RWA-2025 Ecosystem Map
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RWA-2025 Ecosystem Map
This report systematically reviews the landscape that has emerged in the RWA ecosystem in 2025.
Navigating Web3 tides with focused insights
Tokenization of real-world assets (RWA) is reshaping the global financial landscape.
By transforming traditional assets such as real estate, bonds, and commodities into digital tokens on blockchains, RWA significantly enhances asset liquidity, lowers investment barriers, and offers unprecedented opportunities for global investors.
The rise of RWA is not only a breakthrough in blockchain technology but also a milestone in the convergence of traditional finance and the crypto economy. From MakerDAO using U.S. Treasury bonds to collateralize DAI stablecoins, to BlackRock tokenizing fund shares, this movement is evolving into an experimental fusion of institutional capital with crypto-native protocols.
This report systematically reviews the emerging landscape of the RWA ecosystem in 2025, focusing on its major categories and representative projects to help readers understand the current state of industry development and quickly identify referenceable initiatives.
The report is approximately 10,000 words long, with an estimated reading time of 10 minutes. (This report is produced by DePINOne Labs. For reprints, please contact us.)
RWA: Reconstructing the Value Flow of Traditional Assets On-Chain
As of the end of 2024, the total value of tokenized markets for real-world assets (excluding stablecoins) has surpassed $50 billion, up nearly 67% from around $30 billion at the beginning of the year. This growth reflects broad interest from both institutional and retail investors.
A securities token market report shows that over 1,200 unique security tokens are being traded across various platforms, covering debt, equity, real estate, and commodities. Tokenized trading volumes continue to grow steadily, reaching a peak market cap of $14 billion in December alone.
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Real estate dominates the sector. Issuers have announced $24 billion worth of tokenized projects, with $5.4 billion already live on-chain. Platforms like RealT and RedSwan CRE lead in residential and commercial property spaces. In 2024, secondary market trading volume for tokenized real estate grew 40% year-over-year, indicating increasing liquidity.
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Tokenized bonds are gaining traction. Germany (59.8%), China (13.1%), Hong Kong (7.5%), and other European markets issued a combined total of $12.8 billion. Notable examples include Germany’s digital bond issuance platform and the Hong Kong Monetary Authority’s green bond pilot program. Bond tokenization reduces settlement times from T+2 days to near-instant on-chain settlement, attracting institutions like Deutsche Börse and JPMorgan to explore this model.
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Adoption of liquidity funds is rapid. Franklin Templeton's Onchain U.S. Government Money Fund (BENJI) accumulated $375 million in AUM within six weeks of launch and exceeded $709 million by April 2025. Shortly after, Hashnote’s USYC surpassed BENJI, leading with $648.5 million in AUM by year-end. These tokenized money market products meet demand for safe, yield-bearing assets that can also serve as collateral on DeFi platforms such as FalconX and Hidden Road.
These figures highlight the rapid adoption of RWA tokenization. They reflect a maturing market where tokenized assets offer real-world liquidity, cost reduction, and new investment opportunities.
RWA Ecosystem Classification and Representative Projects
Treasury Bonds and Securities
Treasury bonds and securities form a core area of RWA tokenization, with underlying assets primarily consisting of sovereign-issued bonds—U.S. Treasuries being the dominant asset—and standardized financial securities. The current market is concentrated in the U.S. Treasury space (over 90% share), gradually expanding into European sovereign bonds. Key players include Ondo Finance (tokenizing U.S. Treasury ETFs). This category features low volatility and stable cash flow returns, leveraging fractional tokenization to reduce the traditional $100,000+ investment threshold, enabling 24/7 on-chain settlement and offering global investors compliant exposure to dollar-denominated yields.
Ondo Finance
Ondo Finance focuses on tokenizing U.S. Treasuries and fixed-income products. Its OUSG fund (Ondo Short-Term U.S. Government Bond Fund) provides blockchain-based access to Treasury yields.
In 2024, Ondo surpassed $1 billion in AUM and integrated with multiple DeFi protocols such as Aave, enabling on-chain reinvestment of yields.
