Represented tokenized assets are at $402.73B, up 11.95% over 30 days, according to RWA.xyz.

• Represented ($402.73B, +11.95%): the blockchain is a recordkeeping layer. Better transparency and reconciliation, but no onchain transfer for investors.
• Distributed ($40.01B, +0.02%): tokens investors can subscribe to and hold directly in their own wallets or custodians.

Two separate measures. The recordkeeping side grew 11.95% while the transferable side barely moved.

Which one matters more for where tokenization goes next?