RWA (Real World Asset Tokenization) is undergoing a paradigm shift from early experimentation to mature financial infrastructure:

Development Stages: From the early attempts with colored coins in 2009, to the compliance exploration of STOs from 2015-2020, to the on-chain native financial ecosystem catalyzed by DeFi Summer in 2020, and finally to the formation of the RWA 2.0 paradigm centered around USD stablecoins in 2023-2025.

Market Structure: Stablecoins dominate the broad RWA market with a 90.7% share (worth $273.18 billion), while U.S. Treasury tokenization ($7.46 billion), private credit ($29.58 billion), and commodity tokenization ($2.39 billion) constitute the main asset categories.

Technological Evolution: New-generation high-performance public chains (Monad, MegaETH), hybrid liquidity solutions (AMM+CLOB), and advancements in oracle technology (Chainlink, Redstone) are driving RWA toward a new paradigm of selling volatility and high-frequency trading.

Regulatory Environment: The U.S. GENIUS Act establishes a "cash + highly liquid Treasury bonds" gold standard for stablecoins, while the Trump administration views stablecoins as a new tool to consolidate dollar hegemony.

Future Outlook: RWA 3.0 will integrate AI and Crypto technologies to create new financial primitives for the era of sovereign individual capitalism, ultimately reshaping the global capital order.

Summary

RWA is undergoing a profound paradigm shift—from the experimental phase of Security Token Offerings (STOs) to the mature phase of USD stablecoins backed by U.S. Treasuries as core reserves, and further toward next-generation financial infrastructure composed of high-performance public chains and next-gen liquidity solutions.

This paradigm shift reflects not only the evolution of Crypto technology logic but also the impending restructuring and innovation of the financial order.

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01 The Paradigm Evolution of RWA

The evolution of RWA is essentially a history of expanding blockchain capabilities.

2009-2015: Early RWA Attempts with Colored Coins

In 2009, the Bitcoin genesis block was created, successfully establishing the first decentralized value ledger in human history. However, Satoshi Nakamoto’s vision of "a peer-to-peer electronic cash system" led to a development philosophy prioritizing "verification over computation," resulting in Bitcoin’s non-Turing-complete scripting language. This made it difficult for the Bitcoin mainnet to serve as infrastructure for RWA assets.

During the early stages of the crypto industry (2009-2015), the concept of RWA was not yet mature. The industry was dominated by crypto-punk geeks and Austrian economics enthusiasts, who were passionate forking Bitcoin’s fully open-source code to innovate in consensus mechanisms, mining algorithms, and signature mechanisms, aiming to create digital currencies with faster confirmation times, fairer distribution, and enhanced privacy. They joined a historically rare free market competition for private currencies.

Amid the collective fervor of "Long Bitcoin, Short The Real World," pioneers like Amir Taaki, co-founder of Colored Coins, and J.R. Willett, founder of Mastercoin (later renamed Omni Layer), recognized the potential of RWA. They began exploring technical routes to allow users to create and trade coins representing real-world assets such as stocks, bonds, and real estate on the Bitcoin mainnet. Tether launched USDT based on Omni Layer, becoming one of the earliest centralized USD stablecoins. However, due to insufficient programmability and lack of liquidity support, Colored Coins and Omni Layer gradually faded from the crypto mainstream as the market’s technical paradigms evolved.

2015-2020: STO’s Compliant Asset Issuance Attempts

In 2015, Vitalik Buterin, then editor of Bitcoin Magazine and advocate of a Turing-complete technical route, parted ways with the Bitcoin community to create Ethereum. By introducing the Ethereum Virtual Machine (EVM) and smart contracts, he added a new execution layer atop the blockchain consensus layer, providing a programmable container for asset tokenization. This catalyzed the ICO super boom, characterized by free asset issuance, which eventually triggered backlash and constraints from financial regulators of major sovereign nations.

In this context, Security Token Offerings (STOs) emerged as the mainstream RWA paradigm under the guise of compliant ICOs. However, due to underdeveloped on-chain liquidity infrastructure, immature oracles acting as on-chain/off-chain intermediaries, and a lack of decentralized financial application scenarios, RWA remained in a conceptual hype phase, with exit channels primarily relying on traditional financial markets like U.S. and Hong Kong stocks.

The eventual failure of STOs revealed the fundamental flaw of early RWA paradigms: attempting to replicate traditional financial asset business models (stocks, bonds) on-chain while overlooking blockchain’s core advantage in creating new forms of liquidity rather than copying old financial systems.

2020-2022: DeFi Summer Gives Rise to On-Chain Natives

By the time of DeFi Summer in 2020, stimulated by the wealth effect of Yield Farming, traditional cryptocurrency traders and fintech professionals transformed into DeFi Degens, becoming the first generation of true on-chain natives. DeFi protocols co-evolved with developers and users, giving rise to new innovations such as DEXs, decentralized pool lending protocols, CDP stablecoin protocols, and decentralized derivative exchanges. Uniswap’s AMM DEX paradigm completely replaced on-chain CLOBs (Central Limit Order Books) DEXs as the on-chain liquidity infrastructure. ChainLink’s oracle mainnet launch became a foundational component for DeFi protocol price feeds and risk management. During this period, RWA transitioned from conceptual hype to practical exploration, with the classic architecture of off-chain assets, intermediary oracles, and on-chain liabilities gradually taking shape.

The 2020-2022 innovation cycle witnessed a Cambrian explosion at the application and middleware layers, while the consensus and execution layers also evolved rapidly. Consensus layer innovations included Solana’s PoH consensus algorithm, the HotStuff Byzantine consensus algorithm adopted by Sui and Aptos, and Avalanche’s snowball protocol consensus algorithm. Execution layer innovations included L1 blockchain EVM compatibility frameworks and SVM supporting state parallel processing. The evolution of these layers brought new features such as fast finality and rapid state execution, laying a solid technical foundation for RWA’s vigorous growth in the next cycle.

2023-2025: The Hegemony of USD Stablecoins

The 2023-2025 cycle marked an explosion in broad RWA (including stablecoins), during which U.S. Treasury tokenization (primarily expressed as USD stablecoins) replaced STOs as the new RWA paradigm.

