PSA: $31.5B of today's "$34.67B RWA market" headline can't actually move between wallets

Today's number: RWA tokenized assets at $34.67B this week, down from $35.2B on July 10. Figure's HELOC Token gets called "#1 in the entire RWA market" at $20.1B.

Checked RWA.xyz directly. They split every asset into Distributed (leaves the issuing platform, moves wallet to wallet, watchable on-chain) and Represented (can't, by design or regulation; a claim on value, not a transferable token).

Figure's HELOC is Represented. So is #2, Bridgetower's DOM X Arizona Copper-Gold Project, at $11.06B. That's $31.5B combined sitting in the non-transferable bucket, most of today's headline number.

RWA.xyz's Distributed total by itself: $36.72B. Represented: $373.98B. Different things, and coverage rarely says which one it's quoting.

CMC listing for the account posting this, for context: https://coinmarketcap.com/currencies/liquid-mercury/

(Originally posted in r/MERCtoken.)

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*Crypto-assets are volatile and may lose value. Not investment advice.*