In 2025, Ondo Finance expanded the bridging capability of its USDY token to the Solana blockchain via LayerZero, enhancing cross-ecosystem liquidity. This advancement strengthens its competitiveness in the institutional-grade RWA market.
BUIDL by BlackRock
BlackRock’s BUIDL fund is a tokenized money market fund operating on Ethereum, managing nearly $2 billion in assets. The fund leverages blockchain technology to provide transparent and efficient investment vehicles, attracting significant attention from institutional investors.
BUIDL ensures compliance and security through its partnership with Securitize, serving as a benchmark project for the integration of traditional finance and blockchain.
Matrixdock
Matrixdock is a multi-chain RWA platform focused on tokenizing traditional financial assets.
Through collaboration with Chainlink, Matrixdock ensures accurate and reliable asset pricing, providing investors with a secure environment. The platform supports multiple asset classes including government bonds and ETFs, and is expected to further expand its market reach in 2025.
Other Projects
Backed Finance, Compound (COMP), OUSG, Midas, Dusk Network, Finteum, OpenEden
Private Credit
RWA private credit uses underlying assets such as commercial real estate mortgage loans, SME accounts receivable, and supply chain finance. It primarily serves financing needs in emerging markets (e.g., Southeast Asian supply chain finance accounts for 35% of Centrifuge protocol’s asset volume). Its key advantage lies in using smart contracts to automate cash flow distribution, addressing inefficiencies such as redundant intermediaries and slow cross-border settlements in traditional credit markets. Goldfinch protocol, for example, maintains a non-performing loan rate below 1.2%, demonstrating blockchain’s transformative potential in credit risk assessment.
Maple
Maple is a decentralized credit platform focused on providing on-chain lending services to institutions and enterprises. Through its governance token MPL, Maple enables community governance and risk management. In 2024, its lending pool size saw significant growth.
In 2025, Maple launched a BTC yield strategy offering a 5.1% annual yield, attracting attention from traditional finance participants.
Goldfinch
🔗 https://www.goldfinch.finance/
Goldfinch focuses on private credit in emerging markets, providing loans via blockchain to borrowers without formal credit histories. Investors can participate in lending pools through the GOLD token, earning annualized returns of 8–15%.
In 2024, Goldfinch achieved active loan values of $446 million. In 2025, it plans to expand into African and Southeast Asian markets, further promoting financial inclusion.
Centrifuge
Centrifuge tokenizes real-world assets such as invoices and loans via its Tinlake protocol, offering SMEs low-cost financing. In 2024, Centrifuge’s tokenized asset pool exceeded $500 million, and it partnered with MakerDAO to bring private credit into DeFi. In 2025, Centrifuge released version V3, further optimizing efficiency and scalability in on-chain finance.
Other Projects
Defactor ($FACTR), TrueFi ($TRU), Clearpool ($CPOOL), Credix Finance, Intain, FortunaFi, Credefi Finance, KKR, Dinari, Creditcoin (CTC)
Real Estate
RWA real estate encompasses commercial properties (58%), residential properties (32%), and land development projects (10%). Activity is concentrated in U.S. REIT markets, Dubai free zones, and Southeast Asian tourism-related real estate. Tiered token structures (e.g., RealT’s property equity NFTs) enable fractional investment in million-dollar properties, while automated on-chain rent distribution addresses core pain points such as poor liquidity (average exit cycle of 6–8 months) and high management costs (annual fees of 3–5%). Propy has pioneered an on-chain title registration system, completing over 23,000 cross-border real estate transactions.
Propy
Propy leverages blockchain to simplify real estate transactions, offering decentralized land registry and online home purchasing services. In 2024, Propy’s transaction volume in the U.S. and European markets grew by 50%, supporting investors in buying split ownership stakes in properties. The platform uses smart contracts to ensure transparency and security, with plans to expand into Asian markets in 2025.
RealT
RealT specializes in tokenizing U.S. residential properties, allowing investors to purchase property tokens starting at $50. Token holders receive rental income and property appreciation benefits. In 2024, RealT accounted for 60% of the market’s total tokenized real estate value. In 2025, it plans to expand into commercial real estate to attract more institutional investors.
