Global RWA Regulatory Practices and Representative Projects - A Look at RWA Series Articles from Traditional Finance Part Two

The wave of tokenization of Real World Assets (RWA) is reshaping the global financial landscape, integrating traditional assets such as real estate, bonds, artworks, and supply chain receivables into the blockchain, enabling 24/7 cross-border flow and fragmented investment. However, unlike purely crypto-native assets, RWAs are essentially "on-chain securitization," with their underlying cash flows closely tied to real-world legal rights, thus requiring issuance within a compliance framework to avoid risks of illegal fundraising, securities violations, and cross-border capital controls.

Issuing on non-compliant platforms may have a low technical threshold but can easily trigger regulatory red lines—such as the U.S. SEC viewing most tokenized real estate as unregistered securities, and mainland China considering unlicensed RWAs as illegal public offerings—leading to project failures or asset freezes. In contrast, compliant platforms ensure the authenticity of underlying assets and investor protection through KYC/AML penetration, custody and clearing separation, regular audits, and information disclosure mechanisms, thereby attracting institutional funds from banks and asset management firms, truly activating a trillion-dollar liquidity blue ocean.

Currently, three major compliance systems have formed globally, led by Hong Kong (SFC Virtual Asset Sandbox + Stablecoin Regulation), the European Union's MiCA, and the United States (SEC Reg A+/D exemptions + Wyoming SPDI charter); additionally, secondary tracks are emerging in Singapore (MAS Payment Services License + Fund-level RWA exemptions) and the UAE (ADGM Digital Asset Framework). This article and another forthcoming piece will analyze the regulatory logic, representative projects, and replicable paths in these jurisdictions, providing practical coordinates for mainland enterprises going abroad and global institutions entering the market.

Global RWA Market Regulatory Situation

2025 has become a critical turning point for global RWA (Real World Assets) regulation, with the introduction of the U.S. GENIUS Stablecoin Act and Hong Kong's Stablecoin Regulation marking a shift from fragmented to unified regulatory frameworks. The core of the U.S. push for the GENIUS Act is to modernize the payment system and strengthen the dominance of the U.S. dollar, expected to create trillions of dollars in demand for U.S. Treasury bonds; Hong Kong innovates with a "value-anchored regulation" principle, covering all Hong Kong dollar-pegged stablecoins and extending cross-border jurisdiction.

United States: Institutional Leadership + Regulatory Sandbox-Driven Compliance Innovation

The U.S. RWA market is characterized by "institutional leadership + regulatory sandbox-driven compliance innovation," distinguishing it from the retail-driven or policy experimentation models in other regions. Traditional asset management giants like BlackRock, Fidelity, and Franklin Templeton view RWA as "on-chain ETFs," with 86% of market allocation coming from institutional funds, highlighting Wall Street's systematic reconstruction of on-chain finance.

U.S. RWA regulation is still primarily led by the SEC, with the CFTC assisting with commodity-type assets, and no dedicated federal legislation has been introduced yet. However, the concentrated legislative activity in 2025 marks a shift from "enforcement-first" to "rules-oriented" regulation. The SEC continues to use the Howey Test to determine the securities nature of tokenized assets, emphasizing KYC/AML penetration and investor protection; exemption frameworks (such as Reg A + state law exemptions) lower issuance thresholds and promote liquidity (with TVL growing by 800%), bridging TradFi and DeFi; simultaneously, the Crypto Task Force sandbox mechanism will pilot end-to-end RWA issuance and custody testing starting in May 2025. At the state level, Wyoming's SPDI charter and Reg A+ exemptions effectively bypass blue sky law reviews, reducing compliance barriers for small and medium issuers. However, the fragmentation of federal and state regulation still poses cross-border and innovation challenges, with high institutional participation but also high compliance costs.

The passage of three bills in 2025 represents a historic turning point in RWA regulation from "gray enforcement" to "clear rules," directly unlocking trillion-dollar compliant pathways for on-chain assets:

GENIUS Act (July): Regulates stablecoin collateral, supports RWA as backing assets, and strengthens dollar anchoring on-chain; RWA becomes the "official backing" for stablecoins, allowing tokenized government bonds, private credit, REITs, etc., to serve as reserves for USDC/USDT.
CLARITY Act: Clarifies the classification of digital assets as securities/commodities, reducing uncertainty in the Howey Test; when real estate/bond tokenization is classified as "commodity-type RWA," only CFTC filing is required instead of SEC registration, reducing compliance costs by 60% and allowing small and medium issuers to enter the market.
Anti-CBDC Surveillance State Act: Limits central bank digital currency surveillance, "de-monitoring" the private RWA ecosystem: Funds like BlackRock BUIDL can bypass real-time tracking by CBDCs, ensuring institutional privacy protection, attracting high-net-worth and sovereign funds, and reinforcing the dollar's on-chain dominance.

The advantages of the U.S. RWA compliance framework lie in strong investor protection, controllable innovation space, and global dollar liquidity. Strict disclosure and custody separation mechanisms significantly reduce fraud risks, continuously attracting institutional funds; exemption pathways and sandboxes run in parallel, balancing efficiency and compliance, promoting tokenized Treasuries to become the "risk-free interest rate" benchmark in DeFi. The combination of dollar stablecoins backed by the GENIUS Act and RWA further consolidates the U.S.'s pricing power and standard-setting authority in global on-chain finance. Although federal uniform legislation is yet to be achieved, the U.S. model has provided a replicable template for RWA's transition from pilot to mainstream, expected to unlock a $30 trillion potential for traditional assets to go on-chain.

