Original Title: "RWA-2025 Ecosystem Mapping"

Original Source: DePINone Labs

The tokenization of Real World Assets (RWA) is reshaping the global financial landscape. By transforming traditional assets such as real estate, bonds, commodities, etc., into digital tokens on the blockchain, RWA has significantly increased asset liquidity, lowered the investment threshold, and provided unprecedented opportunities for global investors.

The rise of RWA is not only a breakthrough in blockchain technology but also a milestone in the integration of traditional finance and the crypto economy. From MakerDAO collateralizing U.S. Treasury bonds to issue the DAI stablecoin, to BlackRock tokenizing fund shares, this movement is evolving into an institutional capital and crypto-native protocol value integration experiment.

This report takes stock of the differentiated landscape that has emerged in the 2025 RWA ecosystem, with a focus on its main categories and representative projects, helping everyone understand the current industry development and quickly find referenceable projects. The report is about 10,000 words long, with an estimated reading time of 10 minutes (This report is produced by DePINOne Labs, please contact us for reproduction)

RWA: On-chain Restructuring of Traditional Asset Value Flow

As of the end of 2024, the total assets in the RWA tokenization market (excluding stablecoins) had surpassed $500 billion, representing a growth of nearly 67% from around $300 billion at the beginning of the year. This growth reflects broad interest from institutional and retail investors.

A securities tokenization market report shows that over 1200 unique security tokens are traded on various platforms, covering debt, equity, real estate, and commodities. Tokenized trading volume has steadily increased month over month, reaching a market value peak of $14 billion in December alone.

Real estate takes the lead. Issuers have announced $240 billion in tokenization projects, with $54 billion already live on-chain. Platforms like RealT and RedSwan CRE lead in residential and commercial real estate. In 2024, the secondary market trading volume of tokenized real estate saw a 40% year-over-year growth, indicating increasing liquidity.

Tokenized bonds have also gained attention. The total issuance in Germany (59.8%), China (13.1%), Hong Kong (7.5%), and other European markets has reached $12.8 billion. Notable examples include a digital bond issuance platform in Germany and the Hong Kong Monetary Authority's green bond pilot program. Bond tokenization has shortened settlement time from T+2 days to near-instantaneous on-chain settlement, attracting banks like Deutsche Börse and JPMorgan to explore this model.

The Adoption Rate of Liquidity Funds is Very Rapid. Franklin Dunning's Franklin On-chain US Government Currency Fund (BENJI) accumulated $375 million in assets under management within six weeks of launch, reaching over $709 million by April 2025. Shortly after, Hashnote's USYC surpassed BENJI, leading with $6.485 billion in assets under management by year-end. These tokenized money market products meet the market's demand for secure, yield-bearing assets, which can also serve as collateral on platforms like FalconX and Hidden Road.

These data highlight the rapid proliferation of RWA tokenization. They underscore a maturing market where tokenized assets can provide real-world liquidity, cost reduction, and bring forth new investment opportunities.

RWA Ecosystem Categorization and Representative Projects

Sovereign Debt and Securities

Sovereign debt and securities are at the core of RWA tokenization, with underlying assets primarily consisting of bonds issued by sovereign nations (with US Treasuries as the mainstream target) and standardized financial securities. The current market coverage is predominantly focused on the US bond market (over 90% share) and is gradually expanding to European sovereign bonds, with representative projects such as Ondo Finance (tokenization of US bond ETF). This category features low volatility, stable income cash flows, reduces the traditional sovereign bond $100,000-level investment threshold through fractionalized tokens, achieves 24/7 on-chain settlement, and provides global investors with compliant USD income exposure.

Ondo Finance (https://ondo.finance/)

Ondo Finance focuses on tokenizing US Treasury bonds and fixed income products, with its OUSG Fund (Ondo Short-Term U.S. Government Bond Fund) offering investors a blockchain entry point to bond yields. In 2024, Ondo's assets under management surpassed $1 billion and integrated with multiple DeFi protocols (such as Aave) for on-chain yield reinvestment. In 2025, Ondo Finance further expanded its USDY token bridging capabilities, extending it to the Solana blockchain through LayerZero for cross-ecosystem liquidity. This development enhanced its competitiveness in the institutional-grade RWA market.

BUIDL by BlackRock (https://www.blackrock.com/)

BlackRock's BUIDL Fund is a tokenized money market fund running on Ethereum, managing nearly $2 billion in assets. The fund provides a transparent and efficient investment method through blockchain technology, attracting widespread attention from institutional investors. Through a partnership with Securitize, BUIDL ensures compliance and security, becoming a benchmark project for the integration of traditional finance and blockchain.

