RWA (real-world assets) is becoming the protagonist of the crypto market.

In the past week, the RWA sector as a whole rose by 11%, with a market capitalization approaching $76 billion, setting a new historical high. Meanwhile, the total locked value of on-chain RWA also exceeded $29 billion, nearly doubling compared to the beginning of the year.

If stablecoins are included, the entire on-chain value related to RWA exceeds $300 billion.

#RWA板块涨势强劲

Why is it rising?

Several reasons are key:

  • Institutional entry: More and more traditional giants are issuing products on-chain. For example, BlackRock's BUIDL has already reached a scale of $2.2 billion, and Fidelity is also launching a tokenized government bond fund on Ethereum.

  • Stablecoins as an entry point: Stablecoins almost support half of on-chain finance, with $160 billion of stablecoins circulating on Ethereum L1, providing funding soil for RWA.

  • Transparency and efficiency: Tokenized government bonds and tokenized credit settle faster on-chain, are more transparent, and are more easily recognized by the market.

Where is the funding flowing?

According to data from RWA.xyz:

  • More than half is tokenized private credit;

  • About a quarter is U.S. government bonds;

  • The remainder is distributed among gold, commodities, alternative funds, stocks, and bonds.

This indicates that RWA is no longer just about 'putting government bonds on the chain', but is accelerating penetration into a broader range of asset classes.

Who is benefiting?

Representative projects are also strengthening:

  • Chainlink (LINK), providing price oracles for RWA;

  • Avalanche (AVAX), focusing on public chain infrastructure;

  • Ondo (ONDO), focusing on institutional-grade RWA DeFi, rose by 9% in a single day this week.

Opportunities and challenges coexist

However, RWA is not a straight highway:

  • Liquidity may mismatch with underlying assets; on-chain transfers are fast, while off-chain settlements are slow;

  • The transparency of custody and auditing remains a market concern;

  • Regulatory details are not yet fully clarified, and differences in rules across regions may impact development.

Outlook

From a trend perspective, RWA is no longer just a crypto narrative, but a real direction driven by Wall Street, asset management giants, and fintech companies.

Whether it's stablecoins, government bonds, or gold and stocks, the pace of tokenization is accelerating. In the future, it may truly become a 'new infrastructure' for the global financial market.