Explosive Growth of On-Chain RWA Markets

With the sustained rise in global demand for stable assets, the RWA (Real World Assets) market is experiencing unprecedented growth opportunities. According to the latest data from rwa.xyz, the total value of on-chain real-world assets reached \$1.52 billion in 2024, marking their growing significance in the cryptocurrency sector. Private credit currently holds the largest share and continues to expand steadily, while U.S. Treasury assets follow closely. In contrast, commodities, corporate bonds, and equities remain smaller RWA categories with slower growth.

RWA Value by rwa.xyz

This market’s rapid development is evident not only in total asset growth but also in product innovation and diverse applications. From real estate to art, commercial paper to infrastructure projects, an increasing number of traditional assets are being tokenized via blockchain technology, offering investors broader opportunities. The use of smart contracts has enhanced the efficiency, transparency, and cost-effectiveness of managing and trading these assets.

Industry forecasts predict that the global RWA market will surpass \$200 billion by the end of 2025, with annual growth rates exceeding 100%. This explosive growth stems from institutional investors’ gradual acceptance of RWA assets and the maturation of blockchain tokenization technologies. As the market expands, traditional financial institutions are actively entering the RWA space, injecting momentum into this emerging field.

This trend has not only spurred a surge of innovative RWA projects but also attracted significant institutional capital. Traditional financial institutions, venture capital funds, private equity firms, and others are increasingly investing in the RWA market, injecting substantial liquidity and professional operational support.

• RWA Projects:

  • Ondo Finance: By tokenizing U.S. Treasury bonds and corporate debt, Ondo Finance has surpassed $3 billion in Total Value Locked (TVL), establishing itself as a benchmark in the RWA sector.

  • MakerDAO: Its RWA custodial initiative has expanded the collateral backing its decentralized stablecoin DAI from crypto assets to RWAs, further driving market growth.

  • OpenEden: This U.S. Treasury-focused RWA tokenization protocol launched the OpenEden TBill Vault, enabling users to mint T-Bill tokens using USDC to earn yields. It has partnered with Binance Labs to expand market reach.

• Innovative RWA Projects:

  • USUAL: Introduced the USD0 RWA stablecoin protocol, a fully compliant, permissionless stablecoin 1:1 backed by real-world assets (RWAs). USD0 aims to aggregate liquidity across multiple platforms and companies, bridging CeFi and DeFi.

  • USUAL has collaborated with DeFi platforms like Morpho (lending) and Pendle (yield optimization), achieving over $1.6 billion in on-chain TVL and demonstrating robust growth in the stablecoin sector.

• Traditional Financial Institutions:

  • BlackRock: Launched its first tokenized asset fund, BUIDL, on the Ethereum network. Partnering with Securitize and Circle, the fund supports 24/7 real-time subscriptions and redemptions.

  • Tether: The issuer of USDT announced Hadron by Tether, a tokenization platform streamlining the tokenization of real-world assets (stocks, bonds, real estate, funds, loyalty points, etc.).