Uniswap's Major Buyback Proposal: Can UNI Trigger a Value Reassessment?
Uniswap’s latest governance proposal aims to transition the UNI token into a deflationary model by activating protocol fees and implementing a buyback-and-burn mechanism. These changes could profoundly impact UNI’s long-term value. Core Proposal HighlightsEnable protocol fees and use them to repurchase and burn UNI tokens, transforming UNI from a governance token into a productive asset backed by cash flow.Conduct a one-time burn of 100 million UNI tokens (16% of total supply), immediately bo...
Is Polymarket Considered Gambling? Legal Risks for Chinese Users
Polymarket is a blockchain-based prediction market platform that allows users to predict future events and profit by buying and selling related contract shares. This article analyzes the risks for Chinese users from a legal perspective: * How Polymarket Works: Users use stablecoins to bet on outcomes of future events like politics or sports, trading shares that represent the probability of a particular outcome. Settlements are executed via smart contracts once the event outcome is determined....
Can Stablecoins Break Visa and Mastercard's Duopoly?
Stablecoins have emerged as a potential challenger to the $1 trillion duopoly of Visa and Mastercard. These stablecoins offer the promise of significantly lower transaction fees, which could disrupt the current market dynamics dominated by Visa and Mastercard. However, the path to widespread adoption is fraught with regulatory and banking industry pressures.The Current LandscapeVisa and Mastercard currently charge merchants transaction fees of up to 2-3%, which is often the second-largest exp...
Uniswap's Major Buyback Proposal: Can UNI Trigger a Value Reassessment?
Uniswap’s latest governance proposal aims to transition the UNI token into a deflationary model by activating protocol fees and implementing a buyback-and-burn mechanism. These changes could profoundly impact UNI’s long-term value. Core Proposal HighlightsEnable protocol fees and use them to repurchase and burn UNI tokens, transforming UNI from a governance token into a productive asset backed by cash flow.Conduct a one-time burn of 100 million UNI tokens (16% of total supply), immediately bo...
Is Polymarket Considered Gambling? Legal Risks for Chinese Users
Polymarket is a blockchain-based prediction market platform that allows users to predict future events and profit by buying and selling related contract shares. This article analyzes the risks for Chinese users from a legal perspective: * How Polymarket Works: Users use stablecoins to bet on outcomes of future events like politics or sports, trading shares that represent the probability of a particular outcome. Settlements are executed via smart contracts once the event outcome is determined....
Can Stablecoins Break Visa and Mastercard's Duopoly?
Stablecoins have emerged as a potential challenger to the $1 trillion duopoly of Visa and Mastercard. These stablecoins offer the promise of significantly lower transaction fees, which could disrupt the current market dynamics dominated by Visa and Mastercard. However, the path to widespread adoption is fraught with regulatory and banking industry pressures.The Current LandscapeVisa and Mastercard currently charge merchants transaction fees of up to 2-3%, which is often the second-largest exp...
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In April 2025, the tokenization of real-world assets (RWA) is accelerating from proof of concept to scaled application, becoming a key bridge connecting traditional finance and the crypto market.
Despite the recent volatility in the cryptocurrency market, the RWA sector has grown against the trend, with the total on-chain market value breaking through $19.7 billion, demonstrating strong development resilience. Institutional entry has accelerated, such as Circle's application for NYSE listing and BlackRock's launch of the tokenized fund BUIDL, further promoting market maturity.
At the same time, the global regulatory framework is gradually clarified, with policies being implemented in places like Hong Kong and the United States, paving the way for the compliant development of RWA. In addition, the Global RWA Data Industry Conference held in Hainan, China, proposed a "cross-border data + asset on-chain" solution, exploring the formulation of international RWA standards. Driven by stablecoins, tokenized government bonds, real estate, and other niche tracks, RWA is reshaping the financial ecosystem and ushering in a new era of asset digitization.
In April 2025, the tokenization market of real-world assets (RWA) is experiencing unprecedented growth, with the total on-chain asset scale breaking through $19.78 billion, an increase of 7.89% compared to last month. The number of holders exceeds 93,000, and market participation continues to rise. This growth is mainly driven by accelerated institutional layout and the outbreak of niche tracks.
At the institutional level, traditional financial giants such as BlackRock and Franklin Templeton have launched tokenized funds (such as BUIDL, BENJI), and JPMorgan Chase and HSBC have also entered the market, promoting the evolution of RWA from experimental projects to mainstream financial infrastructure. Among them, the growth of U.S. Treasury RWA is the most rapid, with an annualized yield of about 4.5%, becoming the preferred allocation target for institutional funds.
