The RWA track is experiencing rapid development: from new public chains to the asset tokenization competition, the market size has surpassed 19.5 billion USD.

RWA is becoming one of the fastest-growing sectors in the Web3 space. As of March 25, the total on-chain value of real-world assets (RWA) has reached $19.53 billion, growing by 19.58% in the past 30 days. Compared to the same period last year, the on-chain value of the RWA market has achieved an annual growth rate of 108%. In terms of blockchain network distribution, Ethereum ranks first with a total value of $5.01 billion, followed by ZKsync Era ($672 million) and Algorand ($473 million).

Recently, there have been several important developments in the RWA field, involving innovations in public chains, competition in asset tokenization, the mortgage-backed securities market, and real estate tokenization. This article will summarize and analyze these latest trends.

Converge: A settlement network designed for the integration of TradFi and DeFi.

Converge is an emerging settlement network for traditional finance and digital dollar transactions. Its goal is to create the first settlement layer designed for the integration of traditional finance and decentralized finance, centered around USDe and USDtb, and secured by ENA.

This blockchain is mainly applied in two scenarios:

1. Permissionless spot and leveraged DeFi speculation settlement;
2. Storage and settlement of stablecoins and tokenized assets.

Currently, multiple protocols have committed to building and distributing institutional-grade DeFi products on Converge, including Aave Labs' Horizon, Pendle Institutional, Morpho Labs, Maple Finance, Syrup, and EtherealDEX among others.

Sky 1 Billion USD Asset Tokenization Competition Results Announced

On March 18, the Spark Tokenization Grand Prix announced the list of winners. The event aims to introduce up to $1 billion in tokenized assets into the Spark liquidity layer. The jury selected three winners from 39 applications:

• BlackRock-Securitize's BUIDL: Secured $500 million in funding
• Superstate's USTB: Secured $300 million in funding
• Centrifuge's JTRSY: Secured $200 million in funding

Once approved by Sky governance, these assets will be included as collateral for Sky's native stablecoin USDS and yield-bearing stablecoin sUSDS.

DigiFT Launches On-Chain Tokenization Index Fund

On March 25, the licensed cryptocurrency exchange DigiFT in Singapore announced the launch of two on-chain tokenization index funds, open to qualified and institutional investors:

• AI Stock Index Fund: Tracks tech giants such as Apple, Tesla, Microsoft, and NVIDIA.
• Web3 Index Fund: Covers mainstream crypto assets such as BTC, ETH, SOL.

These funds are managed by Hash Global, operate based on smart contracts, support USDT and USDC for subscription and redemption, and feature real-time on-chain transparency and a 24/7 settlement cycle.

Figure Promoting On-Chain Mortgage-Backed Securities (MBS) Market

Figure Technology Solutions is innovating the mortgage-backed securities capital markets through blockchain technology. Several major financial institutions are adopting Figure's DART electronic lien registration system to advance their application of the Figure Connect loan market. This market automates loans on the Provenance blockchain, streamlining the process for homeowners to access Home Equity Lines of Credit (HELOC).

Republic and Hamilton Lane Launch Tokenized Private Infrastructure Fund

Republic has partnered with Hamilton Lane to launch the first "perpetual" tokenized infrastructure fund in the United States aimed at non-accredited investors. The fund has a minimum investment threshold of just $500 and covers infrastructure assets such as data centers, energy pipelines, and transportation hubs. This initiative reflects the trend of online capital raising platforms expanding into a broader range of asset classes.

Dubai Launches Real Estate Tokenization Pilot Project

The Dubai Land Department (DLD) has launched a pilot "Real Estate Tokenization Project," becoming the first registration authority in the Middle East to implement blockchain-based real estate property tokenization. This project is expected to exceed a market value of $16 billion by 2033, accounting for 7% of the total real estate transaction volume in Dubai.

Fidelity Launches "OnChain" Stock Class for Tokenized Money Market Funds

Fidelity has applied to register the "OnChain" stock class for its tokenized dollar money market fund, Fidelity Treasury Digital Fund (FYHXX). The fund currently uses the Ethereum network and may expand to other blockchains in the future.

BlackRock BUIDL Fund Surpasses $1 Billion in Assets Under Management

On March 14, BlackRock's BUIDL fund surpassed $1 billion in assets under management, becoming the first institutional-grade on-chain fund to reach this milestone. BUIDL has expanded to multiple blockchain networks, including Ethereum mainnet, Aptos, Arbitrum, Avalanche, Optimism, Polygon, and Solana.

Conclusion

The RWA track is ushering in rapid development, from the construction of public chains, tokenized funds, innovation in the real estate and credit markets, to the implementation of national-level projects, showing great potential. With the continuous influx of institutional funds and the improvement of infrastructure, RWA is expected to play a greater role in the crypto market and the global financial system, and its future development deserves continued attention.