Starter.xyz (BUIDL)

6 Narratives that will lead 2026 and beyond.

1. RWAs (BUIDL, ONDO, Circle's USYC outperforming)

2. Onchain Vaults (Spark/Morpho/Kamino/Concrete vault meta)

3. Liquid Staking Renaissance (LSTs growing at 32% while lending bleeds)

4. AgentFi (x402/ERC-8004)

5. Prediction Markets (Polymarket +$600M raise + 28.5% TVL growth)

6. Stablecoin Infrastructure (USYC, BUIDL, and M0 are becoming DeFi's native money market instrument)

Financial System Going On-Chain: FDIC Stablecoin Rules & BlackRock BUIDL Hit $1B! https://t.co/WcdwHp8aFq

➥ ~$700M in tokenized equities vs $8.7B in Treasuries made me realize the market is clearly screaming insights

At first, I thought this was just a timing issue, maybe equities come later after bonds

But after digging deeper into how stock tokenization actually works today, I don’t think it’s that simple

Here’s how I frame it:

☒ The data tells a very clear story

– Stablecoins: ~$300B +~50% YoY
– RWA total: ~$35B +133% YoY
– Tokenized Treasuries: ~$8.7B
– Tokenized stocks: only ~$700M

This huge gap RWA total vs tokenized stocks reflects what the market actually trusts

☒ Not all tokenized stocks are the same

There are 4 completely different models:

➊ 1:1 backed via SPV
- real stocks held off-chain, you only get profit exposure which you can’t control
- so it’s just a clean backing, but limited rights → redemption + issuance is slow

➋ 1:1 backed via Transfer Agent
- ownership recorded onchain under regulated entity, includes voting + full rights
- this is closest to real tokenized equity but locked behi