Tokenization of private credit, real estate, and new energy assets also performed well. Maple Finance has issued a total of $2.46 billion in loans with an annualized yield of 9.69%. Centrifuge has introduced accounts receivable and real estate assets into DeFi through a dynamic NFT collateral mechanism, raising a total of $560 million. In addition, Chinese enterprises have made breakthroughs in the field of new energy RWA. GCL Energy and Langxin Technology have completed the tokenization of photovoltaic and charging pile assets respectively, with a total financing scale of more than 300 million yuan, providing a new paradigm for the cross-border circulation of green assets.
In terms of market structure, stablecoins (such as USDT, USDC) as basic RWA products have a total market value of more than $237.5 billion, becoming the core link connecting traditional finance and the crypto market. With Circle's application for NYSE listing, the compliance process of stablecoins has been further accelerated, laying the foundation for the global expansion of RWA. In the future, the RWA market will present a development pattern of "institutional dominance, compliance first, and multi-track parallelism."
In April 2025, the RWA (real-world assets) sector has seen several important developments, covering institutional layout, market performance, and policy trends, further promoting the industry's development towards compliance and scale.
Circle Applies for NYSE Listing, Dual Engine Driven by Stablecoins and RWA
Circle, the issuer of the stablecoin USDC, has officially submitted an IPO application to the NYSE. If successful, it will become the first stablecoin company to land in the mainstream capital market. This move will not only enhance the market's recognition of stablecoins but also strengthen the underlying infrastructure of RWA. Currently, the total market value of stablecoins has exceeded $237.5 billion, with USDC accounting for more than $60 billion, becoming the core link connecting traditional finance and the crypto market.
WisdomTree Expands RWA Fund to Multi-Chain Network
The asset management giant WisdomTree announced that its RWA platform will be expanded to EVM-compatible chains such as Base and Arbitrum, and launched 13 institutional-level RWA funds covering stock indices, fixed income, and asset allocation products. The platform uses soulbound NFTs to mark the identity of compliant investors, optimize on-chain trading efficiency, and promote the liquidity of RWA.
RWA Sector Rises Against the Trend Amid Crypto Market Volatility
At the beginning of April, affected by macro policies, Bitcoin fell below $84,000, and mainstream crypto assets generally declined. However, the RWA sector remained strong, with tokens such as Ondo Finance (ONDO) and Pendle (PENDLE) rising against the trend. This phenomenon highlights the potential of RWA as a counter-cyclical asset, attracting more risk-averse funds to flow in.
Cross-Border Financing of New Energy RWA Continues to Advance
Following the photovoltaic and charging pile RWA projects of GCL Energy and Langxin Technology, Chinese new energy enterprises continue to explore cross-border financing. The green finance projects supported by the Hong Kong Monetary Authority's Ensemble sandbox are gradually being implemented, providing replicable compliance cases for the Asian market.
Regulatory Dynamics Affect Market Trends
The U.S. House of Representatives passed the "Anti-CBDC Surveillance of Nations Act," which indirectly affects the regulatory framework for stablecoins and RWA. At the same time, Hong Kong is advancing the "Stablecoin Bill," strengthening the role of compliant stablecoins in RWA transactions and providing clearer policy guidance for the market.
In April 2025, the tokenization of real-world assets (RWA) is accelerating in multiple niche tracks, demonstrating strong industry penetration.
Tokenized U.S. Treasury Bonds Continue to Lead
U.S. Treasury RWA remains the most favored track by institutions, with a total market value breaking through $5 billion. The BUIDL fund, a collaboration between BlackRock and Securitize, has reached $1.72 billion in size, firmly holding the top position in the market. Franklin Templeton's BENJI fund has also exceeded $700 million. In addition, Alchemy Pay announced the integration of U.S. Treasury RWA, offering compliant on-chain fixed-income products for crypto users.
Accelerated Tokenization of Real Estate and New Energy Assets
In the real estate sector, platforms such as Propy use dynamic NFTs to optimize transaction processes and enhance asset liquidity. In the new energy track, Chinese companies GCL Energy and Langxin Technology continue to implement photovoltaic and charging pile RWA projects. Among them, the green energy swap RWA project deployed by Xunying Group on the Tree Graph Blockchain has become the first case of physical asset tokenization in China, promoting cross-border capital对接.
Rise of Private Credit and Supply Chain Finance
Maple Finance has issued more than $2.4 billion in private credit, with an annualized yield of nearly 10%, becoming an important channel for small and medium-sized enterprises to raise funds on the chain. Centrifuge focuses on the tokenization of accounts receivable and has deeply cooperated with DeFi protocols such as MakerDAO, raising a total of $560 million.