In the early stages, the correlation between stablecoins and RWA was very weak. Crypto practitioners at the time never imagined that stablecoins would one day become the mainstream expression of RWA. Centralized stablecoins were primarily backed by commercial papers, while decentralized stablecoins were backed by crypto-native assets. In 2022, the consecutive collapses of algorithmic stablecoin Luna and crypto exchange FTX caused severe social repercussions, prompting the Biden administration to demand strong SEC oversight of the cryptocurrency sector. Under regulatory pressure, stablecoin operators/protocols gradually shifted their asset portfolios to short-term U.S. Treasuries, which offer extremely high liquidity and low risk. Starting from H1 2023, stablecoins began to be regarded by the crypto industry as a subclass of U.S. Treasury tokenization under the broad RWA concept.

Taking USDT as an example, it initially claimed to be 100% backed by USD reserves but actually held a significant amount of commercial papers (short-term unsecured debt). Its first reserve disclosure on March 31, 2021, showed that approximately 65.39% of its reserves were commercial papers, with cash accounting for only 3.87%. The rest included fiduciary deposits (24.20%), reverse repurchase agreements (3.6%), and Treasury bonds (2.94%)[1]. This disclosure sparked market debates over its transparency and risk management. As regulatory pressure increased, Tether began reducing its commercial paper holdings. A report in May 2022 showed that commercial papers decreased from $24.2 billion in Q1 2021 to $20 billion. In 2023, following the Silicon Valley Bank crisis that caused USDC to depeg, commercial papers were further reduced to zero, with increased holdings in cash, short-term deposits, and U.S. Treasuries. As of September 2, 2025, Tether’s short-term U.S. Treasury reserves reached ~$105.3 billion[2].

On the technical front, the modular design philosophy aimed at solving blockchain’s "impossible trilemma" swept the industry. The architecture of on-chain settlement and off-chain execution became popular. Rollup L2s, represented by Arbitrum and Base, efficiently increased block space supply (e.g., Celestia, Bitcoin L2), providing technical support for the scaling of RWA, especially stablecoins. Advances and cost reductions in BaaS/RaaS technologies like Cosmos SDK and OP Stack (e.g., Vote Extensions in Cosmos SDK ABCI++ 2.0 allowing blockchains to submit and verify external data during consensus) paved the way for the emergence of RWA/stablecoin Appchains like Pharos. Cross-chain intent standards like ERC-7683 jointly developed by Uniswap and Across, intent-centric paradigms represented by Cowswap, chain-abstract DEXs like Infinex and Particle, and liquidity solutions like CLOB+AMM represented by GTE and Kuru further improved RWA’s liquidity acquisition capabilities and capital efficiency.

By 2025, the RWA market exhibited a pattern of "stablecoins吞噬一切" (stablecoins devouring everything). Data from RWA.xyz shows that stablecoins account for 90.7% of broad RWA assets, making them the absolute dominant force in RWA.

The Trump administration, as the first crypto-friendly government, prioritized clear stablecoin regulation on par with establishing a national Bitcoin reserve. It views stablecoins as a new solution to consolidate dollar hegemony, marginally increase demand for U.S. Treasuries, and compete for discourse power in the global financial order. The U.S. GENIUS Act (Establishing National Innovation for Stablecoins Act) sets a "cash + highly liquid Treasury bonds" gold standard for stablecoin reserves. U.S. Vice President Vance explicitly stated at the 2025 Bitcoin Conference: "Stablecoins are a force multiplier for American economic strength." U.S. Treasury Secretary Beshent frequently expresses optimism in major public appearances about stablecoin scale climbing to $2 trillion or more within years.

The evolutionary path of RWA from STO-dominated to stablecoin-dominated paradigms shows that the ultimate form of RWA is not simply moving assets on-chain but gradually replacing the old industrial-era financial infrastructure (composed of SWIFT, foreign exchange markets, bond markets, and stock exchanges) with new tech-driven financial infrastructure powered by AI and Crypto in an era of accelerated technological advancement. This is the vision and goal of Project Crypto recently announced by SEC Chairman Atkins to ensure U.S. financial leadership in the future.

This will inevitably catalyze a new round of exponential growth in block space demand, forcing a new paradigm innovation in block space supply: High-performance L1s/L2s like Monad, MegaETH, and Pharos achieve millisecond-level finality and 100,000+ TPS through novel blockchain architecture designs such as decoupling state execution and state finality, supporting state parallel processing, and optimizing database throughput. Solana introduced the new Alpenglow consensus algorithm to further optimize block voting and verification processes, striving to realize its vision of becoming the next Nasdaq. Ethereum adopted a "simplified L1" route, returning to Bitcoin’s development philosophy, accelerating the ZK-ification, statelessness, and L1/L2 state finality of the Ethereum mainnet, aiming to become the foundational settlement layer for modern finance.

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02 The Current Structure of RWA

The Current Structure and Future Trends of RWA’s Off-Chain Assets

Traditional industry professionals have many "wild" imaginations about RWA, such as tokenizing severely non-standard real-world assets like industrial parks and hydropower stations—which lack fair market prices and mature risk management mechanisms—and exiting them in the crypto market. However, the current market structure of RWA’s off-chain assets is primarily composed of stablecoins, private credit, U.S. Treasury tokenization, commodity tokenization, institutional alternative investment funds, and U.S. stock tokenization. Other non-standard real-world assets account for almost 0% of the market share. This market structure results from an equilibrium achieved through multiple rounds of market cycles driven by market forces and technical realities.

[Insert Table: Details of Major Categories in RWA’s Off-Chain Asset Structure as of September 2, 2025][3]

• Stablecoins: Total stablecoin scale is $273.18 billion, with monthly trading volume of $2.82 trillion, 33.02 million monthly active addresses, and 191 million holding addresses. Among them, 99% of stablecoins are 1:1 pegged to the USD. The top five stablecoins are USDT, USDC, USDS, USDE, and BSC-USD, with market shares of 60.79%, 25.33%, 4.58%, 3.43%, and 1.68%, respectively. Since ~75% of the off-chain assets of the two leading stablecoins, USDT and USDC, are U.S. Treasuries, stablecoins are regarded as a special type of U.S. Treasury tokenization RWA. Currently issued stablecoins are primarily deposited on Ethereum and Tron, with stablecoin scales of $155.5 billion and $78.4 billion, respectively. Solana, ranked third, experiences a cliff-like drop to $11.1 billion.

• Private Credit: Total private credit loan scale is $29.58 billion, with a current average yield of 9.75% and a total of 2,583 loans. The top three entities in private credit are Figure, Tradable, and Maple, with credit scales of $15.30 billion, $5.02 billion, and $4.08 billion, respectively. Figure is the largest non-bank home equity line of credit (HELOC) provider in the U.S., using blockchain and AI technologies to offer consumers fast online loan services. Tradable is a fintech company that enables the securitization of private credit assets, allowing them to be traded on markets and providing asset management institutions with an on-chain securitization platform. Maple is a CeDeFi platform offering digital asset loans and yield products for institutional and individual qualified investors.

