What is RWA? What are the currencies in the RWA sector? 2025 RWA track potential projects and token inventory

Recently, the more popular RWA sector has gradually emerged, and real-world asset (RWA) tokenization is moving from theory to practice. Today, you can have fractional ownership of real estate, art, or government bonds on the blockchain. In the first quarter of 2025 alone, the size of tokenized RWAs increased by 37% quarter-on-quarter, with a total market capitalization of more than $17.9 billion, a significant increase from $10 billion a year ago. According to Bitwise Investments and Security Token Market, experts predict that this sector will expand to $600 billion by 2030 and reach $30 trillion by the end of the decade.

This article will give you a comprehensive understanding of what RWA is and the token inventory of the RWA sector, you can refer to it!

 What is RWA?

In cryptocurrency, RWA stands for "Real-World Assets". This refers to assets that have physical and economic value other than cryptocurrencies, also known as real-world assets.

For example, real estate, gold, stocks, bonds, etc. can all be considered real assets.

In DeFi (decentralized finance), physical assets (RWAs) are being used as collateral for loans. This is an innovative approach as it combines traditional financial elements like real estate or stocks as collateral with cryptocurrency loans.

For example, someone may own a lot of real estate, but they don't want to sell it for cash. Using DeFi, they can convert these physical assets into digital tokens and use them as collateral for loans, allowing them to obtain loans in cryptocurrencies to use when liquidity is needed.

This sector was talked about by many bigwig-level SPACE at the beginning of last month

At the end of last month, after the launch of EDX Market, an exchange led by financial giants such as Schwab and Fidelity, asset management giant BlackRock applied for a Bitcoin ETF, Deutsche Bank applied for a digital asset license, and Fidelity was considering acquiring Grayscale.

In addition, many banks in Singapore and Europe are exploring the tokenization of government bonds and applying them to some DeFi scenarios with CBDCs.

 RWA sector currency inventory

One of the best-performing tokens of the week, #COMP, is the creation of its new company, Superstate, which creates regulated financial products that connect traditional markets and blockchain ecosystems, unlike DeFi, which is only limited to the cryptocurrency circle, which will sublimate the real and virtual associations.

In an interview with Wu, Vitalik also said that for RWA physical assets, it believes that there is a certain rationality in this design space, but careful engineering design is needed to ensure the wide distribution of support assets and stable governance.

To sum up, in the follow-up market, we can focus on the development of this track, and each round is a hot spot that needs to be narrated to fluctuate, and this may be a point favored by follow-up funds.

The tokens in the chart below are all related to this sector, but representative ones can pay attention to the DEFI Three Musketeers #COMP, #Mkr, #AvAe, as well as #ondo, #MPL, #TRADE, #Ployx, #Om, etc., it is recommended to refer to the high market capitalization circulation of large firms.

 Inventory of the top 10 RWA tokenization projects in 2025

Explore the top RWA tokenization projects shaping the market in 2025. These top 10 platforms excel in compliance, on-chain activities, and real-world use cases, covering various fields such as real estate, bonds, and commodities.

1. Ondo (ONDO)

OUSG asset management data on each chain| Source: RWA.xyz

Ondo (ONDO) is a U.S.-registered money service provider (MSB) that provides on-chain investors with tokenized products of short-term U.S. Treasury bonds and high-quality bonds. Its flagship fund, OUSG, has a total locked value (TVL) of more than $446.9 million, spread across Ethereum, Solana and Polygon networks, and currently has an annualized percentage yield (APY) of 4.07% and a management fee of only 0.15%. Its Nexus technology supports instant minting and redemption, ensuring that tokens correspond to the underlying assets 1:1, and conducts monthly third-party reserve audits for full transparency.

Ondo also works with industry giants: Franklin Turnbull uses its cross-chain issuance technology to create tokenized mutual funds, Aon provides risk control mechanisms, and ABN AMRO explores bond and real estate tokenization on the network. Endorseed by Larry Fink, CEO of Black Rock, and Matt Higginson, Head of Digital Assets at McKinsey, Ondo has become an institutional-level bridge between traditional finance and DeFi.

2. BlackRock USD Institutional Digital Liquidity Fund (BUIDL)

Overview of Black Rock BUIDL Asset Management | Source: RWA.xyz

BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is BlackRock's first tokenized money market fund with a minimum subscription amount of $5 million for qualified investors in the United States only. As of April 30, 2025, BUIDL has a total AUM of $2.87 billion, with a daily trading volume of over $172 million, and a stable price of $1 per token. The fund invests 100% of its funds in cash, U.S. Treasury bills, notes and repurchase agreements, with daily accumulated interest paid monthly in the form of new tokens.

