The RWA track is experiencing rapid rise: new public chains, asset tokenization, and institutional participation have become the focus.

Real-world assets ( RWA ) are becoming one of the fastest-growing tracks in the Web3 field. As of March 25, the total on-chain value of RWA has reached $19.53 billion, with a 30-day rise of nearly 20%. Compared to the same period last year, the market size has achieved an annual growth of 108%. In the blockchain network, Ethereum leads with a total value of $5.01 billion, followed by ZKsync Era and Algorand.

Recently, the RWA track has shown multiple important developments, including public chain innovations, asset tokenization competitions, mortgage securitization, and real estate tokenization.

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

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

Currently, five protocols have committed to building institutional-grade DeFi products on Converge, including Aave Labs, Pendle Institutional, Morpho Labs, Maple Finance, and EtherealDEX. These products will cover the tokenization asset market, interest rate speculation infrastructure, modular money markets, on-chain yields and credit products, as well as high-performance derivatives trading.

Sky hosts a $1 billion asset tokenization competition

A well-known investment institution's collaboration with a platform has led to BUIDL, Superstate's USTB, and Centrifuge's JTRSY becoming the winners of the Spark tokenization Grand Prix. These projects will receive funding support of $500 million, $300 million, and $200 million, respectively, to bring tokenized assets into the Spark liquidity layer.

The competition aims to diversify Spark's portfolio and accelerate the tokenization of RWA applications. The winning project will become collateral for Sky's native stablecoin USDS and yield-bearing stablecoin sUSDS.

DigiFT Launches On-Chain Tokenization Index Fund

A trading platform has announced the launch of two fully tokenized index funds, open to qualified and institutional investors.

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

These funds operate based on smart contracts, supporting the subscription and redemption of stablecoins, featuring real-time on-chain transparency and 24/7 settlement cycles.

Figure promotes the on-chain mortgage-backed securities market

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

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

Dubai Launches Real Estate Tokenization Pilot

The Dubai Land Department has launched a pilot "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 Sector Strategy," which is expected to exceed a market value of $16 billion by 2033, accounting for 7% of the total real estate transaction volume in Dubai.

Institutions Continue to Increase Investment in the RWA Track

A large asset management company is applying to register the "OnChain" stock class for its tokenized dollar money market fund, currently using the Ethereum network, and may expand to other blockchains in the future.

Another 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 has expanded to multiple public chains and achieved cross-chain bridging through Wormhole. The company also recently announced the expansion of BUIDL to Solana, further increasing its presence in the Web3 space.

With the continuous influx of institutional funds and the improvement of infrastructure, RWA is expected to play a greater role in the crypto market and even the global financial system. Future development trends and dynamics are worth keeping an eye on.