• U.S. Treasury Tokenization: Strictly speaking, the off-chain assets of U.S. Treasury tokenization are 100% composed of U.S. Treasuries, with most of the holding yields distributed to token holders. The total scale of U.S. Treasury tokenization is $7.46 billion, with an average yield of 4.08% and 52,793 total holders. The top five U.S. Treasury tokenization projects are BUIDL issued by Securitize, WTGXX issued by WisdomTree, BENJI issued by Franklin Templeton, OUSG and USDY issued by Ondo Finance, with scales of $2.39 billion, $880 million, $740 million, $730 million, and $690 million, respectively.

• Commodity Tokenization: Current commodity tokenization is essentially equivalent to gold tokenization. Gold tokenization introduces a high-quality bulk asset uncorrelated with core crypto assets like BTC and ETH into the crypto market, facilitating risk diversification for institutional and professional investors. The total scale of commodity tokenization is $2.39 billion, with a monthly trading volume of $958 million, 7,866 monthly active addresses, and 83,700 holding addresses. Among them, PAXG, a gold tokenization project issued by Paxos, has a market cap of $975 million and a market share of 40.80%. XAUT, a gold tokenization project issued by Tether, has a market cap of $854 million and a market share of 35.75%.

• Institutional Alternative Investment Funds: The RWA-ization of private equity and hedge funds offers higher transparency, lower fees, and better liquidity. The total scale of institutional alternative investment funds is $1.75 billion, with 27 products. Centrifuge, Securitize, and Superstate rank top three in this segment with market shares of 40.31%, 37.34%, and 11.95%, respectively.

• U.S. Stock Tokenization: The total scale of U.S. stock tokenization is $342 million, with a monthly trading volume of $164 million and 62,600 holding addresses. Exodus Movement Inc. Class A, a U.S. stock tokenization product issued by Securitize, has a market cap of $226 million and a market share of 79.34%. Backed, which partners with Kraken, Coinbase, and Bybit to issue U.S. stock tokenization products, offers 71 products (e.g., S&P500, T-bills, TSLA, AAPL) with a total issuance scale of $88 million and a monthly trading volume of $163 million.

From the above data, it is evident that RWA’s off-chain assets are primarily highly liquid and credible standard assets (with U.S. Treasuries having a monopolistic position), supplemented by private credit. The main forms of on-chain expression are transactional stablecoins and yield-bearing stablecoins (YBS). The core business logic of current RWA is to introduce these real-world assets on-chain for yield generation and portfolio risk diversification.

However, with the maturation of technologies such as new-generation high-performance public chains (e.g., Monad, MegaETH, Pharos), new-generation liquidity creation paradigms (e.g., intent-centric, CLOB+AMM integration), and new-generation oracle technologies (e.g., Chainlink and Redstone’s high-frequency price feeds), the core business logic of RWA will evolve to primarily selling volatility. That is, on-chain high-frequency trading of tokenized U.S. Treasuries, tokenized U.S. stocks, and tokenized financial derivatives, along with participation in their global pricing, will become the new dominant paradigm for RWA in the next cycle.

In April 2025, Robinhood submitted a proposal to the SEC requesting the establishment of a federal framework for tokenizing real-world assets (RWA), aiming to modernize the U.S. securities market. Specifically, tokenized assets like stocks and bonds would be treated as legally equivalent to their traditional forms, not derivatives. The federal framework includes a hybrid liquidity system with off-chain matching for speed and on-chain settlement for transparency, as well as KYC/AML compliance tools. However, prior to the passage of the CLARITY Act by the U.S. Congress in the second half of this year, Robinhood’s proposal lacks practical market feasibility.

Therefore, Robinhood chose to launch tokenized U.S. stock trading services in the EU on June 30, allowing EU users to trade over 200 types of tokenized U.S. stocks and ETF assets via blockchain technology. These tokenized assets are issued on Ethereum L2 Arbitrum and will eventually migrate to the isomorphic Robinhood Chain.

Components and Functions of the RWA Middleware Layer

From a blockchain technology perspective, the RWA middleware layer primarily addresses the consistency and finality of states between off-chain assets and on-chain liabilities, as well as message passing between on-chain<>off-chain and chain<>chain. From a business model perspective, the RWA middleware layer mainly resolves issues of off-chain security, credibility, compliance, and on-chain liquidity, accessibility, and application scenarios.

The RWA middleware stack consists of off-chain custodial entities, state settlement layers, oracles, application layers, interoperability protocols, and on-chain liquidity layers.

[Insert Table: RWA Middleware Stack]

• Off-Chain Asset Custodial Entities: Off-chain asset custodial entities are responsible for managing underlying assets (e.g., custody of physical assets) and minting RWA asset-mapped tokens in a compliant, transparent, and trustworthy manner. The top five narrow RWA off-chain asset custodial entities are Securitize, Tradable, Ondo Finance, Paxos, and Superstate, with market shares of 28.0%, 16.0%, 10.6%, 6.9%, and 6.7%, respectively.

• State Settlement Layer: The state settlement layer is typically served by L1/L2 blockchains, responsible for the consistency and finality of RWA asset states. The top five networks currently used for narrow RWA state settlement are Ethereum, Zksync Era, Stellar, Aptos, and Solana, with market shares of 59.4%, 17.7%, 3.5%, 3.4%, and 2.8%, respectively. The market share distribution of RWA state settlement layers differs significantly from the familiar market share distributions of DEX trading volume, TVL, and transaction counts. This is related to the current B2B nature of RWA businesses. Large and active retail groups prefer participating in volatility trading games. Therefore, for Solana, Sui, and new-generation high-performance public chains, accelerating the shift of the RWA paradigm from yield generation to selling volatility is a new challenge that urgently needs addressing. Only by solving this new challenge can they better adapt to the new version of the system environment characterized by clear regulatory policies and the integration of stocks and tokens.

• Oracles: Oracles provide secure and reliable off-chain data, ensuring that the on-chain representation of RWA remains synchronized with the real world. For example, RedStone’s RWA Oracle provides price feed services for $20 billion worth of RWA on Solana (including Apollo’s ACRED and BlackRock’s BUIDL). Chainlink provides Proof of Reserve (PoR) services for RWA assets to platforms/protocols like Backed, Superstate, 21BTC, ARK 21Shares (ARKB), and Solv. Currently, oracles in the RWA field primarily serve off-chain asset yield generation and on-chain asset lending, liquidation, and spot trading. If extended to high-frequency trading scenarios in the future, oracles have optimization potential in terms of price feed speed, time granularity, and cost.