BUIDL is built on Securitize's token issuance platform and spans seven blockchains, including Ethereum, Polygon, Avalanche, Optimism, Arbitrum, Aptos, and Solana, enabling near-instant liquidation and round-the-clock trading. The assets are held in custody by Bank of New York Mellon, which PwC conducts regular audits and transfers under the Reg D exemption provisions. With a management fee of up to 0.50%, the fund integrates enterprise-grade security solutions such as Anchorage Digital, BitGo, Coinbase, and Fireblocks to build a bridge between traditional money markets and blockchain efficiency.

3. Chainlink (LINK)

Overview of Chainlink NAVLink's Application in RWA Tokenization | Source: Chainlink

Chainlink (LINK) is a leading oracle network that provides price, NAV, and reserve validation data for RWA tokenization through a secure and immutable data transfer mechanism. Its decentralized oracle nodes have launched more than $20 trillion in transaction value and connected more than 20 financial institutions around the world, including Fidelity International and UBS, to on-chain assets.

Its core functions include an on-chain proof-of-reserve module that continuously verifies off-chain asset backing, and provides real-time compliance checks through decentralized audit oracles to ensure that tokenized bonds, commodities, and funds are always fully guaranteed and transparent.

4. Plume (PLUME)

Plume's RWA Dedicated Chain | Source: Plume

Plume (PLUME) is a crypto-native liquidity layer built for real-world assets, offering tokenization of real estate and accounts receivable funding pools that anyone can participate in 24/7. It has more than 18 million on-chain addresses and 4 billion assets distributed across more than 180 protocols, supporting users to earn real-world income through capacity mining strategies. Its governance DAO allows token holders to directly participate in protocol upgrades and risk setting. In addition, PLUME will be airdropped soon, rewarding early participants for helping build this RWA financial ecosystem.

5. XDC Network (XDC)

 Source: XDC Network

XDC Network (XDC) is a hybrid public-private, EVM-compatible layer-1 blockchain built for enterprise-grade trade finance and commodity tokenization. It can process over 2,000 transactions per second with virtually zero gas fees (approximately $0.00013 per transaction), making it ideal for high-frequency RWA applications such as tokenized U.S. Treasury bonds such as USTY and trade receivables. XDC's ISO 20022-compliant payment channels and Corda/Wanchain bridging capabilities enable seamless integration with existing banking systems, while its native on-chain custody module locks collateral through smart contracts for secure and automated settlements. This combination of ultra-low cost, robust interoperability, and built-in custody capabilities makes XDC the go-to network for real-world asset finance.

6. Tether Gold (XAUT)

 Source: Tether Gold

Tether Gold (XAUT) is a digital token fully backed by LBMA-certified physical gold bars at a 1:1 ratio, held in secure Swiss vaults with a market capitalization of over $807 million, representing 644 gold bars (7,667.7 kg) of pure gold. It offers instant on-chain minting and burning capabilities through smart contracts, allowing users to exchange gold coins for physical gold bars at any time. Third-party auditors regularly verify reserves, and cross-chain bridging capabilities extend XAUT's usability to networks beyond Ethereum, such as Binance Smart Chain and Tron, enabling seamless global access.

7. Pendle (PENDLE)

How Pendle Works | Source: Pendle Finance

Pendle (PENDLE) is a DeFi protocol that introduces yield tokenization into real-world bonds by splitting each bond into two tradable parts – a principal token (PT) representing the bond's face value and a yield token (YT) representing its future interest payments. This design allows investors to lock in fixed returns by holding PT or speculate on rising yields by trading YT on Pendle's secondary market. Advanced features include leverage tools for amplifying yield exposure, as well as cross-chain compatibility on Ethereum, Arbitrum, BNB Chain, and Optimism, enabling users to optimize their earnings from tokenized real-world assets.

8. Ethena USDe (USDE)

USDe Overview of Ethena | Source: Ethena

Ethena USDe (USDe) is a dual-token synthetic dollar system secured by overcollateralized short-term U.S. Treasury and stablecoin reserves, with a protocol backing ratio consistently above 100% to ensure stability. Users can earn native staking rewards by locking up eligible collateral, minting USDe at a fixed $1 pegged price, and staking USDe to sUSDe to earn native staking rewards, with a current annual yield of about 4%, paid by protocol revenue. Dynamic stability fees automatically adjust minting and redemption costs to maintain anchor prices during market stress, and weekly third-party proof of reserves plus monthly custodian proofs provide ongoing transparency into backed assets.

