The RWA sector is developing rapidly: New public chains, large-scale competitions, and institutional investments continue to increase.

RWA is becoming one of the fastest-growing sectors in the Web3 space. As of March 25, according to data statistics, the total on-chain value of Real World Assets (RWA) has reached $19.53 billion, growing by 19.58% over the past 30 days. Compared to the same period last year, the on-chain value of the RWA market has realized an annual growth rate 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 seen several important developments, involving public chain innovations, asset tokenization competitions, the mortgage-backed securities market, and real estate tokenization, among other fields. Below is a brief overview of these latest dynamics.

Converge: A new public chain designed for the integration of TradFi and DeFi

Converge is an emerging network aimed at connecting traditional finance and digital dollar settlements. Its core goal is to provide the first settlement layer specifically designed for the integration of traditional finance and decentralized finance, centered around USDe and USDtb, with security support provided by ENA.

This blockchain is mainly applied in two scenarios:

1. Permissionless spot and leveraged DeFi trading settlement;
2. Storage and settlement of stablecoins and tokenized assets.

Currently, several well-known 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, verifiable on-chain institutional yields and credit products, as well as high-performance derivatives and spot trading platforms.

Sky $1 Billion Asset Tokenization Competition Results Announced

On March 18th, the winners of the Spark tokenization competition initiated by a certain platform were announced. The competition aims to bring up to $1 billion in tokenized assets to the Spark liquidity layer. From 39 applications, the jury selected three winners who will receive funding support of $500 million, $300 million, and $200 million respectively.

This plan aims to diversify Spark's investment portfolio and accelerate the tokenization of real-world assets (RWA). Once relevant governance approval is obtained, these assets will be included as collateral for the native stablecoin USDS and the yield-bearing stablecoin sUSDS.

DigiFT Launches Fully On-chain Tokenized Index Fund

On March 25, a licensed cryptocurrency exchange in Singapore announced the launch of two index funds that fully tokenize fund shares and their underlying assets for on-chain trading, open to qualified and institutional investors. The first batch of products includes:

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

These funds operate based on smart contracts, supporting the subscription and redemption of USDT and USDC, without the need for a bank account, and provide real-time on-chain transparency with 24/7 settlement cycles.

Figure promotes on-chain mortgage-backed securities (MBS) market

Figure Technology Solutions is innovating the mortgage-backed securities capital market through blockchain technology. Multiple major financial institutions are adopting Figure's DART electronic lien registration system to advance its application in the loan market. This loan market automates loans on the blockchain, significantly simplifying the process for homeowners to obtain Home Equity Lines of Credit (HELOC).

Retail Investors Welcome New Opportunities: Tokenized Private Placement Infrastructure Fund

A certain platform has announced the launch of a tokenized private equity infrastructure fund aimed at retail investors, 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 acquire direct positions and secondary interests in infrastructure assets covering data centers, energy pipelines, and transportation hubs.

Launch of Dubai Real Estate Tokenization Project

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. This development comes at a time when the UAE's focus on asset tokenization is continuously rising.

Fidelity Launches Tokenized Money Market Fund's "OnChain" Stock Class

Fidelity has applied to register an "OnChain" stock class for its tokenized US dollar money market fund. The fund holds cash and US Treasury securities, currently utilizing the Ethereum network, with potential expansion to other blockchains in the future. This move reflects the ongoing interest of traditional financial institutions in the RWA market.

BUIDL Fund Surpasses $1 Billion in Assets Under Management

On March 14, a certain asset management company's BUIDL fund surpassed $1 billion in assets under management, becoming the first institutional-level on-chain fund to reach this milestone. BUIDL is backed by short-term government bonds and offers daily returns to qualified investors, similar to an on-chain stablecoin. The fund has expanded to multiple mainstream blockchain networks and supports cross-chain bridging.

On March 25, the company announced the expansion of the BUIDL fund to the Solana ecosystem, further extending its presence in the Web3 space.

Conclusion

Currently, the BUIDL fund has surpassed a management scale of 1 billion USD in assets, marking a significant event in the RWA sector recently. From the construction of public chains, tokenized funds, to innovations in the real estate and credit markets, RWA is becoming one of the most focused areas in the crypto industry. With institutional funds continuously flowing in and the ongoing improvement of infrastructure, RWA is expected to further expand its influence in the crypto market and even the global financial system, making its future development worthy of continued attention.