Chainfeeds Guide:
RWA is no longer just a concept, but has become a market.
Article Source:
https://mp.weixin.qq.com/s/CN2a9QLnDf7saWoH463O7A
Article Author:
Cobo
Perspective:
Cobo: "Every asset - every stock, bond, and fund - can be tokenized, which will bring an investment revolution". This sentence appeared in BlackRock's annual letter to all investors on March 31 this year, marking a symbolic moment of the traditional financial sector's changing attitude towards digital assets. Compared to last year's annual letter, this year's version first explicitly mentioned keywords such as stablecoins, RWA, tokenization, and digital assets, and the entire article was rallying for the financial democratization brought by tokenization. So why do so many big shots, including Larry Fink, choose to discuss RWA so prominently at this moment? A fundamental reason lies in the massive changes in the macro landscape: rising global geopolitical risks, strengthened capital controls, and the fragmentation of the US dollar system, with global capital flows seeking faster, compliant, and transparent channels. Correspondingly, the infrastructure and policy framework of digital assets are gradually being improved, with the US advancing legislation on stablecoins and tokenization, and multiple Asian countries elevating it to a national strategy. In this context, RWA tokenization is no longer hype, but a key path for traditional finance to efficiently connect with the future financial system. In Larry Fink's view, Wall Street's push for tokenization is not about "crypto for crypto's sake", but stems from a profound demand for efficiency, liquidity, and market reach. First, traditional financial products like bonds and private credit have long settlement cycles and complex procedures, while RWA on-chain achieves T+0 instant settlement, 24-hour uninterrupted liquidity, and full-chain transparent auditing. Institutions like BlackRock and Franklin Templeton have already issued treasury tokens that can be settled on-chain and distribute returns daily through smart contracts. Second, tokenized assets can reach user groups that traditional channels cannot cover. For example, tokenized government bonds from Ondo and Matrixdock have been widely purchased by DAOs, treasuries, and emerging market users who typically do not meet traditional KYC conditions. Finally, tokens also have programmability, allowing direct embedding of rules at the asset level, such as compliance checks, automatic rebalancing, revenue distribution, and governance rights. These three capabilities of RWA - cost reduction, expansion, and intelligence - make it not just a digital upgrade of financial products, but an opportunity to reconstruct the global capital market infrastructure. As of June 9, 2025, the total scale of tokenized real-world assets on public chains has reached approximately $23.4 billion, covering US Treasuries, real estate, corporate credit, various funds, and commodities, accounting for about 10% of stablecoin market value and 0.7% of the entire crypto market, already ranking among the top ten in total crypto token market value. Although this figure is still far lower than the traditional financial market, it is no longer a marginal experiment. Figure used the Provenance chain to move over $12 billion in mortgage assets on-chain, achieving a digital registration system in the form of eNotes, eliminating paper processes and intermediary custody, significantly reducing friction costs. Securitize brought Apollo's $1 billion credit fund on-chain, providing institutional investors with a new experience of on-chain settlement and daily dividends. Additionally, projects like Maple Finance and Centrifuge are continuously expanding the availability and scale of on-chain credit. With more institutional funds entering, rising cross-border demand, and compliance frameworks being implemented, RWA is moving from a technical concept to financial mainstream, becoming a bridge between crypto finance and traditional finance.
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