01 The set
What is on this board
The RWA label here folds six of CoinMarketCap's tags into one: real-world-asset protocols, tokenized assets in general, and then tokenized stocks, ETFs, gold and commodities specifically. The top 1,000 by market cap holds 131 of them, and the board draws the 100 largest — past that a bubble comes out smaller than its own label.
That net catches two different kinds of thing. Some of these are tokens of a business that puts assets on a chain — the token votes on the protocol or pays its fees. Others are the tokenized asset itself, where the token is a claim on a bar of gold or a treasury bill sitting with a custodian. Both are drawn the same way here, and the section below is mostly about what that costs you when you read the picture. Many of these names also appear on the DeFi board, because tokenizing something and then lending against it is the same industry.
Everything else works the way it does on the whole-market board: size is market cap, color is the price change over the period on the buttons, and grey means a coin barely moved. The longer version, with the exact color thresholds, is in the guide.
02 Movers
Biggest moves in the sector, last 24 hours
▲ Gainers
| Coin | Price | 24h | Volume |
|---|---|---|---|
| MSTRXMicroStrategy tokenized stock (xStock) | $105.61 | +10.41% | $13M |
| MSTRBStrategy Tokenized bStocks | $105.65 | +10.38% | $20M |
| CRCLBCircle Internet Group Tokenized bStocks | $80.37 | +10.15% | $30M |
| CRCLXCircle tokenized stock (xStock) | $80.37 | +10.06% | $25M |
| INJInjective | $4.39 | +8.31% | $65M |
▼ Losers
| Coin | Price | 24h | Volume |
|---|---|---|---|
| CFGCentrifuge | $0.1353 | -14.41% | $19M |
| SPCXxSpaceX tokenized stock (xStock) | $139.78 | -4.09% | $21M |
| SPCXBSpaceX Tokenized bStocks | $139.76 | -4.09% | $70M |
| SOXLBSemicon Bull 3X ETF Tokenized bStocks | $122.12 | -3.76% | $25M |
| SNDKXSandisk Corporation tokenized stock(xstock) | $1,583 | -2.78% | $17M |
Both tables are drawn from this board only, and every coin in them traded at least $10M in the past 24 hours. That volume floor is the same one the whole-market board uses, and it matters more here: a sector is a slice, so fewer coins clear a fixed dollar amount, and the ones that do not are exactly where a spectacular percentage turns out to be one buyer on a quiet market.
03 Background
What is RWA crypto?
RWA stands for real-world assets: putting something that already exists off-chain — a treasury bill, a share, gold, private credit, an invoice — into a token that can be held in a wallet and moved in seconds. The pitch is settlement and access: an asset that normally clears in two days and needs a broker becomes something that transfers like any other token, at any hour.
The chain holds a claim, not the asset. Nothing about tokenizing gold moves gold. There is a custodian holding the bar, an issuer who promises to redeem the token for it, and usually a legal wrapper in a specific jurisdiction that says under what conditions. The contract is a pointer, and the thing it points at is governed by a contract in the other sense of the word. That is the structural difference from DeFi, where the code is the whole arrangement: here the code is the easy half.
Two bubbles on this board are not always the same measurement. For a protocol token, market cap is what the market thinks the business is worth. For a tokenized asset, market cap is just how much of it has been issued — a fund that takes in another hundred million grows the bubble without anybody's opinion changing. One is a valuation, the other is a balance. They sit side by side here and the picture has no way to mark the difference.
Color means less on the asset-backed half. A token tracking a treasury bill is designed not to move; one tracking gold moves with gold and with nothing that happens in crypto. So the pale band on this board is not a quiet market — it is a group of coins doing exactly what they promise. Coins flagged as stablecoins are dropped from every board here for that reason, but a tokenized money-market fund is not flagged as one, and it behaves nearly the same.
The underlying market closes; the token does not. Tokenized stocks and ETFs trade every hour of the weekend, when the exchange they refer to is shut. Whatever price they show then is a market making a guess about Monday, held together by whoever is willing to quote both sides. A weekend move on one of those rows says something about the token's liquidity at least as often as it says something about the company.
Redemption is the part worth checking, and it is not on this board. Whether you can actually hand the token back and receive the asset — who may do it, in what size, on which days, and after what identity checks — is where these products differ from each other most, and none of it is visible in a market cap or a price change. A token trading close to the value of the thing it represents is the market's judgement about that machinery, not proof of it.
04 The app
The same filter, over the whole market
This page is one fixed slice: one sector, the largest names in it, four periods, prices in dollars. The app it was cut from carries all 1,000 coins and lets you set the filter yourself — by category, by chain ecosystem, by exchange — then keep what you found as favorites. Free, no ads, no account, and it runs in a browser tab as well as on a phone.
Open the full board →