The RWA track welcomes significant development: new public chains, competitions, and fund sizes break through

RWA (Real World Assets) has become one of the fastest-growing tracks in the Web3 space. As of March 25, the total on-chain value of RWA has reached $19.53 billion, an increase of 19.58% compared to 30 days ago, and a year-on-year growth of 108%. In terms of blockchain network distribution, Ethereum leads with a total value of $5.01 billion, followed by ZKsync Era and Algorand.

Recently, the RWA track has made significant progress in several areas, including public chain innovation, tokenization competition, mortgage-backed securities market, and real estate tokenization. Below is an overview of these latest developments.

Converge: A New Public Chain Designed for the Integration of TradFi and DeFi

Converge is an emerging settlement network for traditional finance and digital dollar, aimed at providing the first settlement layer designed for the integration of traditional finance and decentralized finance. The network centers around USDe and USDtb, secured by ENA.

The two core application scenarios of Converge include:

1. Permissionless spot and leveraged DeFi speculative 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 markets designed for tokenized assets, interest rate speculation infrastructure, modular money markets, on-chain institutional yield and credit products, as well as high-performance derivatives and spot trading platforms.

Sky hosts a $1 billion asset tokenization competition

The results of the Spark tokenization competition initiated by a certain platform have been announced. The tokenized government bond products from BlackRock-Securitize, Superstate, and Centrifuge stood out from 39 applications. These three winners will receive funding support of $500 million, $300 million, and $200 million, respectively.

The competition aims to bring up to $1 billion worth of tokenized assets into the Spark liquidity layer to diversify portfolios and accelerate the tokenization of RWA applications. These assets are expected to become collateral for native stablecoins and yield-bearing stablecoins on a certain platform in the future.

DigiFT Launches On-Chain Tokenized Index Fund

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

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

These funds are managed by Hash Global and support USDT and USDC subscriptions and redemptions, featuring real-time on-chain transparency and a 24/7 settlement cycle.

Figure promotes the on-chain mortgage-backed securities market

Figure Technology Solutions is innovating the mortgage-backed securities capital market using blockchain technology. Several major financial institutions are adopting Figure's DART electronic lien registration system to advance its loan market applications.

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

Republic and Hamilton Lane Launch Tokenized Infrastructure Fund for Retail Investors

Republic has partnered with Hamilton Lane to launch the first "perpetual" tokenized infrastructure fund in the United States open to non-accredited investors. The fund has a minimum investment threshold of only $500 and will acquire direct positions and secondary interests in infrastructure assets covering data centers, energy pipelines, and transportation hubs.

Dubai Launches Real Estate Tokenization Pilot

The Dubai Land Department has launched the pilot phase of the "Real Estate Tokenization Project", becoming the first registration authority in the Middle East to implement blockchain-based real estate property tokenization. This project is part of Dubai's 2033 Real Estate Industry Strategy, which anticipates that the market value will exceed $16 billion by 2033, accounting for 7% of the total real estate transaction value in Dubai.

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

Fidelity has applied to register the "OnChain" stock class for its tokenized dollar money market fund, the Fidelity Treasury Digital Fund. The fund currently utilizes the Ethereum network and may expand to other blockchains in the future. The registration is expected to take effect on May 30, pending regulatory approval.

The BUIDL fund of a certain asset management company has surpassed $1 billion in scale.

A well-known asset management company's BUIDL fund has surpassed $1 billion in assets under management, becoming the first institutional on-chain fund to reach this milestone. BUIDL is backed by short-term government bonds and offers daily returns to qualified investors.

BUIDL has become the largest on-chain fund globally, accounting for about a quarter of the entire $4.2 billion on-chain government bond market. It operates on multiple blockchain networks and supports cross-chain bridging. The company is accelerating its Web3 layout and providing institutional-level cryptocurrency asset management services through partnerships.

Recently, the BUIDL Fund also announced its expansion to the Solana network, further extending its business scope.

Conclusion

The RWA track is experiencing rapid development, from the construction of public chains, tokenized funds, innovations in the real estate and credit markets, to the implementation of national-level projects, all of which demonstrate its enormous potential. With institutional funds continuously pouring in and infrastructure continually improving, RWA is expected to play a greater role in the crypto market and even in the global financial system. The future development direction is worth ongoing attention.