• Application Layer: The application layer provides use cases such as lending, LST, looping, interest tokenization, and vaults for on-chain liabilities, enhancing the yield and liquidity of RWA assets. Currently, mainstream DeFi protocols’ support and integration of RWA assets are still in the early stages, with a relatively conservative attitude. However, RWA public chains like Plume and Pharos are actively building a complete set of application layer components for RWA.

• Interoperability Protocols: The category with the strongest demand for cross-chain interoperability in the RWA field is stablecoin cross-chain transfers, which has led to Chainlink’s CCIP protocol achieving a high market share in this segment. However, with the improvement of chain-abstract DEXs and intent-centric infrastructure, and the transformation of RWA’s off-chain asset structure, intent-based cross-chain bridges like Wormhole and Across may later overtake.

• On-Chain Liquidity Layer: Creating on-chain liquidity for RWA has always been a systematic financial engineering task. It requires both spot liquidity for easy swapping and futures liquidity for risk hedging; it requires AMM-form liquidity for cold starts and long-tail assets, and CLOB-form liquidity to improve capital efficiency and reduce trading costs. The most fashionable and complete on-chain liquidity layer today consists of DEX LP pools, aggregator trading routes, intent DEX solvers, and chain-abstract DEX intent aggregation. It is worth noting that current on-chain liquidity optimization is not limited to the execution layer of the blockchain stack but extends to the consensus layer TX sequencing and block finality performance and mechanisms, such as Celestia’s new narrative of CLOB on Blobs and Solana’s new consensus algorithm Alpenglow.

RWA On-Chain Liabilities: Transactional Stablecoins, YBS, RWA Equity Assets

The liability side is the financial abstraction layer directly接触 by users, with its RWA primarily expressed as transactional stablecoins, yield-bearing stablecoins (YBS), and RWA equity asset tokens.

Transactional stablecoins mainly include USDT and USDC, which are issued and maintained by centralized entities with vast on-chain and off-chain liquidity networks. They feature easy accessibility, low transfer costs, fast confirmation, and programmability. Transactional stablecoins are fundamentally different from central bank digital currencies (CBDCs). The essence of transactional stablecoins is on-chain mapped tokens of fiat cash, while the essence of CBDCs is a new form of fiat cash. The U.S. Trump administration explicitly opposes CBDCs and supports stablecoins, while the EU and China choose to promote CBDCs and restrict stablecoins. In this cycle, the application scenarios of stablecoins have expanded beyond serving as trading mediums and value storage in crypto markets, cross-border payments, and helping the U.S. debt management to include new scenarios such as PayFi and supply chain finance, e.g., Huma’s cross-border settlement financing and JD.com’s stablecoin supply chain finance. The main battlefield for traditional stablecoin competition in the next cycle will be A2A micro-payment scenarios. Tether and Circle have invested in and incubated Stable and Arc, respectively, to ensure their leading positions in the stablecoin track in the AI era.

To protect traditional banking from impact, the GENIUS Stablecoin Act prohibits compliant stablecoins from distributing interest to holders. This恰好 gives YBS, which primarily adopts DeFi product paradigms and operates in regulatory sandboxes, room to survive. YBS yields typically come from DeFi lending, market-neutral strategies, staking rewards, or RWA interest income. RWA YBS includes traditional financial assets such as U.S. Treasuries and structured credit. After on-chain tokenization, they can serve as collateral or investment objects for stablecoins. This combination not only enhances the stability of stablecoins but also provides DeFi users with yield opportunities similar to traditional finance.

RWA equity asset tokens are equity tokens obtained by moving real-world assets (e.g., private credit, commodities, U.S. Treasuries, U.S. stocks) on-chain. Previously, RWA equity asset tokens had low demand for DeFi Lego composability and on-chain liquidity. However, after crypto regulation became clearer, embedding RWA equity asset tokens into DeFi Legos and pursuing stronger on-chain liquidity has become a new trend. For example, AAVE recently launched an RWA lending platform that supports borrowing stablecoins by抵押 permitted RWA assets. In the future, equity asset tokens for U.S. Treasuries, U.S. stocks, and commodities will be equivalent to their off-chain assets in legal frameworks, further enhancing the demand for DeFi Lego composability and on-chain liquidity.

Observing the practical market structure of RWA, we find that successfully "on-chained" RWAs at this stage are basically standardized assets with high liquidity and fair market prices, such as U.S. Treasuries, private credit, gold, and U.S. stocks. What RWA can do at this stage is更多的是 encapsulate and abstract standardized assets into on-chain tokens.

This is due to the technical bottlenecks of oracles in handling non-standard asset prices and ownership, which limit the RWA-ization of massive non-standard real-world assets (e.g., real estate, industrial parks, land, forests, mines). How to price non-standard assets like real estate and minerals? How to confirm ownership? Existing oracle technologies still struggle with trusted price evaluation and ownership verification for non-standard assets. Moreover, on-chaining non-standard assets usually requires establishing a legal entity (SPV) to hold the actual assets, and on-chain tokens often only represent income rights rather than real property rights.

The future of RWA is not simply粗暴ly moving "everything on-chain." A more realistic path is to find a balance between regulatory compliance and technological innovation by抽象化合规层 (encapsulating real assets with legal entities) +增强链上流动性 (high-performance public chains + CLOB\AMM hybrid market-making models), thereby unlocking trillion-dollar non-standard asset values. The large-scale explosion of non-standard asset RWA will likely have to wait for more mature oracle technologies and proven regulatory sandbox models,预计高速增长期在2026年之后 (expected to enter a high-growth period after 2026).

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03 Conclusion

RWA 1.0 simply tokenized traditional assets like real estate, industrial parks, and artwork. This approach was inherently flawed because it assumed blockchain was a magic machine for creating liquidity.

Current RWA 2.0, with stablecoins backed by U.S. Treasuries as core reserves as the main paradigm, has achieved massive scale success as a transaction medium, in cross-border transfers, and in value storage. However, it lacks good compatibility with traditional financial infrastructure and has significant friction during on/off ramps.

Future RWA 3.0 will use technologies like high-performance blockchains, RWA-friendly oracles, AMM+CLOB hybrid models, and intent-centric systems to create new financial primitives for the era of AI and Crypto-driven sovereign individual capitalism.

What we are about to witness is not only a technological financial innovation but also a significant historical process of restructuring the global capital order.

