Rapid Development of the RWA Track: New Public Chains, Asset Tokenization Competition, and Breakthroughs of the $1 Billion Fund

Recently, the real-world asset (RWA) sector has seen several significant developments, covering areas such as public chain innovation, asset tokenization competition, mortgage-backed securities market, and real estate tokenization. As of March 25, the total on-chain value of RWAs has reached $19.53 billion, an increase of 108% compared to the same period last year. Ethereum leads with a total value of $5.01 billion, followed by ZKsync Era and Algorand.

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

Converge is a settlement layer designed specifically for the integration of traditional finance and decentralized finance, centered around USDe and USDtb, with security provided by ENA. This public chain is mainly applied to permissionless spot and leveraged DeFi speculation settlement, as well as the storage and settlement of stablecoins and tokenized assets.

Currently, five protocols have committed to building and distributing institutional-grade DeFi products on Converge, including Aave Labs' Horizon, Pendle Institutional, Morpho Labs, Maple Finance, Syrup, and EtherealDEX.

Sky $1 Billion Asset Tokenization Competition Results Announced

The Spark tokenization competition initiated by a certain platform has selected three winners: a certain asset management company and the BUIDL of a certain platform, Superstate's USTB, and Centrifuge's JTRSY. They will respectively receive $500 million, $300 million, and $200 million in funding. This plan aims to diversify Spark's investment portfolio and accelerate the tokenization application of RWA.

Singapore Exchange Launches On-Chain Tokenized Index Fund

A certain exchange announced the launch of two fully tokenized index funds that enable on-chain trading, open to qualified and institutional investors. The first batch of products includes an AI Stock Index Fund and a Web3 Index Fund, managed by Hash Global. These funds operate based on smart contracts, support subscriptions and redemptions in USDT and USDC, and feature real-time on-chain transparency and 24/7 settlement cycles.

Innovative On-chain Collateralized Loan Support Securities Market

A certain technology company is revolutionizing the mortgage-backed securities capital market through blockchain technology. Several major financial institutions are adopting the company's electronic lien registration system to advance its application in the loan market. This loan market automates loans on the blockchain, simplifying the process for homeowners to obtain home equity lines of credit.

Tokenization Private Placement Infrastructure Fund for Retail Investors

A certain platform announced a collaboration with a certain asset management company to launch a tokenized private equity infrastructure fund aimed at retail investors, with a minimum investment threshold of only $500. This is the first "perpetual" tokenized infrastructure fund in the United States open to non-accredited investors, which will invest in infrastructure assets such as data centers, energy pipelines, and transportation hubs.

Dubai Launches Real Estate Tokenization Pilot

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

A certain asset management giant increases investment in the RWA track

A large asset management company has applied to register the "OnChain" stock class for its tokenized US Dollar money market fund. The fund holds cash and US Treasury securities, currently utilizing the Ethereum network, with potential expansion to other blockchains in the future.

BUIDL Fund Surpasses $1 Billion in Scale and Expands to Solana

A certain asset management company's BUIDL fund has surpassed $1 billion in assets under management, 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 recently announced a partnership with a certain platform to extend its business to Solana.

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