RWA Track Development Momentum Strong: New Public Chains, Competitions, and Fund Sizes Breakthrough

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 has reached $19.53 billion, with a 30-day increase of 19.58%. Compared to the same period last year, the market size has achieved an annual 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 sector has made significant progress in several areas, including public chain innovation, tokenization competitions, mortgage securitization, and real estate tokenization. Below is an overview of the relevant developments.

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

Converge is a settlement network specifically designed for the integration of traditional finance and DeFi. It is centered around USDe and USDtb, secured by ENA. This blockchain is primarily used for permissionless DeFi transaction settlements, 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 interest rate speculation infrastructure
• Morpho Labs: Provides modular money markets for related assets.
• Maple Finance and Syrup: Building on-chain yield and credit products based on USDe and RWA.
• EtherealDEX: A high-performance derivatives and spot trading platform design.

Sky $1 Billion Asset Tokenization Competition Results Announced

The Spark tokenization competition initiated by Sky (formerly MakerDAO) has produced three winning projects:

1. BlackRock-Securitize's BUIDL
2. Superstate's USTB
3. Centrifuge's JTRSY

These projects will receive funding support of 500 million, 300 million, and 200 million USD respectively. Sky plans to diversify Spark's investment portfolio through these projects and promote the application of RWA in the stablecoin field.

DigiFT Launches On-Chain Tokenized Index Fund

The Singapore licensed exchange DigiFT has announced the launch of two fully tokenized index funds:

• AI Stock Index Fund: Tracks Stocks of Tech Giants
• Web3 Index Fund: Covers major crypto assets

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

Figure Promotes On-Chain Mortgage-Backed Securities Market

Figure Technology Solutions is leveraging blockchain technology to revolutionize the mortgage-backed securities market. Several large financial institutions are adopting Figure's DART system to promote its application in the Figure Connect loan market. This market automates loans on the Provenance blockchain, greatly enhancing the approval efficiency of Home Equity Lines of Credit (HELOCs).

Republic collaborates with Hamilton Lane to launch a retail private equity fund

Republic has partnered with Hamilton Lane to launch a tokenized private equity infrastructure fund with a minimum investment threshold of just $500. The fund will invest in infrastructure assets such as data centers, energy pipelines, and transportation hubs, and is expected to offer quarterly exit options.

Dubai Launches Real Estate Tokenization Pilot

The Dubai Land Department has launched a pilot "Real Estate Tokenization Project," becoming the first registration authority in the Middle East to implement blockchain-based real estate property tokenization. This project is part of Dubai's 2033 real estate sector strategy, which is expected to see the market value exceed $16 billion by 2033.

Fidelity Launches New Category of Tokenized Money Market Funds

Fidelity has applied for registration of the "OnChain" stock class for its tokenized dollar money market fund, Fidelity Treasury Digital Fund. The fund currently uses the Ethereum network and may expand to other blockchains in the future.

BlackRock BUIDL Fund Size Exceeds $1 Billion

BlackRock'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 collaborates with several custodians.

Recently, BlackRock also announced a partnership with Securitize to expand BUIDL to the Solana network, further extending its footprint in the cryptocurrency market.

As institutional funds continue to flow in and infrastructure continues to improve, RWA is becoming one of the most watched areas in the cryptocurrency industry. In the future, RWA is expected to play a greater role in the cryptocurrency market and the global financial system, and its development dynamics are worth ongoing attention.