RWA: A New World on the Public Ledger of Real Assets

This month, multiple centralized institutions and decentralized projects are actively promoting the development of the RWA sector. Currently, the RWA market size has reached $36.5 billion, with a year-on-year growth of about 60%. It mainly involves areas such as private credit, U.S. Treasury bonds, commodities, real estate, and stock securities, while Hong Kong focuses primarily on new energy assets.

Despite the many challenges that RWA development still faces, such as compliance implementation and global liquidity issues, the entry of traditional financial giants and the proactive attempts of various governments make it possible for RWA to truly change the hollowing out and scaling difficulties of blockchain finance.

RWA, as a blockchain financial derivative of the traditional asset world, perfectly complements the shortcomings of value capture in the blockchain world. We believe that RWA is an important bridge between the cryptography of traditional finance and the traditionalization of cryptocurrencies.

To some extent, RWA can be seen as the "sword bearer" of this parallel world.

The true goal of RWA is to seamlessly connect traditional finance and decentralized finance, reshaping traditional finance while bringing real-world opportunities onto the blockchain. We look forward to RWA enabling global borderless asset investment and financial expressions. In the future, we may be able to buy Nasdaq stocks during the day in Hong Kong, deposit funds into a Russian bank in the early morning, and the next day invest in Dubai real estate alongside hundreds of unfamiliar shareholders from around the world.

We believe that RWA will build a world on a public ledger of real assets - a greater borderless world!

1. Recent Market Trends and Key Events

Market-related dynamics

1. Market Size Trends

As of April 21, 2025, the total market value of the RWA market reached $36.5 billion, with a growth of 0.7% within 24 hours. The related crypto tokens have exceeded 185, with a total market value of over $10.62 billion, a year-on-year growth of 61%.

Traditional financial giants such as BlackRock and Fidelity have begun to pay attention to the RWA sector. BlackRock is seeking regulatory approval for the tokenization of bonds and stocks, while JPMorgan has launched an internal tokenization platform and is actively exploring RWA opportunities. It is expected that the scale of this sector will surpass one trillion in the next five years.

2. Regulatory Compliance Promotion

Mantra Chain has obtained the Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), becoming the first DeFi platform to receive this license. Mantra is a Layer-1 blockchain built specifically for RWA, allowing ecosystem participants to build permissioned applications in a permissionless environment.

Recently, Mantra Chain has partnered with real estate developer Damac to tokenize at least $1 billion in assets and utilize a timeshare ownership model for investment.

3. Stellar Blockchain Collaboration Expansion

Stellar blockchain announces partnerships with Paxos, Ondo, Etherfuse, and SG Forge, a subsidiary of Société Générale. The Stellar Development Foundation plans to bring $3 billion worth of real-world assets on-chain by the end of 2025, more than a tenfold increase from the $290 million expected by the end of 2024.

4. Alchemy Pay Product Integration RWAs

The cryptocurrency payment company Alchemy Pay announced that its products will integrate real-world assets ( RWAs ). By collaborating with mainstream RWA providers, it will bring high-quality traditional financial assets such as U.S. Treasury bonds and blue-chip stocks into the crypto ecosystem, supporting users in multiple regions to purchase with fiat currency.

5. Yala RealYield platform launched

The Bitcoin liquidity protocol Yala has launched Yala RealYield, the first structured yield market platform based on Bitcoin that integrates real-world assets. The platform aims to provide users with a high degree of investment autonomy by aggregating diverse RWA providers.

6. RWA REAL UP Dubai Summit 2025 is coming soon

On April 30, the RWA REAL UP Dubai Summit 2025, led by Ant Group and participated by multiple Web3.0 partners including Solana, Sui, ZKsync, Pharos, ChainIDE, Chainlink, ZAN, and AAVE, will be held in Dubai.

( Technology Innovation Dynamic Tracking

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

2. Securitize launched the sToken Vault feature, based on ERC-4626 vault technology, to enhance the liquidity and composability of RWA. This feature allows institutional investors to hold RWAs issued by Securitize while obtaining liquidity in the form of deUSD in DeFi and continuing to earn returns from the underlying assets.

) project financing related updates

1. Plume secures $20 million in funding to build a financial ecosystem for real-world assets.

2. Tether announced an investment in Quantoz, planning to launch a stablecoin compliant with MiCAR regulatory standards, and to expand its tokenization capabilities through Hadron by Tether Tech.

( Hong Kong and China RWA development events

1. Conflux Network collaborates with Ant Group to promote the growth of RWA in Hong Kong. Both parties are jointly participating in China's first renewable energy battery swap RWA project.

2. The Hong Kong Monetary Authority has launched the "Digital Bond Grant Scheme" to encourage the capital markets to adopt tokenization technology. At the same time, it has initiated the "Project Ensemble" sandbox project to support institutions in experimenting with tokenized applications.

3. The Web3 Festival 2025 will be held in Hong Kong, with RWA tokenization becoming a focal topic. During the conference, the Hong Kong Monetary Authority's "Project Ensemble" initiative was discussed.

4. China Pacific Insurance Investment Management Company has launched a tokenized US dollar money market fund on HashKey Chain, raising $100 million on its first day. The fund is only available to professional and institutional investors.

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2. Industry Observation and Reflection

The main challenges in the current development of the RWA industry

1. Regulatory uncertainty: There are significant differences in laws and regulations across different countries and regions, and there is a lack of a unified regulatory framework.

2. Adoption Barriers: RWA requires a broader user base for acceptance and use, currently dominated by institutions.

3. Sustainability and Volatility: The tokenization of RWAs may lead to excessive speculation, affecting the confidence of long-term investors.

4. Technical Challenges: Vulnerabilities in smart contracts and scalability issues of blockchain platforms may affect the security and reliability of RWA.

5. Liquidity issues: Certain RWAs may still face liquidity shortages after tokenization.

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

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) Observation and Reflection

1. Centralized pre-chain supervision and decentralized post-chain circulation are the ultimate expressions of RWA. Taking Hong Kong as an example, a collaborative mechanism with a three-tier structure of Mainland-Hong Kong-Singapore has been established.

2. Activating the vitality of the secondary market for RWA is just the beginning of the RWA industry's takeoff. The distributed digital identity ###DID( system will become an important strategic watershed.

3. RWA can both tokenize traditional finance and traditionalize cryptocurrencies. The two are moving towards each other, jointly promoting the establishment of a true value support in the crypto world.

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