Matrixdock (https://www.matrixdock.com/)

Matrixdock is a multi-chain RWA platform focused on tokenizing traditional financial assets. Through collaboration with Chainlink, Matrixdock ensures asset pricing accuracy and reliability, providing a secure investment environment for investors. The platform supports various asset classes, including government bonds and ETFs, with plans to further expand its market coverage by 2025.

Other Projects

Backed Finance, Compound (COMP), OUSG, Midas, Dusk Network, Finteum, OpenEden

Private Credit

RWA private credit is based on underlying assets such as commercial real estate mortgage loans, SME accounts receivable, and supply chain finance assets, focusing on meeting the financing needs of emerging market enterprises (e.g., Southeast Asia's supply chain finance accounts for 35% of the Centrifuge Protocol's asset size). Its advantage lies in achieving automatic cash flow distribution through smart contracts, addressing pain points in the traditional credit market such as redundant intermediaries and inefficient cross-border settlements. The representative Goldfinch Protocol maintains a default rate of less than 1.2%, demonstrating the blockchain technology's innovative ability in credit risk assessment.

Maple (https://maple.finance/)

Maple is a decentralized credit platform focused on providing on-chain credit services to institutions and enterprises. Through its governance token MPL, Maple has achieved community governance and risk management, with a significant increase in its loan pool size in 2024. In 2025, Maple introduced a BTC yield strategy offering a 5.1% annualized yield, attracting the attention of traditional finance players.

Goldfinch (https://www.goldfinch.finance/)

Goldfinch focuses on private credit in emerging markets, providing loans to borrowers without credit history through blockchain. Investors can participate in the loan pool using the GOLD token and earn an annualized return of 8–15%. By 2024, Goldfinch's active loan volume reaches $446 million, with plans to expand to the African and Southeast Asian markets in 2025, further driving financial inclusion.

Centrifuge (https://centrifuge.io/)

Centrifuge tokenizes real-world assets such as invoices and loans through its Tinlake protocol, providing low-cost financing to small and medium-sized enterprises. By 2024, Centrifuge's tokenized asset pool exceeds $500 million and collaborates with MakerDAO to bring private credit into DeFi. In 2025, Centrifuge releases the V3 version, further optimizing the efficiency and scalability of on-chain finance.

Other Projects

Defactor ($FACTR), TrueFi ($TRU), Clearpool ($CPOOL), Credix Finance, Intain, FortunaFi, Credefi Finance, KKR, Dinari, Creditcoin (CTC)

Real Estate

Real Estate RWA underlying assets cover commercial real estate (58%), residential properties (32%), and land development projects (10%), mainly active in the U.S. REITs market, Dubai Free Zone, and Southeast Asian tourism real estate sector. Fractional investment in individual million-dollar assets, such as single-property through layered token structures (e.g., RealT's property equity NFT), along with an automatic on-chain rental income distribution mechanism, addresses core pain points of traditional real estate investments, including poor liquidity (average exit period of 6–8 months) and high management costs (annual 3–5% management fees). The Propy platform pioneered a property ownership on-chain registry system, completing over 23,000 cross-border real estate transactions.

Propy (https://propy.com/)

Propy leverages blockchain technology to streamline real estate transactions, providing decentralized land registry and online property purchasing services. By 2024, Propy saw a 50% increase in transaction volume in the U.S. and European markets, supporting investors to purchase fractional property shares. Propy's platform ensures transaction transparency and security through smart contracts, with further expansion into the Asian market expected by 2025.

RealT (https://propy.com/)

RealT focuses on tokenizing U.S. residential properties, allowing investors to purchase property tokens for as low as $50. Token holders receive rental dividends and property appreciation benefits. In 2024, RealT's real estate tokenization assets accounted for 60% of the market total value, with plans to expand into commercial real estate in 2025 to attract more institutional investors.

Other Projects

LABS Group ($LABS), Tangible ($TNGBL), Parcl, Realio Network ($RIO), PropChain, Homebase, LandX Finance, PlayEstates

Stablecoins

Stablecoins, as on-chain representations of fiat assets, use sovereign currencies like the US Dollar, Euro as their underlying reserves (USDC, USDT with over 96% USD reserves), achieving value stability through a 1:1 pegging mechanism. The current market size has reached $1.4 trillion, covering cross-border payment scenarios in 200+ countries/regions, with a daily settlement volume exceeding $10 billion. Their core advantage lies in integrating the stability of traditional finance with the 24/7 global liquidity of blockchain. USDC issuer Circle holds the New York BitLicense and UK Electronic Money Institution license, while reserve assets undergo monthly third-party audits to ensure compliance and transparency.