RWA (Real World Asset Tokenization) is undergoing a paradigm shift from early experimentation to mature financial infrastructure:

Development Stages: From the early attempts with colored coins in 2009, to the compliance exploration of STOs from 2015-2020, to the on-chain native financial ecosystem catalyzed by DeFi Summer in 2020, and finally to the formation of the RWA 2.0 paradigm centered around USD stablecoins in 2023-2025.

Market Structure: Stablecoins dominate the broad RWA market with a 90.7% share (worth $273.18 billion), while U.S. Treasury tokenization ($7.46 billion), private credit ($29.58 billion), and commodity tokenization ($2.39 billion) constitute the main asset categories.

Technological Evolution: New-generation high-performance public chains (Monad, MegaETH), hybrid liquidity solutions (AMM+CLOB), and advancements in oracle technology (Chainlink, Redstone) are driving RWA toward a new paradigm of selling volatility and high-frequency trading.

Regulatory Environment: The U.S. GENIUS Act establishes a "cash + highly liquid Treasury bonds" gold standard for stablecoins, while the Trump administration views stablecoins as a new tool to consolidate dollar hegemony.

Future Outlook: RWA 3.0 will integrate AI and Crypto technologies to create new financial primitives for the era of sovereign individual capitalism, ultimately reshaping the global capital order.

Summary

RWA is undergoing a profound paradigm shift—from the experimental phase of Security Token Offerings (STOs) to the mature phase of USD stablecoins backed by U.S. Treasuries as core reserves, and further toward next-generation financial infrastructure composed of high-performance public chains and next-gen liquidity solutions.

This paradigm shift reflects not only the evolution of Crypto technology logic but also the impending restructuring and innovation of the financial order.

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01 The Paradigm Evolution of RWA

The evolution of RWA is essentially a history of expanding blockchain capabilities.

2009-2015: Early RWA Attempts with Colored Coins

In 2009, the Bitcoin genesis block was created, successfully establishing the first decentralized value ledger in human history. However, Satoshi Nakamoto’s vision of "a peer-to-peer electronic cash system" led to a development philosophy prioritizing "verification over computation," resulting in Bitcoin’s non-Turing-complete scripting language. This made it difficult for the Bitcoin mainnet to serve as infrastructure for RWA assets.

During the early stages of the crypto industry (2009-2015), the concept of RWA was not yet mature. The industry was dominated by crypto-punk geeks and Austrian economics enthusiasts, who were passionate forking Bitcoin’s fully open-source code to innovate in consensus mechanisms, mining algorithms, and signature mechanisms, aiming to create digital currencies with faster confirmation times, fairer distribution, and enhanced privacy. They joined a historically rare free market competition for private currencies.

Amid the collective fervor of "Long Bitcoin, Short The Real World," pioneers like Amir Taaki, co-founder of Colored Coins, and J.R. Willett, founder of Mastercoin (later renamed Omni Layer), recognized the potential of RWA. They began exploring technical routes to allow users to create and trade coins representing real-world assets such as stocks, bonds, and real estate on the Bitcoin mainnet. Tether launched USDT based on Omni Layer, becoming one of the earliest centralized USD stablecoins. However, due to insufficient programmability and lack of liquidity support, Colored Coins and Omni Layer gradually faded from the crypto mainstream as the market’s technical paradigms evolved.

2015-2020: STO’s Compliant Asset Issuance Attempts

In 2015, Vitalik Buterin, then editor of Bitcoin Magazine and advocate of a Turing-complete technical route, parted ways with the Bitcoin community to create Ethereum. By introducing the Ethereum Virtual Machine (EVM) and smart contracts, he added a new execution layer atop the blockchain consensus layer, providing a programmable container for asset tokenization. This catalyzed the ICO super boom, characterized by free asset issuance, which eventually triggered backlash and constraints from financial regulators of major sovereign nations.

In this context, Security Token Offerings (STOs) emerged as the mainstream RWA paradigm under the guise of compliant ICOs. However, due to underdeveloped on-chain liquidity infrastructure, immature oracles acting as on-chain/off-chain intermediaries, and a lack of decentralized financial application scenarios, RWA remained in a conceptual hype phase, with exit channels primarily relying on traditional financial markets like U.S. and Hong Kong stocks.

The eventual failure of STOs revealed the fundamental flaw of early RWA paradigms: attempting to replicate traditional financial asset business models (stocks, bonds) on-chain while overlooking blockchain’s core advantage in creating new forms of liquidity rather than copying old financial systems.

2020-2022: DeFi Summer Gives Rise to On-Chain Natives

By the time of DeFi Summer in 2020, stimulated by the wealth effect of Yield Farming, traditional cryptocurrency traders and fintech professionals transformed into DeFi Degens, becoming the first generation of true on-chain natives. DeFi protocols co-evolved with developers and users, giving rise to new innovations such as DEXs, decentralized pool lending protocols, CDP stablecoin protocols, and decentralized derivative exchanges. Uniswap’s AMM DEX paradigm completely replaced on-chain CLOBs (Central Limit Order Books) DEXs as the on-chain liquidity infrastructure. ChainLink’s oracle mainnet launch became a foundational component for DeFi protocol price feeds and risk management. During this period, RWA transitioned from conceptual hype to practical exploration, with the classic architecture of off-chain assets, intermediary oracles, and on-chain liabilities gradually taking shape.

The 2020-2022 innovation cycle witnessed a Cambrian explosion at the application and middleware layers, while the consensus and execution layers also evolved rapidly. Consensus layer innovations included Solana’s PoH consensus algorithm, the HotStuff Byzantine consensus algorithm adopted by Sui and Aptos, and Avalanche’s snowball protocol consensus algorithm. Execution layer innovations included L1 blockchain EVM compatibility frameworks and SVM supporting state parallel processing. The evolution of these layers brought new features such as fast finality and rapid state execution, laying a solid technical foundation for RWA’s vigorous growth in the next cycle.

2023-2025: The Hegemony of USD Stablecoins

The 2023-2025 cycle marked an explosion in broad RWA (including stablecoins), during which U.S. Treasury tokenization (primarily expressed as USD stablecoins) replaced STOs as the new RWA paradigm.