Stablecoins as Basic RWA Continue to Expand
The total market value of stablecoins has exceeded $237.5 billion, with USDT ($144 billion) and USDC ($60 billion) dominating. Circle's application for NYSE listing, if successful, will become the first listed stablecoin company, further promoting the compliance of RWA underlying infrastructure.
The RWA market in 2025 is showing three core development trends:
Accelerated institutionalization, with traditional financial institutions such as BlackRock and JPMorgan entering the market through tokenized funds, pushing the market size to break through $20 billion;
The compliance framework is gradually perfected, with regulatory policies being implemented in places like the United States and Hong Kong, providing clear guidance for stablecoins and securitized tokens;
Significant global expansion, with China's "cross-border data + asset on-chain" solution and the Hong Kong Monetary Authority's sandbox project forming a coordinated development pattern between the East and the West.
The combination of AIoT and RWA is giving rise to new business forms, such as smart grid assets managed by dynamic NFTs. It is expected that by the end of 2025, 30% of new energy projects will adopt tokenized financing.
The market faces three major barriers:
Regulatory fragmentation has led to the U.S. SEC including tokenized securities within the scope of the "Howey Test," while the Hong Kong Securities and Futures Commission adopts the principle of "same business, same risk, same rule," increasing compliance costs due to policy differences;
Technical bottlenecks are emerging, with compliance standards such as ERC-3643 not yet widely adopted,
In April 2025, the tokenization of real-world assets (RWA) is accelerating from proof of concept to scaled application, becoming a key bridge connecting traditional finance and the crypto market.
Despite the recent volatility in the cryptocurrency market, the RWA sector has grown against the trend, with the total on-chain market value breaking through $19.7 billion, demonstrating strong development resilience. Institutional entry has accelerated, such as Circle's application for NYSE listing and BlackRock's launch of the tokenized fund BUIDL, further promoting market maturity.
At the same time, the global regulatory framework is gradually clarified, with policies being implemented in places like Hong Kong and the United States, paving the way for the compliant development of RWA. In addition, the Global RWA Data Industry Conference held in Hainan, China, proposed a "cross-border data + asset on-chain" solution, exploring the formulation of international RWA standards. Driven by stablecoins, tokenized government bonds, real estate, and other niche tracks, RWA is reshaping the financial ecosystem and ushering in a new era of asset digitization.
In April 2025, the tokenization market of real-world assets (RWA) is experiencing unprecedented growth, with the total on-chain asset scale breaking through $19.78 billion, an increase of 7.89% compared to last month. The number of holders exceeds 93,000, and market participation continues to rise. This growth is mainly driven by accelerated institutional layout and the outbreak of niche tracks.
At the institutional level, traditional financial giants such as BlackRock and Franklin Templeton have launched tokenized funds (such as BUIDL, BENJI), and JPMorgan Chase and HSBC have also entered the market, promoting the evolution of RWA from experimental projects to mainstream financial infrastructure. Among them, the growth of U.S. Treasury RWA is the most rapid, with an annualized yield of about 4.5%, becoming the preferred allocation target for institutional funds.
Tokenization of private credit, real estate, and new energy assets also performed well. Maple Finance has issued a total of $2.46 billion in loans with an annualized yield of 9.69%. Centrifuge has introduced accounts receivable and real estate assets into DeFi through a dynamic NFT collateral mechanism, raising a total of $560 million. In addition, Chinese enterprises have made breakthroughs in the field of new energy RWA. GCL Energy and Langxin Technology have completed the tokenization of photovoltaic and charging pile assets respectively, with a total financing scale of more than 300 million yuan, providing a new paradigm for the cross-border circulation of green assets.
In terms of market structure, stablecoins (such as USDT, USDC) as basic RWA products have a total market value of more than $237.5 billion, becoming the core link connecting traditional finance and the crypto market. With Circle's application for NYSE listing, the compliance process of stablecoins has been further accelerated, laying the foundation for the global expansion of RWA. In the future, the RWA market will present a development pattern of "institutional dominance, compliance first, and multi-track parallelism."
In April 2025, the RWA (real-world assets) sector has seen several important developments, covering institutional layout, market performance, and policy trends, further promoting the industry's development towards compliance and scale.
Circle Applies for NYSE Listing, Dual Engine Driven by Stablecoins and RWA
Circle, the issuer of the stablecoin USDC, has officially submitted an IPO application to the NYSE. If successful, it will become the first stablecoin company to land in the mainstream capital market. This move will not only enhance the market's recognition of stablecoins but also strengthen the underlying infrastructure of RWA. Currently, the total market value of stablecoins has exceeded $237.5 billion, with USDC accounting for more than $60 billion, becoming the core link connecting traditional finance and the crypto market.
