RWA: Building a Public Ledger World for Real Assets

Recently, the RWA sector has shown a robust development trend. Centralized institutions and decentralized projects such as BlackRock, Mantra Chain, and Ondo are actively advancing asset types and infrastructure construction in the RWA field. Currently, the RWA market size has reached $36.5 billion, with a year-on-year growth of about 60%, covering multiple fields including private credit, US Treasury bonds, commodities, real estate, and equity securities. The Hong Kong region, on the other hand, mainly focuses on the tokenization of new energy assets.

Despite the many challenges that RWA development still faces, such as compliance implementation and global liquidity issues, the involvement of traditional financial giants and proactive attempts by various governments have brought new hope for solving the hollowing out and scaling issues in blockchain finance. As a bridge connecting traditional assets with blockchain finance, RWA is expected to become a key link in the encryption of traditional finance and the traditionalization of cryptocurrencies.

In this blockchain world known as the "Dark Forest", RWA may play the role of the "Swordbearer" in a parallel world. The ultimate goal of RWA is to achieve a seamless connection between traditional finance and decentralized finance, reshaping traditional finance while also bringing real-world opportunities onto the chain. We look forward to RWA bringing global borderless asset investment and financial expression, allowing investors to participate in the global asset market anytime and anywhere.

RWA is building a public ledger world based on real assets, a greater boundaryless world!

1. Recent Market Dynamics and Key Events

market-related dynamics

1. Market Size Trend

As of April 21, 2025, the total market value of the RWA market reached $36.5 billion, with a 0.7% increase within 24 hours. The number of RWA-related cryptocurrencies exceeds 185, with a total market value of over $10.62 billion, reflecting a year-on-year growth of 61%. Traditional financial giants such as BlackRock and Fidelity have begun to pay attention to the RWA field, exploring the possibilities of asset tokenization. It is expected that the scale of this field will likely surpass the trillion-dollar mark in the next five years.

2. Regulatory Compliance Advancement

Mantra Chain has received the VASP license from VARA in Dubai, becoming the first DeFi platform to obtain this license. Mantra is a Layer-1 blockchain built specifically for RWA, allowing the construction of permissioned applications in a permissionless environment. Recently, Mantra Chain reached a partnership with Damac, planning to tokenize its assets worth at least $1 billion.

3. Stellar Blockchain Collaboration Expansion

Stellar blockchain announces partnerships with Paxos, Ondo, and others. The Stellar Development Foundation plans to bring $3 billion worth of real-world assets on-chain by the end of 2025, an increase of more than 10 times compared to the end of 2024.

4. Alchemy Pay Product Integration with RWAs

The cryptocurrency payment company Alchemy Pay announced that its products will integrate RWAs, introducing high-quality traditional financial assets such as U.S. Treasury bonds and blue-chip stocks through partnerships with mainstream RWA providers, enabling users in multiple regions to purchase using fiat currency.

5. Yala RealYield platform launched

The Bitcoin liquidity protocol Yala has launched the RealYield platform, the first structured yield market platform based on Bitcoin and integrating RWA. This platform aggregates a diverse range of RWA providers, offering users flexible investment options.

6. RWA REAL UP Dubai Summit 2025

The RWA REAL UP Dubai Summit 2025, led by Ant Group and in collaboration with multiple Web3.0 partners such as Solana and Sui, will be held in Dubai on April 30.

Technology Innovation Dynamic Tracking

1. Quant Network launched Overledger, an interoperable blockchain operating system that supports multi-chain applications and enhances the liquidity of RWA across different blockchains.

2. Securitize launched the sToken Vault feature, based on ERC-4626 vault technology, enhancing the liquidity and composability of RWA in DeFi.

Project financing related updates

1. Plume raises $20 million in funding to build an RWA financial ecosystem.

2. Tether invests in Quantoz, planning to launch a stablecoin that complies with MiCAR standards and expand tokenization capabilities.

Hong Kong and China's RWA development events

1. Conflux Network collaborates with Ant Digital Technology to promote the development of RWA in Hong Kong and participates in China's first renewable energy battery swapping RWA project.

2. The Hong Kong Monetary Authority has launched the "Digital Bond Grant Scheme" and the "Project Ensemble" sandbox project to support the capital market's adoption of tokenization technology.

3. The 2025 Web3 Festival will be held in Hong Kong, with RWA tokenization becoming a key topic.

4. China Pacific Insurance has launched a tokenized US dollar money market fund on HashKey Chain, raising $100 million on its first day.

2. Industry Observations and Thoughts

The main challenges in the current development of the RWA industry

1. Regulatory uncertainty: Significant differences in regulatory frameworks across regions, lacking unified standards, affect global promotion.

2. Adoption barriers: A broader user base is needed for acceptance and use, currently dominated by institutions.

3. Sustainability and Volatility: Tokenization may lead to excessive speculation, affecting the prices of stable assets.

4. Technical Challenges: The security of smart contracts and the scalability issues of blockchain still need to be addressed.

5. Liquidity issues: Some RWA tokens still face insufficient liquidity after tokenization, especially in unfavorable market conditions.

6. Investor confidence: Lack of transparency, security, and regulatory compliance can undermine confidence.

Industry Observation and Reflection

1. The ultimate expression of RWA will be centralized pre-regulation on-chain and decentralized post-regulation circulation on-chain.

2. Activating the vitality of the RWA secondary market is the key to the industry's takeoff, and the distributed digital identity (DID) system will become an important infrastructure.

3. RWA can both tokenize traditional finance and traditionalize cryptocurrencies, achieving value support for the crypto world.