Tether (USDT) (https://tether.to/)

As the largest stablecoin by market capitalization, USDT is backed by USD reserves and short-term bonds, widely used in crypto trading and DeFi protocols. In 2024, USDT's on-chain transaction volume accounted for over 60% of the stablecoin market. Tether generates returns by investing in highly liquid assets (such as U.S. Treasury bonds) while maintaining the token's 1:1 USD peg.

Circle (USDC) (https://www.circle.com/)

USDC is known for its transparent reserve management and compliance, with reserve assets including cash and short-term U.S. Treasury bonds. Circle partners with Coinbase to provide seamless fiat-to-crypto conversion through USDC to institutional and retail users. By 2025, USDC's applications in cross-border payments and DeFi lending are expected to further grow, solidifying its market position.

Other Projects

MakerDAO ($MKR), Reserve Rights (RSR), OpenEden OpenDollar (USDO), Compounding OpenDollar (CUSDO)

Precious Metals

Precious Metals RWA is backed by physical gold (82%), silver (15%), and platinum group metals (3%) certified by the London Bullion Market Association (LBMA), enabling divisible investments starting from 1 gram of gold (approximately $65) through on-chain certificates. Projects like PAX Gold (PAXG) and Tether Gold (XAUT) store physical gold bars in top-tier custodians like Brink's, with audits conducted quarterly. These assets have an annualized volatility of less than 8% and a Bitcoin correlation of only 0.2, making them a crucial hedging allocation in crypto portfolios, with on-chain gold trading volume in 2023 soaring by 340% year-on-year.

Paxos (https://paxos.com/)

The PAXG (PAX Gold) issued by Paxos represents one ounce of a LBMA-accredited Good Delivery gold bar, providing investors with a convenient channel for gold investments. Paxos has also issued other stablecoins like USDP, aiming to offer secure and compliant digital assets, with its market share steadily growing by 2024.

Kinesis Gold (https://kinesis.money/gold/)

Kinesis Gold (KAU) is a digital currency. Each KAU is backed by one gram of pure gold, which is stored in your name in a fully insured and audited vault. KAU enables you to spend, transact, send, and earn physical gold anywhere in the world.

The true stablecoin, KAU, allows cryptocurrency traders to easily exit turbulent markets and enter the enduring value of physical gold, while earning a monthly yield of the precious metal through redistributed transaction fee income among users. The yield is obtained by holding assets on the Kinesis platform and can also be earned by spending KAU on the Kinesis virtual card. This card enables users to spend gold and cryptocurrency globally at over 80 million locations through real-time, instant conversions.

Uranium308 (https://u3o8.co/)

Uranium308 (U3O8) is a tokenized precious metal project. According to Canaccord Genuity's September 2021 report, the global uranium mine total supply is approximately 150 million pounds, which, at the current price of $45 per pound, amounts to around $6.7 billion annually. By 2035, the uranium mine supply is expected to increase to about 250 million pounds, but demand will still exceed supply.

Other Projects

LODE, Project 79, Ethena, Cache Gold, Meld Gold, Aurus, Tether Gold (XAUT), Quorium (QGOLD)

Carbon Assets/Regenerative Finance (ReFi)

RWA carbon assets refer to carbon credits, carbon quotas, and other carbon emission rights in the form of digital tokens recorded on RWA (Real World Assets) platforms through blockchain technology to digitize and fractionalize assets, thereby increasing their liquidity and transaction efficiency. On-chain regenerative finance projects, even in traditional finance, are a relatively new area aimed at using blockchain to address real-world social and environmental issues.

Toucan Protocol (https://toucan.earth/)

Toucan tokenizes carbon credits, creating an on-chain carbon market that allows businesses and individuals to purchase carbon offset tokens. By 2024, Toucan's carbon token trading volume exceeds 100 million tons of CO2 equivalent. In 2025, Toucan continues to play a key role in carbon market infrastructure development, driving transparency and efficiency in the carbon removal sector.