Other Projects
LABS Group ($LABS), Tangible ($TNGBL), Parcl, Realio Network ($RIO), PropChain, Homebase, LandX Finance, PlayEstates
Stablecoins
Stablecoins represent fiat currencies on-chain, backed by reserves of sovereign currencies such as the U.S. dollar and euro (USDC and USDT together account for over 96% of dollar reserves). Using a 1:1 peg mechanism, they maintain price stability. The current market size is $140 billion, spanning cross-border payment use cases in over 200 countries/regions, with daily settlement volumes exceeding $10 billion. Their core advantage lies in combining the stability of traditional finance with blockchain’s 24/7 global liquidity. Circle, issuer of USDC, holds a New York State BitLicense and a UK e-money institution license, with reserves subject to monthly third-party audits ensuring compliance and transparency.
Tether (USDT)
As the largest stablecoin by market cap, USDT is backed by dollar reserves and short-term bonds, widely used in crypto trading and DeFi protocols. In 2024, USDT accounted for over 60% of stablecoin transaction volume on-chain. Tether generates yield by investing in highly liquid assets such as U.S. Treasuries while maintaining a strict 1:1 dollar peg.
Circle (USDC)
USDC is known for transparent reserve management and regulatory compliance, with reserves comprising cash and short-term Treasuries. Circle partners with Coinbase to offer seamless fiat-to-crypto conversion via USDC for both institutional and retail users. In 2025, USDC’s applications in cross-border payments and DeFi lending are expected to grow further, solidifying its market position.
Other Projects
MakerDAO($MKR), Reserve Rights (RSR), OpenEden OpenDollar (USDO), Compounding OpenDollar (CUSDO)
Precious Metals
Precious metal RWAs are backed by physical gold (82%), silver (15%), and platinum group metals (3%) certified by the London Bullion Market Association (LBMA). On-chain instruments allow divisible investments as small as one gram of gold (~$65). Projects like PAX Gold (PAXG) and Tether Gold (XAUT) store physical gold bars in top-tier custodians such as Brink’s, with audits conducted quarterly. These assets exhibit annualized volatility under 8% and a correlation with Bitcoin of just 0.2, making them important safe-haven allocations in crypto portfolios. In 2023, on-chain gold trading volume surged 340% year-on-year.
Paxos
Paxos issues PAXG (PAX Gold), where each token represents one troy ounce of London Good Delivery gold, providing investors with convenient gold investment access. Paxos also issues other stablecoins such as USDP, committed to delivering secure and compliant digital assets. Its market share steadily increased in 2024.
Kinesis Gold
Kinesis Gold (KAU) is a digital currency. Each KAU is backed by one gram of physical gold held in fully insured and audited vaults under your name. KAU allows you to spend, trade, send, and earn physical gold anywhere in the world.
A truly stable store of value, KAU enables crypto traders to easily exit volatile markets into the enduring value of physical gold, while earning monthly yields on precious metals through redistributed transaction fee revenue. Yields are earned by holding assets on the Kinesis platform or spending KAU via the Kinesis virtual card, which allows users to spend gold and cryptocurrencies globally at over 80 million locations through real-time, instant conversion.
Uranium308
Uranium308 (U3O8) is a tokenized precious metals project.
According to a September 2021 report by Canaccord Genuity, global uranium supply totals about 150 million pounds, valued at approximately $6.7 billion annually at the current price of $45 per pound. Supply is projected to increase to about 250 million pounds by 2035, though demand will still exceed supply.
Other Projects
LODE, Project 79, Ethena, Cache Gold, Meld Gold, Aurus, Tether Gold (XAUT), Quorium (QGOLD)
Carbon Assets / Regenerative Finance (ReFi)
RWA carbon assets refer to carbon credits and allowances digitized and recorded on blockchain-based RWA (Real World Assets) platforms, enabling fractional ownership and enhanced liquidity and trading efficiency.