In the early stages, the correlation between stablecoins and RWA was very weak. Crypto practitioners at the time never imagined that stablecoins would one day become the mainstream expression of RWA. Centralized stablecoins were primarily backed by commercial papers, while decentralized stablecoins were backed by crypto-native assets. In 2022, the consecutive collapses of algorithmic stablecoin Luna and crypto exchange FTX caused severe social repercussions, prompting the Biden administration to demand strong SEC oversight of the cryptocurrency sector. Under regulatory pressure, stablecoin operators/protocols gradually shifted their asset portfolios to short-term U.S. Treasuries, which offer extremely high liquidity and low risk. Starting from H1 2023, stablecoins began to be regarded by the crypto industry as a subclass of U.S. Treasury tokenization under the broad RWA concept.

Taking USDT as an example, it initially claimed to be 100% backed by USD reserves but actually held a significant amount of commercial papers (short-term unsecured debt). Its first reserve disclosure on March 31, 2021, showed that approximately 65.39% of its reserves were commercial papers, with cash accounting for only 3.87%. The rest included fiduciary deposits (24.20%), reverse repurchase agreements (3.6%), and Treasury bonds (2.94%)[1]. This disclosure sparked market debates over its transparency and risk management. As regulatory pressure increased, Tether began reducing its commercial paper holdings. A report in May 2022 showed that commercial papers decreased from $24.2 billion in Q1 2021 to $20 billion. In 2023, following the Silicon Valley Bank crisis that caused USDC to depeg, commercial papers were further reduced to zero, with increased holdings in cash, short-term deposits, and U.S. Treasuries. As of September 2, 2025, Tether’s short-term U.S. Treasury reserves reached ~$105.3 billion[2].

On the technical front, the modular design philosophy aimed at solving blockchain’s "impossible trilemma" swept the industry. The architecture of on-chain settlement and off-chain execution became popular. Rollup L2s, represented by Arbitrum and Base, efficiently increased block space supply (e.g., Celestia, Bitcoin L2), providing technical support for the scaling of RWA, especially stablecoins. Advances and cost reductions in BaaS/RaaS technologies like Cosmos SDK and OP Stack (e.g., Vote Extensions in Cosmos SDK ABCI++ 2.0 allowing blockchains to submit and verify external data during consensus) paved the way for the emergence of RWA/stablecoin Appchains like Pharos. Cross-chain intent standards like ERC-7683 jointly developed by Uniswap and Across, intent-centric paradigms represented by Cowswap, chain-abstract DEXs like Infinex and Particle, and liquidity solutions like CLOB+AMM represented by GTE and Kuru further improved RWA’s liquidity acquisition capabilities and capital efficiency.

By 2025, the RWA market exhibited a pattern of "stablecoins吞噬一切" (stablecoins devouring everything). Data from RWA.xyz shows that stablecoins account for 90.7% of broad RWA assets, making them the absolute dominant force in RWA.

The Trump administration, as the first crypto-friendly government, prioritized clear stablecoin regulation on par with establishing a national Bitcoin reserve. It views stablecoins as a new solution to consolidate dollar hegemony, marginally increase demand for U.S. Treasuries, and compete for discourse power in the global financial order. The U.S. GENIUS Act (Establishing National Innovation for Stablecoins Act) sets a "cash + highly liquid Treasury bonds" gold standard for stablecoin reserves. U.S. Vice President Vance explicitly stated at the 2025 Bitcoin Conference: "Stablecoins are a force multiplier for American economic strength." U.S. Treasury Secretary Beshent frequently expresses optimism in major public appearances about stablecoin scale climbing to $2 trillion or more within years.

The evolutionary path of RWA from STO-dominated to stablecoin-dominated paradigms shows that the ultimate form of RWA is not simply moving assets on-chain but gradually replacing the old industrial-era financial infrastructure (composed of SWIFT, foreign exchange markets, bond markets, and stock exchanges) with new tech-driven financial infrastructure powered by AI and Crypto in an era of accelerated technological advancement. This is the vision and goal of Project Crypto recently announced by SEC Chairman Atkins to ensure U.S. financial leadership in the future.

This will inevitably catalyze a new round of exponential growth in block space demand, forcing a new paradigm innovation in block space supply: High-performance L1s/L2s like Monad, MegaETH, and Pharos achieve millisecond-level finality and 100,000+ TPS through novel blockchain architecture designs such as decoupling state execution and state finality, supporting state parallel processing, and optimizing database throughput. Solana introduced the new Alpenglow consensus algorithm to further optimize block voting and verification processes, striving to realize its vision of becoming the next Nasdaq. Ethereum adopted a "simplified L1" route, returning to Bitcoin’s development philosophy, accelerating the ZK-ification, statelessness, and L1/L2 state finality of the Ethereum mainnet, aiming to become the foundational settlement layer for modern finance.

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02 The Current Structure of RWA

The Current Structure and Future Trends of RWA’s Off-Chain Assets

Traditional industry professionals have many "wild" imaginations about RWA, such as tokenizing severely non-standard real-world assets like industrial parks and hydropower stations—which lack fair market prices and mature risk management mechanisms—and exiting them in the crypto market. However, the current market structure of RWA’s off-chain assets is primarily composed of stablecoins, private credit, U.S. Treasury tokenization, commodity tokenization, institutional alternative investment funds, and U.S. stock tokenization. Other non-standard real-world assets account for almost 0% of the market share. This market structure results from an equilibrium achieved through multiple rounds of market cycles driven by market forces and technical realities.

[Insert Table: Details of Major Categories in RWA’s Off-Chain Asset Structure as of September 2, 2025][3]

• Stablecoins: Total stablecoin scale is $273.18 billion, with monthly trading volume of $2.82 trillion, 33.02 million monthly active addresses, and 191 million holding addresses. Among them, 99% of stablecoins are 1:1 pegged to the USD. The top five stablecoins are USDT, USDC, USDS, USDE, and BSC-USD, with market shares of 60.79%, 25.33%, 4.58%, 3.43%, and 1.68%, respectively. Since ~75% of the off-chain assets of the two leading stablecoins, USDT and USDC, are U.S. Treasuries, stablecoins are regarded as a special type of U.S. Treasury tokenization RWA. Currently issued stablecoins are primarily deposited on Ethereum and Tron, with stablecoin scales of $155.5 billion and $78.4 billion, respectively. Solana, ranked third, experiences a cliff-like drop to $11.1 billion.

• Private Credit: Total private credit loan scale is $29.58 billion, with a current average yield of 9.75% and a total of 2,583 loans. The top three entities in private credit are Figure, Tradable, and Maple, with credit scales of $15.30 billion, $5.02 billion, and $4.08 billion, respectively. Figure is the largest non-bank home equity line of credit (HELOC) provider in the U.S., using blockchain and AI technologies to offer consumers fast online loan services. Tradable is a fintech company that enables the securitization of private credit assets, allowing them to be traded on markets and providing asset management institutions with an on-chain securitization platform. Maple is a CeDeFi platform offering digital asset loans and yield products for institutional and individual qualified investors.