Flowcarbon (https://www.flowcarbon.com/)

Flowcarbon focuses on on-chain transaction and management of carbon credits, collaborating with traditional energy companies to drive the carbon market development. Flowcarbon's platform provides investors with a transparent and efficient carbon credit investment opportunity, with plans to further expand its market influence by 2025.

KlimaDAO (https://www.klimadao.finance/)

KlimaDAO drives climate financing through tokenized carbon credits, where KLIMA token holders can participate in the governance of the carbon market. By 2025, KlimaDAO aims to expand the application of carbon credit tokenization in collaboration with traditional energy companies, becoming a leading project in the ReFi field.

Other Projects

Regen Network ($REGEN), Agro Global Token

Art and Collectibles

Art RWA underlies museum-level collections (such as Picasso paintings), luxury goods (Patek Philippe watches), and cultural IPs (NBA player cards), currently dominated by the European and American auction markets (Sotheby's NFT auction revenue reached $120 million in 2023). Through ownership tokenization, it addresses the liquidity challenges of the $10 billion art market and leverages the tamper-proof nature of NFTs to establish digital twin certificates, reducing the provenance time for Christie's items from an average of 14 days to real-time on-chain verification. However, it is important to note that the valuation of non-standard assets relies on compliance costs due to third-party authentication mechanisms (such as ARTFRAME's AI appraisal system).

Courtyard.io (https://courtyard.io/)

Courtyard.io is an art tokenization platform that allows investors to own a part of an artwork through NFT purchases. The platform supports secondary market trading of artworks, enhancing art liquidity, with a significant increase in trading volume in 2024.

Freeport (https://www.freeport.art/)

Freeport is a platform focused on the storage and management of high-value art and collectibles, providing secure and transparent ownership records through blockchain technology, allowing users to invest in fractionalized art using tokens on the Ethereum blockchain. Freeport's platform offers convenient on-chain transaction services for art owners, and is expected to attract more high-end collectors by 2025.

Other Projects

Curio ($CUR), Galileo Protocol, Lingo, Golteum, ClubRare, Artrade (ATR), Keeta

RWA Infrastructure

The RWA infrastructure layer consists of core components such as a compliance framework (Security Token Standard), cross-chain protocols (like Circle CCTP), and legal entity structures (SPV Special Purpose Vehicle). Securitize's DS Protocol has facilitated compliant issuance of over 400 types of RWA assets. The technological stack in this field is showing a trend towards modularity, with Chainlink's Oracle Price Feeds being adopted by 85% of RWA projects. It is anticipated that by 2025, the infrastructure market size will reach $4.7 billion (Traceni report data), and its development will directly impact the establishment of compliant channels for trillions of traditional assets to go on-chain.

Plume (https://plume.org/)

Plume is an EVM-compatible public chain designed for the next generation development of real-world assets (RWA). We aim not only to tokenize assets but also to create a seamless way to use assets similar to cryptocurrencies: staking, exchanging, lending, borrowing, recycling, and more. Plume is building a permissionless, transparent, and demand-driven financial system where anyone can access high-quality assets, freely trade, and innovate using new financial tools.

Noble (https://www.noble.xyz/)

Noble is a Cosmos app-specific blockchain designed for issuing native assets. Noble brings the efficiency and interoperability of native assets to the broader Cosmos ecosystem, starting with USDC.

Converge (https://www.convergeonchain.xyz/)

Converge is moving towards one of the most ambitious goals in today's cryptocurrency space: bringing billions of dollars of institutional capital onto the blockchain, achieving the integration of Risk-Weighted Assets (RWA) and DeFi. Converge is built on Ethena and Securitize to create various financial applications. With Ethena and Securitize's Total Value Locked/Assets Under Management (TVL/AUM) approaching $100 billion, Converge is poised to become one of the largest blockchain networks to date.

Securitize (https://securitize.io/)

Securitize is a leader in tokenizing real-world assets, having issued over $1 billion worth of assets on-chain and partnering with top issuers such as BlackRock, KKR, Hamilton Lane, among others.

