Week in RWA: MANTRA’s Collapse Knocks Recovering Sector

While broader crypto markets surged on bullish sentiment and institutional moves, the sector was rocked by MANTRA’s collapse—wiping billions in value.

Crypto market rebounds: BTC gains 8.5% as institutional interest and bullish macro signals drive broad market recovery.
MANTRA collapses: OM token crashes 90% in 24 hours, wiping out billions and shaking confidence in RWA sector.
RWA resilience: Despite MANTRA’s fall, 75% of top 100 RWA tokens saw gains—some up over 40%.
Sector developments: Maple gets $25M boost from Sky & Spark; Circle IPO highlights real-world asset momentum.

This week was a mixed bag for RWAs. While broader crypto markets surged on bullish sentiment and institutional moves, the sector was rocked by MANTRA’s collapse—wiping billions in value.

Yet, despite the setback, most RWA tokens posted strong gains, showcasing resilience and renewed investor interest across the board.

Here’s how things evolved since our last update.

The crypto market saw a sharp recovery this week, with many popular cryptocurrencies forming bullish reversal patterns on lower time frames.

Source: Bitcoin (BTC) Coin Page

Bitcoin (BTC) gained 8.5% this week and is currently trading at ~$83,800, whereas many other major L1s gained upwards of 10%.

This recovery was due to several factors. The U.S. paused most new tariffs, easing investor concerns and boosting appetite for risk assets. Additionally, Florida passed a bill to invest $1.5 billion in Bitcoin, signaling growing institutional adoption.

Technical factors, such as aggressive futures buying, a significant purchase by Strategy (formerly MicroStrategy), and seasonal trends, also contributed to the rally.

Source: CMC Crypto Fear and Greed Index

Fear is also evaporating from the market. The CMC Crypto Fear and Greed Index is now approaching neutral territory at 29—a significant recovery from last week’s state of extreme fear.

Bitcoin’s market dominance continues to grow, hitting 63.3% this week, a figure not seen since January 2021.

The RWA sector suffered a significant blow this week when the previously top-ranked RWA project suffered a catastrophic meltdown that wiped billions from its market capitalization (mcap).

Following a series of cross-exchange liquidations, MANTRA saw the value of its native utility token ($OM) plummet by more than 90% in under 24 hours. Following a slight recovery, the $OM token is now trading at ~$0.77, down 87.5% this week.

>> Click here to learn more about the MANTRA collapse.

This came as a significant blow to the RWA sector, wiping billions from its mcap—despite the vast majority of top RWA tokens recording significant growth this week.

Source: Top Real World Asset Tokens

The sector’s mcap now sits at $39.1 billion, down $1.9 billion following a 5% decline.

Barring the disastrous events that befell MANTRA, the RWA sector as a whole saw a healthy recovery. Roughly 75% of the top 100 RWA tokens by mcap saw gains this week, with several exceptional performers gaining upwards of 20%.

Some of this week’s standout projects include:

But not all RWA projects benefited from the changing trend. Some of this week’s worst performers currently include:

Due to the collapse of MANTRA (OM), the RWA sector counts among one of the worst-performing sectors this week when ranked by mcap-weighted change. According to DefiLlama, the RWA sector saw a 3.8% mcap-weighted decline in the last week, placing it 14th out of the 22 sectors tracked by the platform.

The sector continues to see its total value locked (TVL) reach new highs, thanks to the proliferation of on-chain treasury products.

The RWA sector suffered a major blow with the collapse of MANTRA network, but several positive developments helped lessen the impact.

Some of the most recent significant updates for the sector include:

Sky and Spark Inject $25M Into Maple Finance to Boost RWA Lending: Sky (formerly MakerDAO) and Spark Protocol have allocated $25 million to Maple Finance’s syrupUSDC lending pool, with plans to increase the investment to $50 million. This initiative aims to enhance loan activity and revenue through buybacks, reflecting a strategic move into real-world asset lending.

Mantra’s OM Token Plummets 90% Amid Liquidity and Leverage Crisis: On April 13, 2025, Mantra’s OM token experienced a 90% price crash, falling from over $6 to approximately $0.50. The collapse was triggered by forced liquidations during low-liquidity hours, compounded by excessive leverage and concentrated token holdings. Mantra’s CEO denied insider selling allegations and announced plans for token buybacks and burns to restore confidence.

>> Click here to read more.

Circle’s IPO Highlights Real-World Asset Strategy: Circle, the issuer of the USDC stablecoin, filed for a U.S. IPO after reporting $1.68 billion in 2024 revenue. USDC is backed by real-world assets like cash and short-term U.S. Treasury bonds, making it one of the largest innovators in the RWA space. Circle is reportedly targeting a valuation between $4 billion and $5 billion for the IPO.

>> That’s all for this week’s recap. Join us next week for more RWA news, insights, and updates.

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