9. Polymesh (POLYX)

Polymesh RWA Tokenization | Source: Polymesh

Polymesh (POLYX) is a dedicated, permissioned blockchain designed for secure token issuance and lifecycle management. It combines native identities and syntax groups, as well as modular KYC/AML SDKs and legal wrapping templates, enabling issuers to list stocks, debt, and other regulated assets in minutes. Polymesh's built-in governance, confidentiality, and settlement layers automate compliance checks and corporate actions on-chain, eliminating expensive third-party smart contracts, while its intuitive API enables traditional financial institutions to issue and trade security tokens within their existing legal frameworks.

10. Hashnote USYC

USYC Total Assets Under Management | Source: RWA.xyz

Hashnote USYC (USYC) is an income-yielding stablecoin that digitizes short-term U.S. Treasuries and buyback assets from the Hashnote International Short-Term Income Fund. Backed by a diversified 1:1 pool of ultra-liquid Treasuries and reverse repo pools, USYC provides returns at the federal funds rate through optimized protocol vaults and automated, periodic portfolio rebalancing to sustain short-term and maximize returns. Issued by a BMA-regulated Circle subsidiary and managed under a CIMA-licensed Cayman fund, USYC offers 24/7 atomic subscriptions and redemptions, support for USDC/USDT, third-party audited smart contracts, real-time Oracle-provided pricing, and institutional-grade custody, combining the security of traditional finance with the composability of DeFi.

 Key considerations before investing in RWAs

Before you invest in RWA tokens, carefully evaluate the following key factors to protect your funds and manage risks:

• Regulatory Compliance: Always check if the token issuer has the appropriate licenses, such as SFC approval in Hong Kong, MSB registration in the US, or SEC filing records. Licensed issuers are required to comply with strict regulations to protect investors' rights.

• Audit transparency: Look for third-party proof-of-reserves reports and security audits of on-chain smart contracts. Regular audits prove that the assets behind the token are real and that the code is secure.

• Underlying Asset Verification: Check how assets are held. Real estate should be held through a legally recognized SPV or trust structure, bonds should be listed as a custodian, and precious metals should be provided with a treasury receipt from a certified body.

• Yield vs. Risk Trade-off: Understand the source of income for each token – rent, dividend, or bond interest. Review lock-up periods, withdrawal time windows, and fee structures. Higher yields are usually accompanied by longer lock-up periods or lower liquidity.

 RWA tokens are expected to skyrocket by 10-100 times in 2025

These tokens are being heavily hoarded by Wall Street, fund whales, and insiders:

1、$ONDO - #ONDO‬⁩ Finance

Function: Tokenization of securities, connecting traditional finance with digital assets, improving liquidity.

Source: '0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3'

2、$CTC - Creditcoin

Features: The world's first blockchain RWA platform that connects borrowers, lenders, and investors.

合约地址:'0xa3ee21c306a700e682abcdfe9baa6a08f3820419'

3、$PLUME - Plume Network

Functionality: L2 solution tailored for RWAs with built-in asset tokenization mechanisms.

合约地址:'0x4C1746A800D224393fE2470C70A35717eD4eA5F1'

4、$CPOOL - Clearpool

Function: Decentralized credit marketplace with customized liquidity pools for institutional borrowers.

合约地址:'0x4C1746A800D224393fE2470C70A35717eD4eA5F1'

 Summary of potential projects in the real-world asset RWA track in 2025

 1. Ondo Finance: Tokenization of U.S. Treasuries

Ondo Finance is a leading project in the RWA space, focusing on tokenized financial derivatives. Through tokenized asset pools, investors can easily participate in the fixed income market by selecting suitable assets based on their risk tolerance and enhancing asset liquidity.

Ondo's core products cover the tokenization of U.S. Treasury bonds and money market funds, providing on-chain investors with income options other than stablecoins, making asset allocation more flexible and stable.

2. Maple Finance: Provides liquidity to high-quality institutional-grade users

Maple Finance is a decentralized corporate credit marketplace designed to bridge crypto-native institutional borrowers with DeFi depositors. Businesses or institutions can obtain loans or liquidity through Maple, while depositors can obtain stable income. Since its launch in May 2021, Maple has issued over $2 billion in loans on Ethereum and Solana, making it an important credit platform in the DeFi space.

Maple has a number of professionally managed lending pools, with "pool representatives" responsible for credit assessment and loan management, and automates loan agreements and repayments through smart contracts, making the lending process more transparent, efficient, and secure.

Maple focuses on high-quality borrowers and provides professional DeFi lending solutions for institutional-grade users.

3. Centrifuge: A platform for on-chain real-world assets

Centrifuge is a decentralized RWA asset financing protocol that allows asset managers to tokenize traditional assets such as accounts receivable, real estate, or loans, manage and distribute them on-chain, while allowing investors to participate in more diverse tokenized asset investments.

