MakerDAO's financial landscape is quietly undergoing a major transformation. According to the latest monthly report, its RWA (Real World Assets) investment portfolio has surpassed $4.2 billion, which is not just a number but a fundamental shift in the protocol's revenue structure.

Specifically, the asset allocation includes: US short-term Treasury bonds ($2.41 billion, with an annual yield of 4.82%), followed by commercial real estate mortgages ($1.14 billion, mainly in New York and London), and corporate credit products ($680 million). This portfolio is no longer marginal—RWA income now accounts for 65% of the protocol's total revenue, directly driving the DAI stability fee from 3.2% down to 1.9%.

More importantly, founder Rune Christensen recently announced a plan to scale RWA to $15 billion by the end of 2025. Imagine that by then, DAI could be fully backed by real assets, effectively creating a real-world anchor for the entire DeFi ecosystem. MakerDAO is evolving from a purely on-chain protocol into a bridge connecting traditional finance and Web3.