RWA is reshaping global asset circulation patterns

In April 2025, amidst significant volatility in the cryptocurrency market, the tokenization of real-world assets (RWA) has emerged as a dark horse, demonstrating remarkable growth against the trend. This sector is rapidly transitioning from the concept verification stage to large-scale application, becoming a crucial bridge between traditional finance and the crypto market. The total on-chain market value has surged past $19.7 billion, with the number of holders exceeding 93,000, indicating sustained market enthusiasm.

This robust development is backed by accelerated institutional layouts and explosive growth in niche sectors. Traditional financial giants such as BlackRock and Franklin Templeton have launched tokenized funds, while JPMorgan Chase and HSBC are actively involved, driving RWA from experimental projects to mainstream financial infrastructure. Among these, U.S. Treasury-class RWA has seen the most rapid growth, with an annualized yield stabilizing around 4.5%, becoming a popular choice for institutional funds. Private credit, real estate, and renewable energy asset tokenization have also performed exceptionally well. Maple Finance has issued a total of $2.46 billion in loans with an annualized yield of 9.69%, and Centrifuge has raised $560 million through dynamic NFT collateralization, integrating accounts receivable and real estate assets into DeFi. Chinese companies have also made breakthroughs in renewable energy RWA, with GCL New Energy and LONGi Green Energy Technology completing the tokenization of photovoltaic and charging station assets, raising over $43 million and paving new paths for the cross-border circulation of green assets.

In terms of market structure, stablecoins, as foundational RWA products, have a total market value exceeding $23.75 billion. Circle's application for a New York Stock Exchange listing has further accelerated the compliance process for stablecoins, laying a solid foundation for the global expansion of RWA.

Several key events have unfolded in the RWA sector this month. Circle has formally submitted its IPO application to the New York Stock Exchange, and if successful, it will become the first stablecoin company to list on a mainstream capital market, significantly enhancing the credibility of stablecoins and strengthening the underlying infrastructure for RWA. WisdomTree has expanded its RWA platform to EVM-compatible chains like Base and Arbitrum, launching 13 institutional-grade RWA funds. These funds use soulbound NFTs to mark compliant investor identities, optimizing on-chain transaction efficiency and promoting RWA liquidity.

During the cryptocurrency market volatility, while major cryptocurrencies like Bitcoin experienced declines, the RWA sector remained resilient. Tokens such as Ondo Finance (ONDO) and Pendle (PENDLE) saw gains, demonstrating their potential as counter-cyclical assets and attracting safe-haven capital.

Cross-border financing for renewable energy RWA continues to advance, with Chinese renewable energy companies, supported by the Hong Kong Monetary Authority's Ensemble sandbox, providing compliant examples for the Asian market. Regulatory developments are also significantly influencing market trends. The U.S. House of Representatives passed the "Anti-CBDC Surveillance State Act," and Hong Kong is progressing with its "Stablecoin Bill," providing clear policy guidance for the market.

In niche sectors, U.S. Treasury-class RWA remains a favorite among institutions, with a total market value surpassing $5 billion. BlackRock's partnership with Securitize on the BUIDL fund has reached $1.72 billion, and Franklin Templeton's BENJI fund has exceeded $700 million. Alchemy Pay has also announced the integration of U.S. Treasury RWA to provide compliant fixed-income products on the blockchain for crypto users.

In the real estate sector, platforms like Propy are using dynamic NFTs to optimize transaction processes and enhance asset liquidity. In the renewable energy sector, GCL New Energy and LONGi Green Energy Technology's photovoltaic and charging station RWA projects continue to make progress. The green energy swap RWA project deployed by Circling Eagle Group on the Tupu blockchain has become the first physical asset tokenization case in China, facilitating cross-border capital integration.

Private credit and supply chain finance are also rapidly emerging. Maple Finance has issued over $2.4 billion in private credit with an annualized yield of nearly 10%, and Centrifuge, focusing on accounts receivable tokenization, has raised $560 million in collaboration with DeFi protocols like MakerDAO.

The total market value of stablecoins has surpassed $23.75 billion, with USDT and USDC dominating. Circle's application for a New York Stock Exchange listing is driving the compliance of underlying RWA infrastructure.

Looking ahead, the RWA market in 2025 is characterized by accelerated institutionalization, gradually improving regulatory frameworks, and significant global expansion. The integration of AIoT with RWA is giving rise to new business models. However, the market also faces challenges such as regulatory fragmentation, technological bottlenecks, and liquidity stratification.

April marks a critical turning point for RWA, transitioning from concept verification to large-scale application. Institutional-led U.S. Treasury tokenization and Asia-driven renewable energy RWA are forming a dual-engine drive. Future competition will center around regulatory arbitrage capabilities, technological innovation, and ecosystem integration. RWA is reshaping global asset circulation patterns, and its development trajectory will profoundly influence the next decade's financial infrastructure landscape.