Centrifuge has its own blockchain and is connected to the decentralized finance (DeFi) ecosystem, belonging to the Polkadot ecosystem, with high security and cross-chain interoperability. In addition, Centrifuge is deeply integrated with the Ethereum ecosystem's MakerDAO, allowing asset pools to directly mint DAI and providing investors with more liquidity options.

 4. Goldfinch: Developing country legal person finance

Goldfinch is a decentralized credit protocol that allows users to borrow (cryptocurrency) without providing crypto assets as collateral, but are secured by off-chain physical assets.

Goldfinch is operated by a co-sponsor and a borrower, with the funder providing the funds and the borrower securing the physical assets. With its global footprint and support for underserved financial markets, Goldfinch has a place in the industry to help more companies in developing countries access global liquidity. Through this platform, businesses can tokenize their debt and obtain much-needed funds.

 5. RealT: Real estate investment in the US market

RealT tokenizes real estate investments, allowing investors to hold a portion of the property and automatically distribute rental income through the blockchain, with investors holding tokens corresponding to the corresponding percentage of the income.

RealT disrupts the traditional property ownership model, allowing global investors to participate in the U.S. real estate market with tokenized fractional ownership in a compliant and secure way for the first time. RealT offers properties in popular areas like Detroit and Chicago, making real estate investing easier and more affordable; The investment threshold is low, you can purchase tokens as little as $50, and transactions are transparent through Ethereum smart contracts, making it easy for more people to participate in real estate investment.

 6. Propy: Real estate investment in international markets

Propy is a real estate technology company that combines blockchain and smart contracts to realize real estate tokenization and streamline the process of buying and selling transactions.

Propy effectively prevents fraud by on-chain homeownership deeds and automates the transaction process through AI, providing a 24/7 fully transparent home buying experience to ensure secure transactions and revolutionize the closing process. The system also reduced Propy's manual work by 40%, greatly improving efficiency.

The Propy trading platform covers all types of real estate, from homes to luxury homes. Through blockchain technology, investors can buy and sell properties across borders faster and easier, and smart contracts can automatically process legal agreements, making transactions smoother and more efficient.

 7. Swarm: Focuses on the tokenization of stocks and commodities

Swarm is one of the few DeFi platforms focused on the tokenization of stocks, bonds, and commodities, committed to providing a decentralized trading experience under a compliant framework, allowing traditional financial assets to circulate securely on the blockchain. Swarm has launched a variety of tokenized assets, including:

• Stock tokens: Tesla (TSLA), Apple (AAPL), Coinbase (COIN), Microsoft (MSFT), Nvidia (NVDA), etc.
• Bond ETFs: U.S. Treasury bonds 0-1 year (TBONDS01), 1-3 years (TBONDS13).
•  Commodity RWA: Gold (xGOLD).

 8. Synthetix: Synthetic asset issuance protocol

Synthetix is a synthetic asset issuance protocol built on Ethereum that specializes in tokenizing commodities and other physical assets, linking the value of these digital assets to their real-world counterparts.

On Synthetix, users can mint, hold, and trade various assets, including fiat currencies, commodities, stocks, and even synthetic assets of cryptocurrencies like Bitcoin. In simple terms, users do not need to actually hold these assets to participate in market transactions. For example, tokenized gold (sXAU) allows investors to buy and sell easily on the platform without the hassle of physical storage.

9. Tokeny Solutions: Enterprise-grade tokenization services

Tokeny Solutions provides enterprise-grade tokenization services to help enterprises issue, transfer, and manage blockchain assets in compliance with regulations, enhancing asset liquidity. The platform supports the tokenization of various assets such as stocks and real estate and ensures compliance with local regulations, allowing businesses to operate safely and smoothly expand into global markets.

With a complete token issuance and management solution, Tokeny helps businesses accelerate their digital transformation, making asset transactions more efficient, convenient, and transparent.

 Real-world asset RWA track outlook

RWA is changing our perception of real assets, connecting traditional finance and blockchain, combining asset stability with blockchain security, and bringing more opportunities to enterprises and investors. It also improves liquidity and operational efficiency in debt markets, commodities, real estate and other fields.

Now is the perfect time to enter the RWA market and seize this change, as 2025 will be a crucial time to seize the market!

 summary

 The golden age of RWA tokens is coming!

The world's top funds are quietly deploying RWAs, and ordinary investors are not fully aware of it!

The influx of institutional funds + the support of the US government + the trend of tokenization of real-world assets = the super market of the RWA track in 2025!