟️Ondo expands onto the XRP Ledger Aiming at Institutions

🌌 BlackRock goes live via Wormhole Integration

👩🏽‍🚀 Apollo unveils $1.2B Tokenised Private Credit Fund

Read Time: 5 Minutes

Global Market Overview

Real World Assets on-chain (excl stablecoins) are worth $17.1 billion (↑10.47% from last month).

There are 82,878 Total Asset Holders (↑10.47% from last month).

• $213.7b is in Stablecoins

• $11.8b is within Private Credit

• $3.54b is in US Treasury Debt

• $1.14b is in Commodities

• $119.9m is in Global Bonds

• $16.1m is in Stocks

The top 3 networks are 🥇Ethereum ($127.9b in Total Value Locked) 🥈Tron ($60.6b in TVL) & 🥉Solana ($11.1b in TVL).

Fancy taking a look for yourself? Check it out here.

So, what’s being tokenised this week?

Private Credit

Currently, there are $11.8 billion in active-value loans and $21.5 billion in total loan value across all protocols.

As of today, the top 3 current protocols with outstanding loans are 🥇Figure ($9.1b)🥈Tradable ($1.78b) &🥉Maple ($277m).

Top stories this week?

👩🏽‍🚀 Apollo unveils $1.2B Tokenised Private Credit Fund

The tokenised Apollo credit fund will offer investors on-chain access to corporate direct lending & asset-backed lending, in addition to performing, dislocated and structured credit.

Apollo, the investment firm with over $730B in AUM is offering this with the help of security token specialists, Securitize who are the tokenisation partner of BlackRock.

It will debut on Solana and Ink (Kraken Exchanges new blockchain), aswell as being available on Ethereum, Aptos, Avalanche and Polygon.

Stablecoins

Currently, the market cap of stablecoins is $213.7 billion (↑4.97% from last month).

As of today, it makes up 1.02% of all M2 Money Supply (↑4.97% from last month) with Monthly Transfer Volume totalling $3.47 trillion (↓24.2% from last month)

The top 3 current entities are 🥇Tether ($138.4b)🥈Circle ($52.1b) &🥉Ethena ($6.1b).

Top stories this week?

🔮 Solana joins the Tokenisation Race with Securitize

This move takes advantage of Solana's speed, affordability, and scalability—features that excel at handling complex financial transactions.

The Apollo Diversified Credit Securitize Fund ($ACRED) showcases this capability quite clearly.

The best part?

This isn't just another crypto project - we're talking about bringing serious Wall Street-level investments onto the blockchain.

Nick Ducoff from Solana Foundation put it perfectly when he pointed out that this is bridging the gap between old-school finance and the crypto world.

♟️Ondo expands onto the XRP Ledger Aiming at Institutions

Ondo Finance will launch ($OUSG) its tokenised US Treasury fund within the next six months.

The BlackRock-backed treasury yields will be accessible 24/7 through the RLUSD stablecoin, targeting institutions and representing a perfect fit to help power institutional grade finance on-chain.

Commodities

Currently, the market cap of commodities is $1.14b (↑6.8% from last month).

As of today, the Monthly Transfer Volume totals $434.3m (↑38.8% from last month). with 59.8k addresses that are current holders.

The top 3 current entities are 🥇Paxos ($567m)🥈Tether ($545m) & 🥉Comtech Gold ($12.76m).

Bonds

Currently, the total value of bonds is $119.9m (↓2.38% from last week).

As of today, the Average Yield to Maturity is 0%. There are 648 Holders (↓2.89% from last week) and 7 Total Assets.

The top 3 current entities are 🥇Spiko ($93.3m)🥈 Backed Finance ($20.2m)🥉 OpenTrade ($6.3m).

Top stories this week?

🌌 BlackRock goes live via Wormhole Integration

Securitize has chosen to integrate with Wormhole for tokenised fund transfers with BlackRock, Hamilton Lane, KKR, and others.

There is now over $1B+ in fund LP tokens now cross-chain capable enabling seamless movement 👏🏼

Securitize manages over $1.5 billion in tokenised assets, using Wormhole's $55 billion-backed technology for seamless cross-chain fund transfers.

BlackRock's BUIDL, reaching $642.16 million by January 2025, demonstrates the growing institutional demand for tokenised finance solutions, alongside Wormhole's interoperability capabilities have attracted major players like Google Cloud and KKR, driving multi-chain adoption in traditional finance.

Stocks

Currently, the total value of stocks is $16.3m (↑36.2% from last month)

As of today, the Monthly Transfer Volume totals $65.54m (↑186.7% from last month🔥) with 226 Active Addresses and 1,052 Current Holders.

The top 3 current entities are 🥇iShares Core S&P 500 ($7.3m)🥈Coinbase Global ($6.1m) &🥉Nvidia ($1.2m).

Weekly Resource List

👻 Phantom Wallet: Beginner-Friendly Wallet

Multiple chains, one wallet. No need for switching. Seamlessly access the largest NFT marketplaces. A multi-chain wallet that helps you explore web3, use apps, and buy, store, and trade crypto and NFTs across Solana, Ethereum, and Polygon. (link) 

💳 Coinbase Wallet: The Crypto Wallet of Choice

You’ve more than likely heard and probably used Coinbase, so no introduction is needed. This is by far one of the easiest and non-crypto native wallets to be picked up and used by anyone. They even have a ‘Simple Mode’ for beginners. (link) 

🌐 RWA.xyz: On-Chain RWA Analytics

Explore tokenised real-world assets and the investors, issuers and service providers participating in public blockchains. View protocol statistics, industry aggregate metrics, and the issuers all in one place (link)

🔎 Santiment: Crypto Intelligence Tool

A behaviour analytics platform for crypto, sourcing on-chain, social and development information on thousands of coins, including market signals. For RWA’s insights check out this (link) 

As always, thanks for reading.

Vote below and let us know your thoughts this week —we’d love to hear from you.

See you next Sunday,

Merge