RWA Track Development Accelerates: New Public Chains, Asset Competition, and Institutional Get on Board

Recently, the tokenization of real-world assets (RWA) sector has seen several important developments, involving public chain innovations, tokenization competitions, the mortgage-backed securities market, and real estate tokenization, among other fields.

As of March 25, the total value of on-chain physical assets has reached $19.53 billion, an increase of 108% compared to the same period last year. Among them, the Ethereum network ranks first with a total value of $5.01 billion, followed closely by ZKsync Era and Algorand.

The Converge public chain is scheduled to launch in the second quarter.

Converge is a settlement layer designed specifically for the integration of traditional finance and decentralized finance, centered around USDe and USDtb, with security provided by ENA. This public chain is primarily applied to permissionless spot and leveraged DeFi speculation settlements, as well as the storage and settlement of stablecoins and tokenized assets.

Several well-known 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.

Sky $1 Billion Asset Tokenization Competition Results Revealed

On March 18, Sky (formerly MakerDAO) announced the winners of the Spark tokenization grand prize. The tokenized treasury products from BlackRock-Securitize, Superstate, and Centrifuge stood out from 39 applications, receiving funding support of $500 million, $300 million, and $200 million, respectively. These assets will be included as collateral for Sky's native stablecoin USDS and yield-bearing stablecoin sUSDS.

DigiFT Launches On-Chain Tokenized Index Fund

On March 25, the Singapore licensed crypto exchange DigiFT announced the launch of two on-chain tokenized index funds, one tracking AI stock index funds of companies like Apple and Tesla, and the other covering Web3 index funds of crypto assets such as BTC and ETH. These funds support subscription and redemption in USDT and USDC, featuring real-time on-chain transparency and a 24/7 settlement cycle.

Figure promotes on-chain mortgage-backed securities 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, simplifying the process for homeowners to access home equity lines of credit.

Republic collaborates with Hamilton Lane to launch a retail private equity fund

Republic has partnered with Hamilton Lane to launch a tokenized private equity infrastructure fund with a minimum investment threshold of just $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 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. 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 Category of Tokenized Money Market Funds

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

BlackRock BUIDL Fund Breaks Through $1 Billion Scale

On March 14, BlackRock's BUIDL fund surpassed $1 billion in assets under management, becoming the world's largest on-chain fund. BUIDL is backed by short-term government bonds and offers daily returns to qualified investors. The fund has expanded to multiple blockchain networks and announced a partnership with Securitize on March 25 to extend its operations to Solana.

With the continuous influx of institutional funds and the improvement of infrastructure, the RWA sector is expected to have a greater impact on the cryptocurrency market and even the global financial system. Future development trends are worth continued attention.