The RWA market has huge potential, and Aptos has emerged.

As a highly watched emerging field, the tokenization of real-world assets ( RWA ) has yet to fully realize its potential in connecting the trillion-dollar traditional market. Data platforms show that the total market value of RWA assets in the crypto industry is only $24 billion, and even with a 56% surge in the first half of this year, it is still in its infancy. In the future, as more asset classes are tokenized, RWA is expected to usher in a qualitative leap.

At this critical time, Aptos is showing strong momentum. In the past 30 days, its on-chain RWA total locked value (TVL) has increased by 56.4%, reaching $538 million, climbing to the third position among public chains. With more investment opportunities emerging, Aptos may hold a favorable position in the next phase of competition for RWA.

Private credit remains a major asset class

Currently, private credit accounts for 58% of RWA assets, making it the most prominent asset class, followed by U.S. Treasury bonds. Private credit assets primarily exist in on-chain form and mostly lack trading liquidity; meanwhile, U.S. Treasury bonds face competitive pressure from interest-bearing stablecoins.

Private credit refers to loans provided by non-bank institutions or investors to businesses or individuals in the private market. While traditional private credit offers high flexibility and considerable returns, it also faces issues such as high costs, low efficiency, and high entry barriers.

The encryption protocol eliminates multiple layers of intermediaries by issuing and managing assets on-chain, reducing costs and increasing the transparency of loan pools and underlying asset performance.

Tokenization Process of Private Credit Assets

1. Off-chain credit asset generation

The asset issuer is responsible for generating off-chain credit assets, including signing loan agreements, setting up collateral assets, formulating repayment plans and default terms, and reviewing the borrower's financial status. For example, issuing a loan of 1 million USD to a logistics company for a term of 12 months at an annual interest rate of 12%, secured by 1.1 million USD in accounts receivable.

2. Build On-Chain Token Structure

Loans can be mapped to on-chain tokens through the RWA protocol, which can take forms such as NFT, SFT, or ERC-20. The token metadata includes information such as the borrower's anonymous identification, principal amount, interest rate, repayment frequency, maturity date, details of collateral assets, and default handling mechanisms. Smart contracts support repayment status management, automatic profit distribution, and transfer functions.

3. Compliance Packaging

Establish special purpose entities or virtual asset service providers as legal custodians in specific jurisdictions. Investors must complete KYC/KYB and AML reviews, and non-qualified investors are subject to relevant regulatory restrictions. Off-chain disclosure documents clearly define the debt asset attributes of the tokens.

4. Token Issuance and Financing

Show tokens through the platform and accept on-chain investments. After completing KYC verification, investors use digital currency to invest and receive RWA tokens as proof, and collect principal and interest on schedule.

5. Revenue Distribution and Asset Liquidation

After the borrower repays the loan, the funds are transferred on-chain through the issuer and SPV, and the smart contract automatically allocates them to the token holders. Upon loan maturity, the principal is returned or renewal is arranged. Some token structures allow for secondary market trading under specific conditions.

Aptos's Competitive Advantages in the RWA Track

Technical Advantages

Aptos, as a new generation public chain, provides a solid foundation for RWA applications with its high-performance architecture:

• High throughput and low latency: Theoretical TPS can reach 150,000, with actual stability between 4,000-5,000 TPS, and transaction confirmation time is only 650 milliseconds, supporting large-scale loan operations and instant settlement.
• Low transaction costs: average fees are below $0.01, which is beneficial for frequent on-chain operations.
• Modular architecture: The separation of consensus, execution, and storage layers allows for independent optimization to meet the complex demands of RWA asset management.

ecological layout

Aptos has significantly enhanced its competitiveness by collaborating with traditional financial giants and expanding its DeFi ecosystem:

• Institutional Cooperation: The introduction of well-known assets such as USDY from Ondo Finance and BENJI from Franklin Templeton has enhanced credibility.
• Regulatory Friendly: Compliant with regulatory requirements through collaboration with compliant platforms, featuring built-in on-chain identity verification and asset tracking functions.
• Emerging Market Positioning: Focus on regions with insufficient financial inclusion to promote RWA ecosystem development.

Highlights of Emerging Market Products

The main asset issuer BSFG on Aptos launches diversified products through the Pact protocol:

• BSFG-EM-1: Provides short-term microloans for individuals and small enterprises in emerging markets, with a scale of $160 million and an annualized yield of 64.05%.
• BSFG-EM-NPA Series: Special pool for bad debts or defaulted loans, with a scale of $188 million.
• BSFG-CAD-1: Canadian residential mortgage, scale of 44 million dollars.
• BSFG-AD-1: Targeted at small and micro enterprises in the UAE, with a scale of 16 million USD and an annualized return rate of 15.48%.
• BSFG-KES-1: Kenya Retail Credit, scale of 5.6 million USD, annualized yield of 115.45%.

These products contributed 77% of the Aptos RWA TVL (approximately $420 million).

Summary

Aptos's rise in the RWA space stems from its technological advantages and ecological layout. By June 2025, its RWA TVL reached $538 million, ranking third among public chains. Private credit, as the growth engine of RWA, achieves on-chain composability through tokenization, generating annualized yields of 6%-15%. Aptos's low fees and fast confirmations support real-time lending and settlement, and future integration with DeFi protocols may further unlock its potential.

As the interest rate spreads in traditional financial markets tighten, institutional investors are turning to on-chain solutions, with Aptos filling the financing gap by serving emerging markets. It is expected that by 2026, Aptos is likely to add $500 million in RWA TVL. Through the synergy of technology and ecology, Aptos demonstrates sustained growth potential in the private credit sector.