The RWA market is rapidly developing: new public chains, competitions, and fund sizes are breaking through

RWA has become one of the fastest-growing areas in Web3 development. As of March 25, the total on-chain value of real-world assets reached $19.53 billion, with a 30-day growth of 19.58%. Compared to the same period last year, the on-chain value of the RWA market achieved a year-on-year growth of 108%. Ethereum leads with a total value of $5.01 billion, followed by ZKsync Era and Algorand.

Recently, there have been several important developments in the RWA (Real-World Asset) field, involving public chain innovations, tokenization competitions, mortgage-backed securities markets, and real estate tokenization.

Converge: Next-Generation Financial Settlement Network

Converge is a settlement layer designed specifically for the integration of traditional finance and DeFi, centered around USDe and USDtb, with security provided by ENA. This network is primarily used for permissionless spot and leveraged DeFi speculation settlement, as well as the storage and settlement of stablecoins and tokenized assets.

Multiple protocols have committed to building institutional-grade DeFi products on Converge, including Aave Labs' Horizon, Pendle Institutional, Morpho Labs, Maple Finance, and Syrup, as well as EtherealDEX.

Sky's $1 Billion Asset Tokenization Competition

The results of the Spark Tokenization Grand Prix initiated by Sky (formerly MakerDAO) have been announced, with the tokenized government bond products from BlackRock-Securitize, Superstate, and Centrifuge winning. These products will each receive funding of $500 million, $300 million, and $200 million, respectively, to diversify Spark's investment portfolio and accelerate the tokenization application of RWA.

DigiFT Launches On-Chain Tokenized Index Fund

Singapore licensed exchange DigiFT has announced the launch of two fully tokenized index funds: AI Stock Index Fund and Web3 Index Fund. These funds support subscriptions and redemptions in USDT and USDC, and feature real-time on-chain transparency and 24/7 settlement cycles.

Figure promotes the on-chain mortgage-backed securities market

Figure Technology Solutions is innovating the mortgage-backed securities capital market through blockchain technology. Several major financial institutions are adopting Figure's DART electronic lien registration system to advance the application of the Figure Connect loan market. This market automates loans on the Provenance blockchain, simplifying the process for homeowners to access home equity lines of credit.

Republic collaborates with Hamilton Lane to launch a tokenized infrastructure fund

Republic has partnered with Hamilton Lane to launch a tokenized private equity infrastructure fund aimed at retail investors, with a minimum investment threshold of just $500. This is the first "perpetual" tokenized infrastructure fund in the United States open to non-accredited investors.

Dubai Real Estate Tokenization Project Launch

The Dubai Land Department has launched a pilot "Real Estate Tokenization Project," becoming the first registration agency in the Middle East to implement blockchain-based real estate property tokenization. The project is expected to exceed a market value of $16 billion by 2033, accounting for 7% of the total real estate transaction volume in Dubai.

Fidelity Launches New Category of Tokenized Money Market Funds

Fidelity has applied to register the "OnChain" stock class for its tokenized dollar money market fund, the Fidelity Treasury Digital Fund. The fund currently uses the Ethereum network and may expand to other blockchains in the future.

BlackRock BUIDL Fund Size Exceeds $1 Billion

BlackRock's BUIDL fund has surpassed $1 billion in assets under management, becoming the first institutional-grade on-chain fund to reach this milestone. BUIDL has expanded to multiple blockchain networks and partnered with Securitize to extend its operations to Solana.

With the continuous influx of institutional funds and improvements in infrastructure, RWA is expected to further expand its influence in the crypto market and even the global financial system, making its future development worthy of attention.