{"source":"Democratize Intel","as_at":"9 November 2026","notice":"Democratize Intel. Information only, not investment advice. Demonstration data is approximate and unverified.","path":"/api/v1/index","name":"Democratize RWA Index","value_bn":31.6,"range_bn":{"low":30.8,"high":35.1},"basis":"distributed, excluding stablecoins","build":[{"step":"Tokenised US Treasuries and money market funds","bn":15.9,"note":"Sum of fund NAVs in the registry plus smaller funds, from issuer and administrator reports"},{"step":"Private credit, distributed on public chains","bn":6.1,"note":"Only loans whose tokens can move between wallets; on-chain registries that just record loans are excluded"},{"step":"Commodities (mainly gold)","bn":4.7,"note":"PAXG, XAUT and smaller gold and silver tokens, at spot"},{"step":"Tokenised equities and ETFs","bn":1.8,"note":"Wrapped and natively issued shares and fund units"},{"step":"Bonds and other debt","bn":2.4,"note":"Digital bonds from banks, supranationals and corporates still outstanding"},{"step":"Funds, real estate and other","bn":1.6,"note":"Alternative funds, real estate and smaller categories"},{"step":"Less: double counting","bn":-0.9,"note":"Funds that hold other tokenised funds (for example OUSG holding BUIDL) counted once"}],"history":[{"month":"Nov 25","value_bn":18.6},{"month":"Dec 25","value_bn":19.4},{"month":"Jan 26","value_bn":20.7},{"month":"Feb 26","value_bn":21.9},{"month":"Mar 26","value_bn":23},{"month":"Apr 26","value_bn":24.6},{"month":"May 26","value_bn":26.1},{"month":"Jun 26","value_bn":27.6},{"month":"Jul 26","value_bn":28.6},{"month":"Aug 26","value_bn":29.6},{"month":"Sep 26","value_bn":30.5},{"month":"Oct 26","value_bn":31.2},{"month":"Nov 26","value_bn":31.6}],"rules":["Counts value that sits on a public or permissioned ledger and can be transferred between wallets (distributed). Loans that are only recorded on-chain are shown separately, not added in.","Excludes payment stablecoins. They are tracked on the stablecoin monitor.","Values funds at their latest published NAV and commodities at spot, converted to US dollars at the daily close.","Counts a fund that holds another tokenised fund only once.","Rebuilt every day; the method and each input are published so anyone can check them."]}