Rapid Development in the RWA Field: From New Public Chains to Large Competitions, Market Size Exceeds $19.5 Billion

RWA has become one of the fastest-growing sectors in the Web3 space. As of March 25, the total on-chain value of real-world assets reached $19.53 billion, marking a 19.58% increase in 30 days. Compared to the same period last year, the market size has achieved a 108% annual growth. In the blockchain network, Ethereum leads with a total value of $5.01 billion, followed by ZKsync Era and Algorand.

Recently, the RWA sector has seen several important developments, involving innovations in public chains, asset tokenization competitions, the mortgage-backed securities market, and real estate tokenization.

Converge New Public Chain Project Launches in Q2

Converge is a network designed specifically for traditional finance and digital dollar settlements. It aims to be the first settlement layer that integrates TradFi and DeFi, centered around USDe and USDtb, with security provided by ENA.

This blockchain is mainly applied in two scenarios:

1. Settlement of permissionless spot and leveraged DeFi trading
2. Storage and Settlement of Stablecoins and Tokenized Assets

Several protocols have already committed to building institutional-grade DeFi products on Converge, including Aave Labs' Horizon, Pendle Institutional, Morpho Labs, Maple Finance, Syrup, and EtherealDEX.

Sky hosts a $1 billion asset tokenization competition, with institutions like BlackRock emerging victorious.

On March 18, Sky (formerly MakerDAO) announced the results of its Spark tokenization grand competition. The tokenized government bond products from BlackRock-Securitize, Superstate, and Centrifuge stood out from 39 applications and will receive funding support of $500 million, $300 million, and $200 million, respectively. These assets will be incorporated as collateral for Sky's native stablecoin USDS and yield-bearing stablecoin sUSDS to diversify Spark's portfolio and accelerate the tokenization of RWA.

DigiFT Launches On-Chain Tokenized Index Fund

The Singapore licensed exchange DigiFT has announced the launch of two fully tokenized index funds, open to qualified and institutional investors:

• AI Stock Index Fund (tracking Apple, Tesla, Microsoft, Nvidia, etc.)
• Web3 Index Fund (covering crypto assets such as BTC, ETH, SOL)

These funds are managed by Hash Global, support USDT and USDC subscriptions and redemptions, and provide real-time on-chain transparency and 24/7 clearing cycles.

Figure Advances the On-Chain Mortgage-Backed Securities Market

Figure Technology Solutions occupies nearly 80% of the tokenized private credit market and is innovating the mortgage-backed securities capital market through blockchain technology. Several major financial institutions are adopting Figure's DART electronic lien registration system to advance their applications in the Figure Connect loan market.

The loan market automates loans on the Provenance blockchain, allowing homeowners to quickly obtain approval and funding for home equity lines of credit. Figure has also formed a joint venture with Sixth Street to secure a $200 million equity commitment to establish a loan securitization mechanism and liquidity market.

Republic collaborates with Hamilton Lane to launch retail private equity fund

Republic announced a partnership with Hamilton Lane to launch a tokenized private equity infrastructure fund with a minimum investment threshold of only $500. This is the first "perpetual" tokenized infrastructure fund in the United States open to non-accredited investors, which will invest in infrastructure assets such as data centers, energy pipelines, and transportation hubs.

Dubai Launches Real Estate Tokenization Pilot

The Dubai Land Department has launched a pilot "Real Estate Tokenization Project", becoming the first registration institution in the Middle East to implement blockchain-based real estate property tokenization. The 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 New Class of Tokenized Money Market Funds

Fidelity has applied to register the "OnChain" stock class for its tokenized dollar money market fund, Fidelity Treasury Digital Fund. The fund holds cash and U.S. Treasury securities and currently operates on the Ethereum network, with potential expansion to other blockchains in the future.

BlackRock BUIDL Fund Size Exceeds $1 Billion

BlackRock's BUIDL fund has surpassed $1 billion in assets under management, becoming the first institutional-grade on-chain fund to reach this milestone. BUIDL is backed by short-term government bonds and offers daily returns to qualified investors. The fund has expanded to multiple blockchain networks and collaborates with several custodians.

On March 25, BlackRock announced a partnership with Securitize to expand BUIDL to the Solana network, further enhancing its Web3 business layout.

With the continuous influx of institutional funds and the improvement of infrastructure, RWA is becoming one of the hottest areas in the cryptocurrency industry. In the future, RWA is expected to further expand its influence in the crypto market and even in the global financial system, and its subsequent development is worth paying attention to.