• U.S. Treasury Tokenization: Strictly speaking, the off-chain assets of U.S. Treasury tokenization are 100% composed of U.S. Treasuries, with most of the holding yields distributed to token holders. The total scale of U.S. Treasury tokenization is $7.46 billion, with an average yield of 4.08% and 52,793 total holders. The top five U.S. Treasury tokenization projects are BUIDL issued by Securitize, WTGXX issued by WisdomTree, BENJI issued by Franklin Templeton, OUSG and USDY issued by Ondo Finance, with scales of $2.39 billion, $880 million, $740 million, $730 million, and $690 million, respectively.

• Commodity Tokenization: Current commodity tokenization is essentially equivalent to gold tokenization. Gold tokenization introduces a high-quality bulk asset uncorrelated with core crypto assets like BTC and ETH into the crypto market, facilitating risk diversification for institutional and professional investors. The total scale of commodity tokenization is $2.39 billion, with a monthly trading volume of $958 million, 7,866 monthly active addresses, and 83,700 holding addresses. Among them, PAXG, a gold tokenization project issued by Paxos, has a market cap of $975 million and a market share of 40.80%. XAUT, a gold tokenization project issued by Tether, has a market cap of $854 million and a market share of 35.75%.

• Institutional Alternative Investment Funds: The RWA-ization of private equity and hedge funds offers higher transparency, lower fees, and better liquidity. The total scale of institutional alternative investment funds is $1.75 billion, with 27 products. Centrifuge, Securitize, and Superstate rank top three in this segment with market shares of 40.31%, 37.34%, and 11.95%, respectively.

• U.S. Stock Tokenization: The total scale of U.S. stock tokenization is $342 million, with a monthly trading volume of $164 million and 62,600 holding addresses. Exodus Movement Inc. Class A, a U.S. stock tokenization product issued by Securitize, has a market cap of $226 million and a market share of 79.34%. Backed, which partners with Kraken, Coinbase, and Bybit to issue U.S. stock tokenization products, offers 71 products (e.g., S&P500, T-bills, TSLA, AAPL) with a total issuance scale of $88 million and a monthly trading volume of $163 million.

From the above data, it is evident that RWA’s off-chain assets are primarily highly liquid and credible standard assets (with U.S. Treasuries having a monopolistic position), supplemented by private credit. The main forms of on-chain expression are transactional stablecoins and yield-bearing stablecoins (YBS). The core business logic of current RWA is to introduce these real-world assets on-chain for yield generation and portfolio risk diversification.

However, with the maturation of technologies such as new-generation high-performance public chains (e.g., Monad, MegaETH, Pharos), new-generation liquidity creation paradigms (e.g., intent-centric, CLOB+AMM integration), and new-generation oracle technologies (e.g., Chainlink and Redstone’s high-frequency price feeds), the core business logic of RWA will evolve to primarily selling volatility. That is, on-chain high-frequency trading of tokenized U.S. Treasuries, tokenized U.S. stocks, and tokenized financial derivatives, along with participation in their global pricing, will become the new dominant paradigm for RWA in the next cycle.

In April 2025, Robinhood submitted a proposal to the SEC requesting the establishment of a federal framework for tokenizing real-world assets (RWA), aiming to modernize the U.S. securities market. Specifically, tokenized assets like stocks and bonds would be treated as legally equivalent to their traditional forms, not derivatives. The federal framework includes a hybrid liquidity system with off-chain matching for speed and on-chain settlement for transparency, as well as KYC/AML compliance tools. However, prior to the passage of the CLARITY Act by the U.S. Congress in the second half of this year, Robinhood’s proposal lacks practical market feasibility.

Therefore, Robinhood chose to launch tokenized U.S. stock trading services in the EU on June 30, allowing EU users to trade over 200 types of tokenized U.S. stocks and ETF assets via blockchain technology. These tokenized assets are issued on Ethereum L2 Arbitrum and will eventually migrate to the isomorphic Robinhood Chain.

Components and Functions of the RWA Middleware Layer

From a blockchain technology perspective, the RWA middleware layer primarily addresses the consistency and finality of states between off-chain assets and on-chain liabilities, as well as message passing between on-chain<>off-chain and chain<>chain. From a business model perspective, the RWA middleware layer mainly resolves issues of off-chain security, credibility, compliance, and on-chain liquidity, accessibility, and application scenarios.

The RWA middleware stack consists of off-chain custodial entities, state settlement layers, oracles, application layers, interoperability protocols, and on-chain liquidity layers.

[Insert Table: RWA Middleware Stack]

• Off-Chain Asset Custodial Entities: Off-chain asset custodial entities are responsible for managing underlying assets (e.g., custody of physical assets) and minting RWA asset-mapped tokens in a compliant, transparent, and trustworthy manner. The top five narrow RWA off-chain asset custodial entities are Securitize, Tradable, Ondo Finance, Paxos, and Superstate, with market shares of 28.0%, 16.0%, 10.6%, 6.9%, and 6.7%, respectively.

• State Settlement Layer: The state settlement layer is typically served by L1/L2 blockchains, responsible for the consistency and finality of RWA asset states. The top five networks currently used for narrow RWA state settlement are Ethereum, Zksync Era, Stellar, Aptos, and Solana, with market shares of 59.4%, 17.7%, 3.5%, 3.4%, and 2.8%, respectively. The market share distribution of RWA state settlement layers differs significantly from the familiar market share distributions of DEX trading volume, TVL, and transaction counts. This is related to the current B2B nature of RWA businesses. Large and active retail groups prefer participating in volatility trading games. Therefore, for Solana, Sui, and new-generation high-performance public chains, accelerating the shift of the RWA paradigm from yield generation to selling volatility is a new challenge that urgently needs addressing. Only by solving this new challenge can they better adapt to the new version of the system environment characterized by clear regulatory policies and the integration of stocks and tokens.

• Oracles: Oracles provide secure and reliable off-chain data, ensuring that the on-chain representation of RWA remains synchronized with the real world. For example, RedStone’s RWA Oracle provides price feed services for $20 billion worth of RWA on Solana (including Apollo’s ACRED and BlackRock’s BUIDL). Chainlink provides Proof of Reserve (PoR) services for RWA assets to platforms/protocols like Backed, Superstate, 21BTC, ARK 21Shares (ARKB), and Solv. Currently, oracles in the RWA field primarily serve off-chain asset yield generation and on-chain asset lending, liquidation, and spot trading. If extended to high-frequency trading scenarios in the future, oracles have optimization potential in terms of price feed speed, time granularity, and cost.

