RWA on-chain Financial Report: Market Overview Analysis for the First Half of 2025

According to the latest released "Report on the Application of Real Assets in On-Chain Finance", the tokenization of real assets (RWA) is showing significant growth and transformative potential in the blockchain ecosystem. The market size for RWA surged from $5 billion in 2022 to over $24 billion by mid-2025, making it the second fastest-growing segment in the cryptocurrency space.

The report indicates that institutional adoption has shifted from the experimental phase to large-scale deployment. This transition is aided by the continuous improvement of infrastructure and the support of several major financial institutions. As RWA tokenization gradually becomes a bridge connecting traditional finance and blockchain, innovative compliant DeFi integrations and complex pricing oracles lay the foundation for building an efficient, transparent, and liquid global asset market.

Private credit is becoming a major driver of growth. Industry forecasts indicate that by the early 2030s, the proportion of asset tokenization is expected to reach 30%. This showcases a bright prospect of unlocking trillions of dollars in value through blockchain.

Key Points

1. The market size of RWA tokenization surges: From $5 billion in 2022 to over $24 billion in June 2025, an increase of 380%. It is anticipated that by 2030-2034, 10% to 30% of global assets may be tokenized, potentially connecting over $400 trillion of traditional financial assets to the blockchain.

2. Institutional Adoption Accelerates: Between 2024-2025, asset tokenization will steadily transition from the pilot phase to large-scale institutional applications. By December 2024, the tokenized real asset market will reach $15.2 billion, and by June 2025, it will surpass $24 billion, with an annual growth rate of 85%.

3. Mature Infrastructure Drives Large-Scale Adoption: Years of infrastructure development have ultimately led to large-scale deployment in production. Multiple large financial institutions have moved from experimentation to large-scale application. Governments around the world are increasingly viewing blockchain as a key infrastructure for modernizing the financial system.

4. DeFi Integration Drives a New Wave of Growth: Through the integration of DeFi within a regulated framework, RWA is entering a new growth phase. Multiple innovative platforms enable institutional assets to gain DeFi liquidity while maintaining compliance, creating yield amplification and secondary market opportunities that are difficult to achieve in traditional finance.

5. Private Credit Becomes the Largest RWA Submarket: By June 2025, the private credit market is expected to reach a scale of $14 billion, highlighting institutional interest in the native on-chain credit market. Tokenization addresses key limitations in the industry and presents opportunities for establishing a robust secondary liquidity market.

6. RWA Oracle Technology Breakthrough: Professional providers are at the forefront of advancing complex pricing mechanisms, laying the foundation for institutional adoption. RWA pricing requires the integration of complex frameworks such as net asset value, regulatory compliance, and liquidity adjustments, providing essential infrastructure for the integration of trillions of dollars in assets into DeFi.