The Rollup 2025 Year in Review: Why RWAs are Taking Off in 2026 with Chris Yin and Teddy Pornprinya of Plume
Dec 21, 2025
Chris Yin and Teddy Pornprinya from Plume Network dive into the explosive growth of real-world assets, skyrocketing from $5B to $20B in 2025. They discuss the dynamics of collateralized loan obligations, the impact of Fed rate cuts on yield hunting, and how Plume’s permissionless strategy captured half the market. The duo highlights the potential of private credit and the importance of diversifying holdings in the RWA space. Expect massive growth in 2026 as institutional access becomes even more attractive!
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Risk vs Yield Tradeoff
- RWAs compete along risk and yield, with T-bills as the baseline reference for safety and liquidity.
- As T-bill yields fall, investors climb the risk ladder toward CLOs for slightly higher yields and similar liquidity.
Rate Cuts Fuel RWA Demand
- Fed rate cuts lower T-bill yields and push capital to search for higher returns in RWAs like CLOs and private credit.
- That macro shift can trigger a large inflow into tokenized RWAs as borrowing costs fall and appetite for yield grows.
CLOs Are The Near-Prime Alternative
- CLOs (Collateralized Loan Obligations) offer modestly higher yields than T-bills with strong security and liquidity.
- Institutional deployments like Janus Henderson's AAA CLO scaled quickly and reshaped top RWA rankings onchain.