• Application Layer: The application layer provides use cases such as lending, LST, looping, interest tokenization, and vaults for on-chain liabilities, enhancing the yield and liquidity of RWA assets. Currently, mainstream DeFi protocols’ support and integration of RWA assets are still in the early stages, with a relatively conservative attitude. However, RWA public chains like Plume and Pharos are actively building a complete set of application layer components for RWA.

• Interoperability Protocols: The category with the strongest demand for cross-chain interoperability in the RWA field is stablecoin cross-chain transfers, which has led to Chainlink’s CCIP protocol achieving a high market share in this segment. However, with the improvement of chain-abstract DEXs and intent-centric infrastructure, and the transformation of RWA’s off-chain asset structure, intent-based cross-chain bridges like Wormhole and Across may later overtake.

• On-Chain Liquidity Layer: Creating on-chain liquidity for RWA has always been a systematic financial engineering task. It requires both spot liquidity for easy swapping and futures liquidity for risk hedging; it requires AMM-form liquidity for cold starts and long-tail assets, and CLOB-form liquidity to improve capital efficiency and reduce trading costs. The most fashionable and complete on-chain liquidity layer today consists of DEX LP pools, aggregator trading routes, intent DEX solvers, and chain-abstract DEX intent aggregation. It is worth noting that current on-chain liquidity optimization is not limited to the execution layer of the blockchain stack but extends to the consensus layer TX sequencing and block finality performance and mechanisms, such as Celestia’s new narrative of CLOB on Blobs and Solana’s new consensus algorithm Alpenglow.

RWA On-Chain Liabilities: Transactional Stablecoins, YBS, RWA Equity Assets

The liability side is the financial abstraction layer directly接触 by users, with its RWA primarily expressed as transactional stablecoins, yield-bearing stablecoins (YBS), and RWA equity asset tokens.

Transactional stablecoins mainly include USDT and USDC, which are issued and maintained by centralized entities with vast on-chain and off-chain liquidity networks. They feature easy accessibility, low transfer costs, fast confirmation, and programmability. Transactional stablecoins are fundamentally different from central bank digital currencies (CBDCs). The essence of transactional stablecoins is on-chain mapped tokens of fiat cash, while the essence of CBDCs is a new form of fiat cash. The U.S. Trump administration explicitly opposes CBDCs and supports stablecoins, while the EU and China choose to promote CBDCs and restrict stablecoins. In this cycle, the application scenarios of stablecoins have expanded beyond serving as trading mediums and value storage in crypto markets, cross-border payments, and helping the U.S. debt management to include new scenarios such as PayFi and supply chain finance, e.g., Huma’s cross-border settlement financing and JD.com’s stablecoin supply chain finance. The main battlefield for traditional stablecoin competition in the next cycle will be A2A micro-payment scenarios. Tether and Circle have invested in and incubated Stable and Arc, respectively, to ensure their leading positions in the stablecoin track in the AI era.

To protect traditional banking from impact, the GENIUS Stablecoin Act prohibits compliant stablecoins from distributing interest to holders. This恰好 gives YBS, which primarily adopts DeFi product paradigms and operates in regulatory sandboxes, room to survive. YBS yields typically come from DeFi lending, market-neutral strategies, staking rewards, or RWA interest income. RWA YBS includes traditional financial assets such as U.S. Treasuries and structured credit. After on-chain tokenization, they can serve as collateral or investment objects for stablecoins. This combination not only enhances the stability of stablecoins but also provides DeFi users with yield opportunities similar to traditional finance.

RWA equity asset tokens are equity tokens obtained by moving real-world assets (e.g., private credit, commodities, U.S. Treasuries, U.S. stocks) on-chain. Previously, RWA equity asset tokens had low demand for DeFi Lego composability and on-chain liquidity. However, after crypto regulation became clearer, embedding RWA equity asset tokens into DeFi Legos and pursuing stronger on-chain liquidity has become a new trend. For example, AAVE recently launched an RWA lending platform that supports borrowing stablecoins by抵押 permitted RWA assets. In the future, equity asset tokens for U.S. Treasuries, U.S. stocks, and commodities will be equivalent to their off-chain assets in legal frameworks, further enhancing the demand for DeFi Lego composability and on-chain liquidity.

Observing the practical market structure of RWA, we find that successfully "on-chained" RWAs at this stage are basically standardized assets with high liquidity and fair market prices, such as U.S. Treasuries, private credit, gold, and U.S. stocks. What RWA can do at this stage is更多的是 encapsulate and abstract standardized assets into on-chain tokens.

This is due to the technical bottlenecks of oracles in handling non-standard asset prices and ownership, which limit the RWA-ization of massive non-standard real-world assets (e.g., real estate, industrial parks, land, forests, mines). How to price non-standard assets like real estate and minerals? How to confirm ownership? Existing oracle technologies still struggle with trusted price evaluation and ownership verification for non-standard assets. Moreover, on-chaining non-standard assets usually requires establishing a legal entity (SPV) to hold the actual assets, and on-chain tokens often only represent income rights rather than real property rights.

The future of RWA is not simply粗暴ly moving "everything on-chain." A more realistic path is to find a balance between regulatory compliance and technological innovation by抽象化合规层 (encapsulating real assets with legal entities) +增强链上流动性 (high-performance public chains + CLOB\AMM hybrid market-making models), thereby unlocking trillion-dollar non-standard asset values. The large-scale explosion of non-standard asset RWA will likely have to wait for more mature oracle technologies and proven regulatory sandbox models,预计高速增长期在2026年之后 (expected to enter a high-growth period after 2026).

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03 Conclusion

RWA 1.0 simply tokenized traditional assets like real estate, industrial parks, and artwork. This approach was inherently flawed because it assumed blockchain was a magic machine for creating liquidity.

Current RWA 2.0, with stablecoins backed by U.S. Treasuries as core reserves as the main paradigm, has achieved massive scale success as a transaction medium, in cross-border transfers, and in value storage. However, it lacks good compatibility with traditional financial infrastructure and has significant friction during on/off ramps.

Future RWA 3.0 will use technologies like high-performance blockchains, RWA-friendly oracles, AMM+CLOB hybrid models, and intent-centric systems to create new financial primitives for the era of AI and Crypto-driven sovereign individual capitalism.

What we are about to witness is not only a technological financial innovation but also a significant historical process of restructuring the global capital order.