Core Insights - The market capitalization of yield-bearing, on-chain Treasury products has more than doubled in 2025, exceeding nine billion dollars by December [1][6] - Different tokenized Treasury platforms exhibit varying performance, with some yielding higher returns than others [2][6] Tokenized Treasury Platforms - Tokenized Treasury products can be categorized into two classes: fixed net asset value (NAV) products and floating price tokens [3][4] - Fixed-NAV products, such as traditional money market funds, distribute dividends by issuing new tokens, while floating price tokens automatically accrue yield as underlying assets appreciate [3][4] Treasury Token Returns in 2025 - Among floating-price Treasury tokens, Superstate's USTB achieved the highest yield, with a $1,000 investment growing to $1,038.1, resulting in an annualized return of 4.11% [5] - Yields for various floating-price tokens range from 2.3% to 4.2% [6] Fixed-Price Treasury Tokens - Fixed-price tokenized MMFs and yield-bearing stablecoins have more complex comparisons, with limited data available for year-to-date returns from only a few providers [7] - Adjusted annualized returns for fixed-price Treasury tokens show varying performance, with YLDS at 2.56% and BENJI at 4.0% [9]

Core Insights - Forward Industries has launched SEC-registered shares on the Solana blockchain, enabling the first public company's equity to be utilized directly within decentralized finance (DeFi) [1] - This integration allows ex-US holders of tokenized FWDI shares to use their equity as collateral on Kamino, a Solana lending protocol, facilitating access to on-chain liquidity while retaining exposure to the underlying equity [1] - The collaboration between Forward, Superstate, and Kamino sets a precedent for future on-chain functionalities as regulatory guidance evolves [1] Group 1: Company Overview - Forward Industries is a design company focused on serving medical and technology sectors, developing a portfolio of products for global brands [1] - The company initiated a Solana treasury strategy in September 2025, aimed at acquiring SOL and enhancing SOL-per-share through active treasury management [1] - Forward's treasury strategy is backed by notable investors and operating partners, including Galaxy Digital, Jump Crypto, and Multicoin Capital [1] Group 2: Technological Integration - The Opening Bell platform by Superstate allows for the tokenization of SEC-registered shares, marking a significant advancement in the integration of public equity with digital finance ecosystems [1] - Superstate's technology provides real-time price feeds and market data, ensuring transparency and accuracy for protocols that incorporate tokenized FWDI shares [1] - Unlike other tokenized stock products that rely on synthetic structures, Superstate's Opening Bell enables direct tokenization of actual shares, recorded on-chain in real time [1] Group 3: Market Implications - The launch of tokenized FWDI shares represents a shift in how public companies can extend the utility of their stock beyond traditional exchanges, promoting programmable ownership linked to the digital asset economy [1] - The Opening Bell platform, launched in May 2025, is designed to facilitate compliant, programmable equity participation in digital finance ecosystems [1] - Superstate aims to reshape public capital markets by connecting financial assets with crypto capital markets, enhancing access, liquidity, and capital formation through on-chain public listings [1]

RT Token Terminal 📊 (@tokenterminal)The largest tokenized funds, ranked by market cap:1. BUIDL @Securitize2. USYC @circle3. JAAA @centrifuge4. USTB @SuperstateInc5. OUSG @OndoFinance6. WTGXX @WisdomTreePrime7. USDY Ondo8. USD0++ @usualmoney9. USCC Superstate10. EUTBL @Spiko_finance https://t.co/wBypbmbA4Z ...

Asset Overview - The list provides an overview of tokenized assets and their issuers in the market [1] - The assets span various issuers, including Centrifuge, WisdomTree Funds, OndoFinance, BlackRock, Securitize, SuperstateInc, Circle, MidasRWA, Theo_Network, OpenEden_X, Usualmoney, Vaneck, ApolloGlobal, Spiko_finance and FTDA_US [1] Asset Types - The assets include tokenized US Treasury Bills (TBILLs) such as USTB, thBILL, TBILL, VBILL, and FDIT [1] - The assets include tokenized money market funds such as WTGXX [1] - The assets include stablecoins such as USDY and USYC [1] - The assets include other tokenized assets such as JAAA, OUSG, BUIDL, USCC, JTRSY, mF-ONE, USUALM, ACRED, USTBL, BENJI, ETHO, EUTBL, mTBILL and mBASIS [1] Issuers - BlackRock and Securitize are listed as issuers of BUIDL [1] - Ondo Finance is listed as the issuer of OUSG and USDY [1] - SuperstateInc is listed as the issuer of USTB and USCC [1] - Securitize and ApolloGlobal are listed as issuers of ACRED [1] - Securitize and Vaneck are listed as issuers of VBILL [1] - Spiko_finance is listed as the issuer of USTBL and EUTBL [1] - Usualmoney is listed as the issuer of USUALM and ETHO [1] - MidasRWA is listed as the issuer of mF-ONE, mTBILL and mBASIS [1]

