RWA Track Development Accelerates: New Public Chains, Competitions, and Fund Scale Breakthroughs

RWA has become one of the fastest-growing areas in Web3 development. As of March 25, the total on-chain value of real-world assets reached $19.53 billion, with a 30-day growth rate of 19.58%. Compared to the same period last year, the market value achieved a year-on-year growth of 108%. In terms of blockchain network distribution, Ethereum leads with a total value of $5.01 billion, followed by ZKsync Era and Algorand.

Recently, the RWA track has seen several important developments, involving public chain innovation, asset tokenization competition, the mortgage-backed securities market, and real estate tokenization.

Converge Public Chain Plan Launch in Q2

Converge is a settlement layer designed specifically for the integration of traditional finance and DeFi, centered around USDe and USDtb, and secured by ENA. This blockchain is mainly applied to permissionless spot and leverage DeFi speculation settlement, as well as the storage and settlement of stablecoins and tokenized assets.

Multiple protocols have committed to building institutional-grade DeFi products on Converge, including:

• Aave Labs' Horizon: A Dedicated Market for Tokenized Assets
• Pendle Institutional: Provides infrastructure for interest rate speculation
• Morpho Labs: Providing modular money markets for assets
• Maple Finance and Syrup: Building verifiable on-chain institutional yield and credit products
• EtherealDEX: Design high-performance derivatives and spot trading

Sky $1 Billion Asset Tokenization Competition Results Announced

On March 18, a tokenized grand competition announced the winners, including BUIDL, a collaboration between a certain company and a certain platform, Superstate's USTB, and Centrifuge's JTRSY. These projects will receive funding support of 500 million, 300 million, and 200 million dollars, respectively.

The competition aims to introduce up to $1 billion of tokenized assets to the Spark liquidity layer, diversifying the investment portfolio and accelerating the application of RWA. These assets will serve as collateral for certain native stablecoins and yield-bearing stablecoins.

DigiFT Launches On-Chain Tokenized Index Fund

On March 25th, a certain cryptocurrency exchange announced the launch of two fully tokenized index funds:

• AI Stock Index Fund: Tracks the stocks of tech giants
• Web3 Index Fund: Covers major crypto assets

These funds are managed by Hash Global, supporting USDT and USDC subscriptions and redemptions, with real-time on-chain transparency and a 24/7 settlement cycle.

Figure Promotes On-Chain Collateralized Loan-Backed Securities Market

Figure Technology Solutions is innovating the mortgage-backed securities capital market through blockchain technology. Several major financial institutions are adopting its DART electronic lien registration system to advance applications in a specific loan market.

The market automates loans on a certain blockchain, allowing homeowners to quickly obtain approval and funding 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 securitization mechanism and liquidity market.

Republic collaborates with Hamilton Lane to launch a tokenized fund

The two parties have cooperated to launch a tokenized private equity infrastructure fund aimed at retail investors, with a minimum investment threshold of $500. The fund will acquire direct positions and secondary rights in infrastructure assets involving data centers, energy pipelines, and transportation hubs.

Dubai Launches Real Estate Tokenization Pilot

The Dubai Land Department has launched a "Real Estate Tokenization Project" pilot, becoming the first registration authority in the Middle East to implement blockchain-based real estate asset tokenization. The project is expected to exceed a market value of $16 billion by 2033, accounting for 7% of the total value of real estate transactions in Dubai.

Fidelity Launches New Class of Tokenized Money Market Funds

Fidelity has applied to register an "OnChain" stock class for its tokenized dollar money market fund. The fund holds cash and U.S. Treasury securities and currently operates on the Ethereum network, with potential expansion to other blockchains in the future.

A certain company's BUIDL fund surpasses 1 billion USD in scale

On March 14th, a company's BUIDL fund assets under management surpassed $1 billion, becoming the first institutional-grade on-chain fund to reach this milestone. BUIDL is backed by short-term government bonds and offers daily returns to qualified investors.

The fund has expanded to multiple blockchain networks and supports cross-chain bridging. On March 25, a certain company announced the expansion of BUIDL to Solana.

With the continuous influx of institutional funds and the improvement of infrastructure, RWA is expected to further expand its influence in the cryptocurrency market and even the global financial system. The future development trends are worth paying attention to.