On-chain regenerative finance (ReFi) projects represent a relatively new domain even within traditional finance, aiming to leverage blockchain to solve real-world social and environmental challenges.
Toucan Protocol
Toucan tokenizes carbon credits to create an on-chain carbon market, enabling companies and individuals to purchase carbon offset tokens. In 2024, Toucan’s carbon token trading volume exceeded 100 million metric tons of CO2 equivalent. In 2025, Toucan continues to play a vital role in building carbon market infrastructure, advancing transparency and efficiency in carbon removal.
Flowcarbon
Flowcarbon focuses on on-chain trading and management of carbon credits, partnering with traditional energy firms to advance carbon markets. Its platform offers investors transparent and efficient access to carbon credit investments, with expectations of expanded market influence in 2025.
KlimaDAO
🔗 https://www.klimadao.finance/
KlimaDAO promotes climate financing through tokenized carbon credits, allowing KLIMA token holders to participate in carbon market governance. In 2025, KlimaDAO collaborates with traditional energy companies to expand the application of carbon credit tokenization, establishing itself as a leading project in the ReFi space.
Other Projects
Regen Network ($REGEN), Agro Global Token
Art and Collectibles
RWA art and collectibles include museum-grade artworks (e.g., Picasso paintings), luxury goods (e.g., Patek Philippe watches), and cultural IPs (e.g., NBA trading cards), currently dominated by Western auction markets (Sotheby’s generated $120 million in NFT auction sales in 2023). Ownership-splitting tokens address liquidity constraints in the multi-billion-dollar art market, while the immutability of NFTs enables tamper-proof digital twin certificates, reducing Christie’s provenance verification time from 14 days to instant on-chain validation. However, valuation of non-standard assets relies on third-party certification (e.g., ARTFRAME’s AI authentication system), introducing compliance costs.
Courtyard.io
Courtyard.io is an art tokenization platform allowing investors to hold partial ownership of artworks via NFTs. The platform supports secondary market trading, enhancing art liquidity, with significant transaction volume growth in 2024.
Freeport
Freeport is a platform specializing in the storage and management of high-value art and collectibles, using blockchain to provide secure and transparent ownership records. Users can invest in fractionalized artworks via tokens on Ethereum.
Freeport offers art owners convenient on-chain trading services and is expected to attract more high-end collectors in 2025.
Other Projects
Curio ($CUR), Galileo Protocol, Lingo, Golteum, ClubRare, Artrade (ATR), Keeta
RWA Infrastructure
The RWA infrastructure layer comprises compliance frameworks (security token standards), cross-chain protocols (e.g., Circle CCTP), and legal entity structures (SPVs). Securitize’s DS protocol has completed compliant issuance for over 400 RWA assets. The tech stack in this domain is trending toward modularity, with Chainlink’s Proof of Reserves feed adopted by 85% of RWA projects. By 2025, the infrastructure market is projected to reach $4.7 billion (Traceni data), directly shaping the compliant pathways for trillions in traditional assets to move on-chain.
Plume
Plume is an EVM-compatible public chain built for the next generation of real-world assets (RWA). We don’t just tokenize assets—we aim to make them as seamlessly usable as cryptocurrencies: staking, swapping, lending, borrowing, recycling, and more.
Plume is building a permissionless, transparent, and demand-driven financial system where anyone can access high-quality assets, freely trade, and innovate with new financial tools.
Noble
Noble is a Cosmos app-specific blockchain built for native asset issuance. Noble brings the efficiency and interoperability of native assets into the broader Cosmos ecosystem, starting with USDC.
Converge
🔗 https://www.convergeonchain.xyz/
Converge is pursuing one of the most ambitious goals in today’s crypto space: bringing billions of dollars in institutional capital on-chain and converging risk-weighted assets (RWA) with DeFi.
Converge builds its financial applications based on Ethena and Securitize. The combined total value locked/assets under management (TVL/AUM) of Ethena and Securitize approaches $10 billion, positioning Converge to become one of the largest blockchain networks to date.
