According to CoinMeta, data cited by RWA.xyz indicates that the scale of tokenized traditional assets excluding stablecoins has exceeded $35 billion, nearly tripling since the passage of the "Genius Act" a year ago, with U.S. Treasury bond assets accounting for the largest proportion. a16z and crypto state that the "Clarity Act" provides regulatory safeguards for the on-chain infrastructure of such assets, and whether the growth can continue depends on the outcome of the vote on this bill next week.