Other Projects

ELYSIA ($ELFI), Tokeny Solutions, StrikeX ($STRX), INX ($INX), Polytrade, Sologenic, Polymesh Network, MANTRAO ($OM), Provenance ($HASH), SpruceID, Quadrata, Swarm Markets ($SMT)

Key Trends in RWA Tokenization to Watch in 2025

Deepening Institutional Participation

The deep involvement of traditional financial institutions is a core driving force behind the development of the RWA ecosystem. In 2024, giants like BlackRock, JPMorgan Chase, and Goldman Sachs reshaped the financial markets through tokenization projects. For instance, BlackRock's BUIDL Fund manages nearly $2 billion in assets on Ethereum, setting the benchmark for institutional-grade tokenization. JPMorgan Chase's Kinexys platform has processed over $15 trillion in transactions, with a daily average volume exceeding $2 billion. Franklin Templeton's OnChain US Government Money Fund manages fund shares via blockchain, demonstrating the potential of tokenized funds. In 2025, with more traditional financial institutions entering the RWA space, market size and credibility are expected to significantly increase.

Enhancement of Regulatory Framework

The improvement of the regulatory environment has provided crucial support for the maturity of the Real World Assets (RWA) ecosystem. The EU's Markets in Crypto-Assets Regulation (MiCA) is expected to be fully enforced in the second quarter of 2025, providing a unified regulatory framework for RWA tokenization and reducing legal risks. The UK's Electronic Trade Documents Act, passed in 2023, has legalized electronic trade documents, paving the way for their tokenization. Additionally, regions such as Singapore and Hong Kong are in the process of developing RWA-related regulations, with further regulatory clarity expected by 2025. These regulatory measures will enhance investor confidence, attracting more institutional and retail investors to the RWA market.

Expansion of Market Size

According to the Ozean report, the RWA tokenization market (excluding stablecoins) is expected to reach $5 billion in 2025, a growth of approximately 230% from $1.52 billion in 2024 (Coingeek). In the long term, Tren Finance's compiled forecasts indicate that by 2030, the market size could range from $4 trillion to $30 trillion, with a median of around $10 trillion, representing a more than 54-fold increase from the current market size of $185 billion (including stablecoins).

Diversification of Asset Classes

RWA tokenization is expanding from traditional financial assets to emerging areas, with an expectation to cover more asset classes in 2025. Real estate tokenization, which lowers the investment threshold through ownership fractionation, accounted for 60% of the market total value in 2024 and is expected to continue its dominance in 2025. Private credit tokenization, providing financing to small and medium enterprises through blockchain, saw active loan values from Centrifuge and Goldfinch reach $446 million in 2024, with further growth expected in 2025. Carbon credit tokenization has emerged as a highlight in the Refi sector, with Toucan Protocol and KlimaDAO trading over 100 million tons of CO2 equivalent in 2024, and the market size is poised to double in 2025. Additionally, the tokenization of art, collectibles, supply chain finance, and intellectual property is also showing growth trends, injecting new vitality into the RWA ecosystem.

Conclusion

The above outlines the development roadmap for Real World Assets (RWA) in 2025. Through an in-depth analysis of the definition of RWA, its evolution, a market review of 2024, notable trends for 2025, and representative projects in key areas of the ecosystem, we can clearly see the diversity and potential of the RWA ecosystem.

In 2024, the total assets of the Real World Asset (RWA) market (excluding stablecoins) reached approximately $1.52 billion, an 85% increase from the previous year, covering a wide range of asset classes from real estate to bonds, from funds to art. This growth not only reflects the market's demand for liquidity and transparency but also signifies the growing importance of RWAs to institutional investors. Looking ahead to 2025, the RWA ecosystem will continue to expand, driven by deepening participation of traditional financial institutions, regulatory framework improvements, and asset class diversification, all contributing to the prosperity of this ecosystem.

The rise of RWAs has not only redefined the value transfer model of traditional assets but also provided unprecedented opportunities for investors. Through blockchain technology, RWAs have achieved asset fractionalization, enhanced liquidity, and lowered the investment threshold. However, for investors, technology developers, and policymakers, the future poses not only challenges but also opportunities.

References

1. Top five RWA projects you can't afford to ignore in 2025

2. BlackRock Launches Its First Tokenized Fund, BUIDL, on the Ethereum Network

3. RWA.xyz: Tokenized Real-World Assets Analytics

4. RWA Report 2024: Rise of Real World Assets in Crypto

5. Top 10 Real World Assets (RWA) Crypto in May 2025

6. https://www.binance.com/zh-CN/square/post/17324425199913

7. https://foresightnews.pro/article/detail/30855

8. https://www.chaincatcher.com/article/2096718

9. RWA Report 2024: Rise of Real-World Assets in Crypto

10. https://web3caff.com/archives/58122

11. https://www.techflowpost.com/article/detail_11880.html

12. https://www.hellobtc.com/kp/du/07/4360.html

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