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Panoramic Report on the Development Status of the RWA Industry in 2025–2026

It has been over a year since the concept of RWA was proposed and projects were launched, so how has it developed? Let’s take a look at the annual development report on RWA prepared by Xiao Caishen.
Industry scale: From hundreds of billions to trillions, structural layering accelerates

Market size: As of March 2026, the global tokenization market for RWA (Real-World Assets) has surpassed $90.9 billion, a growth of over 200% compared to $29.5 billion in June 2025, entering a period of rapid expansion.

Core growth drivers: The market has shifted from “asset on-chain” to “income tokenization,” forming four major structural layers:

Underlying asset layer: Tokenized U.S. Treasury bonds (about $10 billion) become the on-chain risk-free rate anchor;

Credit enhancement layer: On-chain scale of private credit, corporate bonds, and other credit assets reaches $25.4 billion, with annualized yields generally above 8%;

Financialization layer: Income rights splitting and trading protocols (such as Pendle, Ethena) drive liquidity of RWA assets to multiply;

Infrastructure layer: Compliant issuance platforms (such as Plume, MANTRA) support multi-chain asset distribution.

User base: Over 550k global RWA asset holders, 251 issuers, with a continuous increase in institutional funding proportion, and retail participation steadily rising.

Representative projects: Four core forces dominate the market landscape

1. Ondo Finance

Track: Tokenization of U.S. stocks and ETFs

Core data: TVL exceeds $1 billion, accounting for 61% of the tokenized stock market share

Key developments: Launched over 100 U.S. stock and ETF tokens, supporting 24/7 on-chain trading, with trading volume surpassing $5.5 billion, becoming the preferred entry point for retail investors into traditional capital markets.

2. BlackRock BUIDL

Track: Tokenization of U.S. Treasuries

Core data: Management scale of $2 billion, accounting for 34% of the tokenized U.S. debt market

Key developments: Directly linked to the U.S. debt market, with stable yields at 4.2%, managed by BlackRock and disclosed on-chain in real time, becoming the benchmark asset for on-chain “digital Treasuries.”

3. Centrifuge

Track: Private credit and CLO funds

Core data: Collaborated with Janus Henderson to issue on-chain CLO funds

Key developments: Introduced institutional-grade oracles to achieve on-chain rights confirmation and risk control for loan assets, becoming the underlying highway for institutional alternative assets.

4. Ant Financial Science and Technology

Track: New energy physical assets

Core data: Completed the world’s first photovoltaic RWA financing (200 million RMB)

Key developments: Landed on the Hong Kong Ensemble sandbox with projects like charging stations and residential photovoltaic RWA projects, achieving the integration of “assets—data—income,” promoting cross-border green finance circulation.

Regulatory dynamics: A “U.S.-Europe dual-track” pattern has formed globally

U.S.: The SEC has not issued specific RWA regulations but implements indirect regulation through securities token recognition (such as ONDO, BUIDL being regarded as securities), promoting project compliance. The GENIUS Act provides a legal framework for stablecoins and RWA, accelerating institutional entry.

EU: The MiCA regulation will fully take effect by the end of 2024, establishing a unified compliance framework for RWA, requiring issuers to disclose underlying assets, audit processes, and risk disclosures, promoting “institutional innovation,” with bank-led RWA products accelerating deployment.

Asia:

Hong Kong, China: The “Stablecoin Regulations” come into effect in August 2025, becoming the world’s first dedicated regulatory framework for fiat-backed stablecoins, promoting cross-border financing pilot projects for new energy RWA;

Singapore: MAS supports RWA pilots, encouraging financial institutions to explore bond and fund tokenization;

Mainland China: Companies like Ant Financial Science and Technology and GCL Energy Technology have entered the overseas market through Hong Kong channels, forming a “domestic assets, overseas issuance” model.