WisdomTree Expands RWA Fund to Multi-Chain Network
The asset management giant WisdomTree announced that its RWA platform will be expanded to EVM-compatible chains such as Base and Arbitrum, and launched 13 institutional-level RWA funds covering stock indices, fixed income, and asset allocation products. The platform uses soulbound NFTs to mark the identity of compliant investors, optimize on-chain trading efficiency, and promote the liquidity of RWA.
RWA Sector Rises Against the Trend Amid Crypto Market Volatility
At the beginning of April, affected by macro policies, Bitcoin fell below $84,000, and mainstream crypto assets generally declined. However, the RWA sector remained strong, with tokens such as Ondo Finance (ONDO) and Pendle (PENDLE) rising against the trend. This phenomenon highlights the potential of RWA as a counter-cyclical asset, attracting more risk-averse funds to flow in.
Cross-Border Financing of New Energy RWA Continues to Advance
Following the photovoltaic and charging pile RWA projects of GCL Energy and Langxin Technology, Chinese new energy enterprises continue to explore cross-border financing. The green finance projects supported by the Hong Kong Monetary Authority's Ensemble sandbox are gradually being implemented, providing replicable compliance cases for the Asian market.
Regulatory Dynamics Affect Market Trends
The U.S. House of Representatives passed the "Anti-CBDC Surveillance of Nations Act," which indirectly affects the regulatory framework for stablecoins and RWA. At the same time, Hong Kong is advancing the "Stablecoin Bill," strengthening the role of compliant stablecoins in RWA transactions and providing clearer policy guidance for the market.
In April 2025, the tokenization of real-world assets (RWA) is accelerating in multiple niche tracks, demonstrating strong industry penetration.
Tokenized U.S. Treasury Bonds Continue to Lead
U.S. Treasury RWA remains the most favored track by institutions, with a total market value breaking through $5 billion. The BUIDL fund, a collaboration between BlackRock and Securitize, has reached $1.72 billion in size, firmly holding the top position in the market. Franklin Templeton's BENJI fund has also exceeded $700 million. In addition, Alchemy Pay announced the integration of U.S. Treasury RWA, offering compliant on-chain fixed-income products for crypto users.
Accelerated Tokenization of Real Estate and New Energy Assets
In the real estate sector, platforms such as Propy use dynamic NFTs to optimize transaction processes and enhance asset liquidity. In the new energy track, Chinese companies GCL Energy and Langxin Technology continue to implement photovoltaic and charging pile RWA projects. Among them, the green energy swap RWA project deployed by Xunying Group on the Tree Graph Blockchain has become the first case of physical asset tokenization in China, promoting cross-border capital对接.
Rise of Private Credit and Supply Chain Finance
Maple Finance has issued more than $2.4 billion in private credit, with an annualized yield of nearly 10%, becoming an important channel for small and medium-sized enterprises to raise funds on the chain. Centrifuge focuses on the tokenization of accounts receivable and has deeply cooperated with DeFi protocols such as MakerDAO, raising a total of $560 million.
Stablecoins as Basic RWA Continue to Expand
The total market value of stablecoins has exceeded $237.5 billion, with USDT ($144 billion) and USDC ($60 billion) dominating. Circle's application for NYSE listing, if successful, will become the first listed stablecoin company, further promoting the compliance of RWA underlying infrastructure.
The RWA market in 2025 is showing three core development trends:
Accelerated institutionalization, with traditional financial institutions such as BlackRock and JPMorgan entering the market through tokenized funds, pushing the market size to break through $20 billion;
The compliance framework is gradually perfected, with regulatory policies being implemented in places like the United States and Hong Kong, providing clear guidance for stablecoins and securitized tokens;
Significant global expansion, with China's "cross-border data + asset on-chain" solution and the Hong Kong Monetary Authority's sandbox project forming a coordinated development pattern between the East and the West.
The combination of AIoT and RWA is giving rise to new business forms, such as smart grid assets managed by dynamic NFTs. It is expected that by the end of 2025, 30% of new energy projects will adopt tokenized financing.
The market faces three major barriers:
Regulatory fragmentation has led to the U.S. SEC including tokenized securities within the scope of the "Howey Test," while the Hong Kong Securities and Futures Commission adopts the principle of "same business, same risk, same rule," increasing compliance costs due to policy differences;
Technical bottlenecks are emerging, with compliance standards such as ERC-3643 not yet widely adopted,
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