This time last year, the idea of building RWA on a Layer 2 was still a long shot. Fast forward to today and we’ve got $950M+ of tokenized Treasuries, bonds, equities, and real estate already flowing through #Arbitrum. So what’s driving the growth? Cost structure finally makes sense for institutions minting or trading asset-backed tokens. Tech upgrades like Stylus enable non-EVM code (Rust/C++), perfect for asset issuers. The Arbitrum DAO is stacking treasuries through programs like STEP 1 and STEP 2.0, allocating ~$85M+ into tokenized government debt and MMFs. They’ve successfully created a new type of flywheel: Institutional issuers mint RWAs → DAO allocates treasury into them → yields flow back to protocol and fund ecosystem growth → DeFi integrates RWAs for lending/trading → more volume, more fees, more dev activity. Here’s the breakdown of who’s building what 👇 🔹 @Spiko_finance Top dog on Arbitrum with $229M TVL, fastest-growing RWA issuer, covering 24% of total RWA TVL. Part of STEP 2.0 with 35% allocation. Offers ~4-5% APY with live collateral in DeFi. 🔹 @Theo_Network New golden kid RWA platform, top #3 on Arbitrum, their thBill recently hit $100M MC become the largest USD-eligible asset on Arbitrum. 🔹 @MountainUSDM USDM, a yield-bearing stable backed by Treasuries, compliance-first wrapper. Built for capital preservation and easy DeFi integration. 🔹 @BackedFi Tokenized ETFs and equities like bCSPX (S&P 500), bIB01 (bond index), and more. Direct equity exposure from inside the crypto stack. 🔹 @OpenEden_X (TBILL) Singapore-regulated, offers real-time attested T-Bills with proof-of-reserves. Strong focus on APAC and EMEA institutions. 🔹 @DinariGlobal Bringing stocks and ETFs on-chain fully backed as dShares. Early, but with real potential to make equities DeFi-native collateral. 🔹 @centrifuge Long-time player in RWA credit. Tokenizes SME debt and private credit pools, composable with lending protocols. Arbitrum’s already cornering a slice of a projected $600B RWA market by 2030. Not bad for an L2 that started as a scaling solution. Still early.