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Arbitrum has surged from hosting a modest $200,000 to over $200 million in tokenized real-world assets (RWAs), marking one of the most dramatic growth stories in decentralized finance (DeFi) today.
The 1,000x increase is largely powered by the Arbitrum DAO’s Stable Treasury Endowment Program (STEP), now in its second phase. With 85 million ARB tokens allocated, STEP represents one of the largest DAO-led RWA initiatives in the Web3 space. The program’s goal: reduce exposure to volatile crypto assets and build a resilient, yield-generating treasury.
1/ ArbitrumDAO goes all-in on RWAs!
— Arbitrum Governance (@arbitrumdao_gov) February 18, 2025
The DAO just approved 35M ARB for RWAs via STEP 2.0. This brings the total RWA investments from the DAO treasury to 85M ARB, one of the largest DAO-led RWA allocations in Web3! https://t.co/2P6MDSK4PK
US Treasuries dominate Arbitrum’s RWA ecosystem—97% of the total—with Franklin Templeton’s BENJI leading at 36% market share. SPIKO’s European bonds follow, signaling increasing institutional diversification beyond U.S.-centric assets. Newcomers like Dinari are also reshaping the landscape, offering tokenized equities and ETFs through its dShares platform.
Today, more than 18 tokenized RWA products are live on Arbitrum, spanning everything from sovereign debt to real estate. “RWA and Stablecoin adoption on Arbitrum has been monumental,” the network noted on X, highlighting $4.7 billion in stablecoins and $214 million in RWAs currently on-chain.
Similar to Avalanche's pattern, treasuries dominate the asset class, representing a 97% market share.
— The Learning Pill 💊 (@thelearningpill) April 15, 2025
The top spot on Arbitrum goes to Franklin Templeton's BENJI, taking a ~36% slice of the pie.
Fun fact? SPIKO's EU treasuries by SPIKO ranks 2nd with ~18% share.
Clearly, the… pic.twitter.com/98yFCMNLuJ
Despite this, ARB—the network’s native token—is down 88% from its all-time high, with a looming 92.6 million token unlock raising dilution concerns. While RWA adoption is accelerating, questions remain over direct value accrual for ARB holders.
Beyond Arbitrum, RWAs have quietly grown into a $11.1 billion sector, led by tokenized Treasuries and gold. Ethereum hosts 80% of this value, acting as the primary launchpad for TradFi integration.
Also Read: Mawari Integrates with Arbitrum To Bring Immersive AI-powered 3D Experiences To Users Worldwide
“RWAs aren’t hype—they’re the backbone of future finance,” noted analyst Patrick Scott. From Pendle to Frax, the “real yield” movement is already embedded in on-chain DeFi protocols.
As the RWA wave builds, Arbitrum stands as a rising alternative to Ethereum’s dominance. The challenge now: unlocking liquidity, trust, and broader utility—without losing sight of crypto’s stable, yield-driven foundation.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