Real World Assets (RWA) Growth - Token Terminal identifies the fastest growing Real World Assets (RWAs) [1] - The list includes both USD and EUR denominated RWAs [1] Top RWAs by Growth - USCC (Superstate) leads the list of fastest growing RWAs [1] - EURA (Angle Protocol) ranks second in RWA growth [1] - XAUT (Tether) is the third fastest growing RWA [1] - PYUSD (PayPal) is listed as a fast-growing RWA [1] - VBILL (VanEck/Securitize) is among the fastest growing RWAs [1] - USYC (Circle) is identified as a fast-growing RWA [1] - USTB (Superstate) is also on the list [1] - GHO (Aave) is recognized as a fast-growing RWA [1] - RLUSD (Ripple) is included in the list [1] - thBILL (Theo Network) is listed as a fast-growing RWA [1] - EURC (Circle) is identified as a fast-growing RWA [1] - WTGXX (WisdomTree) is among the fastest growing RWAs [1]

Key Issuers & Chains - The report identifies issuers and chains as two 'investable' columns, with Ethereum being present on each row [1] Fastest Growing RWAs (Real World Assets) - USCC from Superstate Inc is identified as the fastest growing RWA [1] - EURA from Angle Protocol is among the fastest growing RWAs [1] - XAUT from Tether is listed as a fast-growing RWA [1] - PYUSD from PayPal is included in the list of fastest growing RWAs [1] - VBILL from Vaneck US and Securitize is noted as a fast-growing RWA [1] - USYC from Circle is identified as one of the fastest growing RWAs [1] - USTB from Superstate is listed among the fastest growing RWAs [1] - GHO from Aave is included in the list of fastest growing RWAs [1] - RLUSD from Ripple is noted as a fast-growing RWA [1] - thBILL from Theo Network is identified as one of the fastest growing RWAs [1] - EURC from Circle is listed among the fastest growing RWAs [1] - WTGXX from WisdomTree Funds is included in the list of fastest growing RWAs [1]

RWA（Real World Assets）增长最快的项目 - USCC @SuperstateInc 增长速度领先 [1] - EURA @AngleProtocol 位列第二 [1] - XAUT @Tether_to 排名第三 [1] - PayPal 的 PYUSD 也在快速增长之列 [1] - VanEck 的 VBILL @vaneck_us @Securitize 同样表现出色 [1] 其他值得关注的 RWA 项目 - Circle 的 USYC 和 Superstate 的 USTB 也在快速增长 [1] - Aave 的 GHO 和 Ripple 的 RLUSD 同样值得关注 [1] - Theo_Network 的 thBILL 和 Circle 的 EURC 也在增长之列 [1] - WisdomTreeFunds 的 WTGXX 也在快速增长 [1]

Core Viewpoint - Solana Company is taking a significant step in modernizing capital market access by tokenizing its shares on Superstate's Opening Bell platform, which will enhance liquidity and trading efficiency through blockchain technology [1][2][3]. Group 1: Tokenization Initiative - The company plans to tokenize shares of its HSDT fund, allowing shareholders to hold and transfer tokenized representations of HSDT shares on Superstate's platform, enabling 24/7 trading and real-time settlement [1][2]. - The tokenized HSDT will maintain its regulatory structure and investor protections while benefiting from blockchain's efficiency and accessibility [2][4]. Group 2: Strategic Partnerships - The partnership with Superstate highlights Solana Company's commitment to innovation in real-world asset tokenization and on-chain capital markets [3][4]. - Pantera Capital, an early investor in Superstate, will support this initiative to accelerate institutional adoption of tokenized markets [5]. Group 3: Recent Financing - The initiative follows Solana Company's $500 million PIPE financing, one of the largest digital asset treasury fundraisings of the year, led by Pantera Capital and Summer Capital [6]. - This financing reflects strong institutional support for Solana Company's strategy to expand its digital asset treasury and integrate real-world assets into on-chain capital markets [6]. Group 4: Company Overview - Solana Company is a publicly listed entity focused on acquiring and holding Solana (SOL) as part of its digital asset treasury strategy, aiming to maximize SOL per share through capital markets [8]. - The company is also involved in the neurotech field, developing technologies to improve the lives of individuals with neurologic diseases [8].

Real World Asset (RWA) Market Growth - Token Terminal identifies the fastest-growing Real World Assets (RWAs) based on 30-day market capitalization growth [1] - The list highlights the top 10 RWAs with the highest growth percentages [1] Top Performing RWAs - USCC @SuperstateInc leads in growth [1] - XAUT @Tether_to ranks second [1] - USDG @global_dollar is third [1] - GHO @aave is fourth [1] - VBILL @vaneck_us via @Securitize is fifth [1] - USTB Superstate is sixth [1] - USDS @SkyEcosystem is seventh [1] - RLUSD @Ripple is eighth [1] - PYUSD @PayPal is ninth [1] - JAAA @centrifuge is tenth [1]

🏦⛓️ Fastest growing RWAs, based on 30d growth (%) in market cap:1. USCC @SuperstateInc2. XAUT @Tether_to3. USDG @global_dollar4. GHO @aave5. VBILL @vaneck_us via @Securitize6. USTB Superstate7. USDS @SkyEcosystem8. RLUSD @Ripple9. PYUSD @PayPal10. JAAA @centrifuge https://t.co/bgimJHMtjX ...