RWA Track Welcomes Rapid Development: New Public Chains, Asset Competition, and a $1 Billion Fund Become the Focus

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

Recently, the RWA sector has made significant progress in various areas, including public chain innovation, asset tokenization competitions, mortgage-backed securities markets, and real estate tokenization. Below is an overview of these latest developments.

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

Converge is a network specifically designed for traditional finance and digital dollar settlements. Its core objective is to create the first settlement layer dedicated to the integration of TradFi and DeFi, based on USDe and USDtb, secured by ENA.

This public chain is mainly aimed at two major application scenarios:

1. Permissionless spot and leverage DeFi speculation settlement;
2. Storage and settlement of stablecoins and tokenized assets.

Currently, several protocols have committed to developing 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

On March 18, Sky (formerly MakerDAO) announced the winners of the Spark Tokenization Grand Prix. The three winning teams are BlackRock-Securitize, Superstate, and Centrifuge, which will receive $500 million, $300 million, and $200 million in funding support, respectively.

This competition aims to bring tokenized assets worth up to $1 billion into the Spark liquidity layer. Upon approval by Sky governance, these assets will be included in the collateral pool for Sky's native stablecoin USDS and yield-bearing stablecoin sUSDS.

DigiFT Launches On-chain Tokenized Index Fund

On March 25, Singapore licensed exchange DigiFT announced the launch of two fully tokenized index funds, open to qualified and institutional investors:

• AI Stock Index Fund (tracking Apple, Tesla, Microsoft, Nvidia, etc.)
• Web3 Index Fund (covering crypto assets such as BTC, ETH, SOL)

These funds are managed by Hash Global, operate based on smart contracts, support USDT and USDC subscriptions and redemptions without the need for a bank account, and provide real-time on-chain transparency with 24/7 settlement cycles.

Figure Promoting On-Chain Mortgage-Backed Securities Market

Figure Technology Solutions is innovating the mortgage-backed securities capital market through blockchain technology. Several major financial institutions are adopting Figure's DART electronic lien registration system for application in the Figure Connect loan market.

This lending market automates loans on the Provenance blockchain, allowing homeowners to quickly obtain approval and funding for home equity lines of credit while streamlining the review process.

Republic partners with Hamilton Lane to launch a tokenized infrastructure fund for retail investors

Republic announces a partnership with Hamilton Lane to launch a tokenized private equity infrastructure fund, with a minimum investment threshold of only $500. This fund is the first "perpetual" tokenized infrastructure fund in the United States open to non-accredited investors, and it will invest in infrastructure assets such as data centers, energy pipelines, and transportation hubs.

Dubai Launches Real Estate Tokenization Pilot Project

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 transaction volume in Dubai.

Fidelity Launches "OnChain" Stock Class for Tokenized Money Market Funds

Fidelity has applied to register the "OnChain" stock category for its tokenized US dollar money market fund, Fidelity Treasury Digital Fund (FYHXX). The fund currently uses the Ethereum network and may expand to other blockchains in the future.

BlackRock BUIDL Fund surpasses $1 billion scale, expanding to Solana

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.

On March 25, BlackRock announced a partnership with Securitize to expand BUIDL to the Solana network, further extending its footprint in the cryptocurrency market.

With institutional funds continuously flowing in and infrastructure continually improving, RWAs are expected to play a greater role in the crypto market and even the global financial system. The future development trends are worth ongoing attention.