Trends in RWA tracks
With the gradual maturation of on-chain RWA markets and accelerating capital inflows, we anticipate that the types of on-chain RWA assets will further diversify in 2025, driving profound industry innovation and development. Currently, on-chain RWA assets are concentrated in private credit and U.S. Treasury categories—assets that have become pillars of decentralized finance (DeFi) due to their stable returns and broad market recognition. However, compared to the over $200 billion stablecoin supply and the multi-trillion-dollar scale of traditional financial markets, the volume and diversity of on-chain RWA assets remain insufficient, underscoring the urgent demand for tokenizing more traditional financial assets.
As RWA protocol infrastructure improves in 2025, the sector will undergo transformative changes, creating new opportunities:
Expansion of On-Chain RWA Asset Types: As the market grows, on-chain RWA assets will expand beyond private credit and U.S. Treasuries to include commodities (e.g., gold, oil), equities, ETFs, and corporate bonds. These emerging RWA types will integrate deeper into DeFi and CeFi ecosystems as collateral or yield-generating assets, enhancing capital efficiency.These high-yield assets will not only provide attractive returns but also attract more traditional institutions and investors into on-chain finance.
Rise of Novel RWA-Backed Stablecoins: As on-chain RWA assets grow in variety and volume, stablecoins backed by RWA assets will proliferate. Projects like Usual.money will launch stablecoins directly pegged to U.S. Treasuries or other income-generating RWAs, offering holders automated dividend mechanisms and higher yields.This innovation will inject vitality into DeFi while providing new liquidity channels for traditional capital markets.
Diversified Participation by Financial Institutions: In 2025, stablecoin issuers will diversify. Traditional financial institutions (e.g., JPMorgan, Wells Fargo) and fintech firms may enter the on-chain RWA space, launching customized stablecoins for cross-border payments, lending, trade settlements, and supply chain finance.
This will accelerate the convergence of Web3 and traditional finance while boosting market liquidity and capital efficiency.
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