Securitize
Securitize is a leader in real-world asset tokenization, having issued over $1 billion in assets on-chain and partnered with top-tier issuers including BlackRock, KKR, and Hamilton Lane.
Other Projects
ELYSIA ($ELFI), Tokeny Solutions, StrikeX ($STRX), INX ($INX), Polytrade, Sologenic, Polymesh Network, MANTRAO ($OM), Provenance ($HASH), SpruceID, Quadrata, Swarm Markets ($SMT)
Key RWA Tokenization Trends to Watch in 2025
Deepening Institutional Participation
Deep involvement from traditional financial institutions is the core driver behind RWA ecosystem development. In 2024, giants like BlackRock, JPMorgan, and Goldman Sachs reshaped financial markets through tokenization initiatives. For example, BlackRock’s BUIDL fund manages nearly $2 billion in assets on Ethereum, setting a benchmark for institutional tokenization. JPMorgan’s Kinexys platform processed over $1.5 trillion in transactions, averaging more than $2 billion daily. Franklin Templeton’s OnChain U.S. Government Money Fund manages fund shares via blockchain, showcasing the potential of tokenized funds. In 2025, as more traditional institutions enter the RWA space, market scale and credibility are expected to grow significantly.
Maturation of Regulatory Frameworks
Improved regulatory environments provide critical support for RWA ecosystem maturity. The EU’s Markets in Crypto-Assets Regulation (MiCA) is expected to be fully implemented in Q2 2025, offering a unified compliance framework for RWA tokenization and reducing legal risks. The UK’s Electronic Trade Documents Act, passed in 2023, legally recognizes electronic trade documents, paving the way for their tokenization. Additionally, jurisdictions like Singapore and Hong Kong are developing RWA-specific regulations, with clearer regulatory pathways expected in 2025. These measures will boost investor confidence and attract more institutional and retail participants to the RWA market.
Market Expansion
According to Ozean, the RWA tokenization market (excluding stablecoins) is projected to reach $5 billion in 2025, up approximately 230% from $1.52 billion in 2024 (Coingeek). In the long term, forecasts compiled by Tren Finance suggest the market could range between $4 trillion and $30 trillion by 2030, with a median estimate of ~$10 trillion—over 54 times larger than the current $18.5 billion market (including stablecoins).
Diversification of Asset Classes
RWA tokenization is expanding beyond traditional financial assets into emerging domains, with broader coverage expected in 2025. Real estate tokenization lowers entry barriers through fractional ownership—accounting for 60% of market value in 2024 and expected to remain dominant in 2025. Private credit tokenization provides SMEs with blockchain-based financing; Centrifuge and Goldfinch reached $446 million in active loan value in 2024, with further growth expected in 2025. Carbon credit tokenization stands out in the ReFi space, with Toucan Protocol and KlimaDAO exceeding 100 million metric tons of CO2 equivalent in trading volume in 2024, and market size potentially doubling in 2025. Additionally, tokenization of art, collectibles, supply chain finance, and intellectual property is gaining momentum, injecting new vitality into the RWA ecosystem.
Conclusion
The above analysis paints a comprehensive picture of the development trajectory of real-world assets (RWA) in 2025. Through an in-depth examination of RWA’s definition, evolution, 2024 market review, key trends to watch in 2025, and representative projects across critical sectors, we clearly see the diversity and potential of the RWA ecosystem.
In 2024, the RWA market (excluding stablecoins) reached approximately $1.52 billion in total assets, up 85% year-on-year, encompassing a wide range of asset classes from real estate and bonds to funds and art. This growth not only reflects market demand for liquidity and transparency but also signals growing institutional recognition of RWA. Looking ahead to 2025, the RWA ecosystem will continue to expand, driven by deeper institutional participation, improved regulatory frameworks, and diversification of asset classes, collectively fueling the prosperity of this space.
The rise of RWA is not only reconstructing how traditional assets flow in value but also creating unprecedented opportunities for investors. Through blockchain technology, RWA enables fractional ownership, improves liquidity, and lowers investment thresholds. Yet for investors, developers, and policymakers alike, the future presents both challenges and immense opportunities.
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