[Serenity Premium] Real World Assets and Fiat Backing for the Crypto Space [2nd Review Aug 2024]

We have first reviewed the status of RWA and the fiat backing the cryptocurrencies in Sept 2023. In that 2023 article, we concluded that "there are about $120.4 billion fiat or assets convertible to fiat that are dedicated to the backing or purchase of cryptocurrency. This is about 12% of the trillion dollar market cap of total cryptocurrency. " These includes fiat backing the fiat-backed stablecoins like USDT and USDC, fiat in cryptoexchanges like Coinbase, and tokens issued with RWA backings such as products from Matrixport and Ondo. In this article, we will use the same methodology and review the RWA market again, especially some new players.

The 2023 Summary Compared to Now

This is the summary in Sept 2023:

As of Aug 2024, the total amount of fiat in the crypto space has increased to $166.3 billion.