Authors

Carson Brown

July 1, 2025

Presentations

Key Takeaways

The RWA market has grown to $24B in 2025

Private credit and US treasuries dominate the RWA market with 88% market share and are top heavy as much of the TVL is focused in a handful of funds.

Leverage is already part of the RWA story

BUIDL, the tokenized version a BlackRock US Treasury fund, has a dominant position in the RWA market and is widely used across DeFi in leverage strategies.

We launched the first leveraged RWA strategy with an Apollo private credit fund

The levered ACRED strategy is driven by Gauntlet's yield optimization engine and leverages Aera's vault infrastructure to manage the position.

Presentations

View the full presentation

Read the full paper

Want Gauntlet in

your inbox?

Sign up to get notified about our latest research.

Thank you. You'll hear from us soon.

Contact our team

Tell us about your protocol’s needs

1/4 Name

First, tell us your name

2/4 Contact Info

Tell us know to reach you.

Contact method

Address must be correctly formatted

3/4 Protocol Info

Tell us about your protocol.

Protocol type

4/4 Details

Just one more thing...

Success!

Thank you! You'll hear from us soon.

Monthly Email Updates

Stay connected to Gauntlet research and analysis

Receive a roundup of our latest research, analysis,
and product updates each month

Thank you for subscribing to our email list! Check your inbox for the latest form Gauntlet’s team.
Oops! Something went wrong while submitting the form.