Europe: Unified Innovation under the MiCA Framework

The EU's RWA regulation centers around the "Markets in Crypto-Assets Regulation (MiCA)," marking a transition from fragmented national rules to a unified cross-border framework. By November 2025, MiCA will be fully effective, providing clear boundaries for RWA tokenization and promoting the market's leap from pilot to scale. The RWA market's TVL in the EU accounts for about 25% of the global total, expected to reach €50 billion by the end of 2025, primarily benefiting from MiCA's "passport" mechanism, allowing a single authorization to cover 27 countries. Unlike the SEC's securities-oriented approach in the U.S., MiCA emphasizes technological neutrality and consumer protection, classifying RWA as Asset Reference Tokens (ARTs, such as real estate/commodity-backed) or Electronic Money Tokens (EMTs, such as euro-pegged stablecoins).

MiCA was passed in April 2023 and will enter full-speed execution in 2025, with core requirements including white paper disclosure, reserve audits, and KYC/AML penetration. Representative projects include Centrifuge's RWA credit pool (Germany, compliant with MiCA + ELTIF 2.0, with a TVL exceeding €1 billion), Tiamonds' gemstone tokenization (Luxembourg, obtaining MiCA issuance permission in 2025), and Societe Generale's euro stablecoin project (France, issued under the ARTs framework).

The EU framework is characterized by uniformity, risk orientation, and innovation sandboxes: MiCA's "single rule set" eliminates national barriers, and DLT pilots allow exemptions from traditional clearing requirements, supporting end-to-end testing; DORA embeds ICT risk management, ensuring RWA custody separation. Advantages include:

(1) High cross-border efficiency, with passport rights reducing compliance costs across multiple countries (compared to the U.S. state-level fragmentation, saving 30%-50%);

(2) Strong investor protection, with mandatory disclosure and reserve transparency attracting TradFi funds, with institutional allocation expected to rise to 65% by 2025;

(3) Innovation-friendly, with technology-neutral design compatible with standards like ERC-3643, promoting RWA expansion from real estate (40% share) to private credit.

Middle East: An Innovative High Ground under the VARA Framework

Middle East RWA regulation focuses on "multi-zone sandboxes + oil wealth-driven global radiation," centering on the UAE as a regional pioneer, supplemented by experimental paths in Saudi Arabia and Bahrain. By November 2025, the Middle East RWA market's TVL is expected to reach about $25 billion, with the UAE accounting for over 70% ($17 billion), primarily benefiting from VARA's comprehensive legislation and the common law sandboxes of DIFC/ADGM, promoting tokenization of real estate (45% share), gold, and funds. Unlike the EU's MiCA unified passport, the Middle East emphasizes "competitive free zones," with the UAE's 72 free zones (such as DIFC, ADGM) attracting global institutions through tax exemptions and rapid authorizations, while Saudi Arabia's SAMA sandbox focuses on Islamic finance RWA under the Vision 2030 framework.

Middle East RWA regulation is fragmented yet efficient, with the UAE leading concentrated legislative efforts in 2025: VARA (Dubai Virtual Assets Regulatory Authority) updated the "Virtual Asset Issuance Rules Handbook" in May, classifying RWA as Asset Reference Virtual Assets (ARVA), requiring issuers to have a capital of 1.5 million dirhams (about $408,000) or reserve assets of 2%, and mandating monthly independent audits and KYC/AML penetration. The DFSA (Dubai Financial Services Authority) released the "Tokenization Regulatory Sandbox Guidelines" on March 17, explicitly including RWA testing for the first time, allowing end-to-end pilot testing under the Innovative Testing License (excluding crypto/fiduciary tokens). ADGM (Abu Dhabi Global Market) launched the first tokenized U.S. Treasury bond fund (Realize T-BILLS Fund), with the SCA (Securities and Commodities Authority) overseeing securities-type RWAs such as bonds/stocks. The Saudi SAMA sandbox supports controlled experiments, and the CMA (Capital Market Authority) includes asset-backed tokens in capital market law; Bahrain's CBB provides a clear sandbox focusing on digital banking RWA. Representative projects include Tiamonds' gemstone tokenization (VARA licensed), Centrifuge's credit pool expanding into the Saudi SAMA sandbox, and Goldman Sachs' three RWA pilots (real estate/sukuk) in the UAE.

The Middle East framework is characterized by multi-jurisdictional flexibility, sandbox prioritization, and innovative radiation: VARA/DFSA/ADGM provide a "one-stop" authorization pathway, with the ERC-3643 standard embedding transfer restrictions and custody separation; the SAMA sandbox emphasizes Islamic compliance (such as sukuk tokenization). Overall advantages include:

(1) Low thresholds and fast speeds, with sandbox exemptions from some disclosures attracting startups (compared to U.S. Reg A+ state-level reviews, saving 40% of time);

(2) Leveraging oil funds, with sovereign wealth fund allocations accounting for 60%, driving liquidity (UAE's TVL growing by 300% annually);

(3) Global bridging, with common law compatibility with TradFi and ERC standards facilitating cross-border DeFi.

Singapore: An Asian Testing Ground under a Flexible Sandbox

Singapore: RWA Regulation Driven by "Sandbox + Gradual Commercialization through Cross-Border Collaboration"

Singapore's regulation of Real World Assets (RWA) is centered on "sandbox-driven + gradual commercialization through cross-border collaboration," led by the Monetary Authority of Singapore (MAS), positioning itself as an innovation hub for RWA in the Asia-Pacific region. The Singapore RWA market focuses on fund tokenization (40% share), bonds, and real estate, supporting multi-currency experiments. Unlike the free zone competition in the Middle East's VARA, Singapore emphasizes "regulation + technological neutrality," integrating TradFi and DeFi through Project Guardian (launched in 2022) to achieve end-to-end testing. MAS classifies RWAs as Capital Markets Products (CMPs) or Asset-Backed Tokens (ABTs), excluding pure commodities (governed by the Commodity Trading Act).

MAS's RWA regulation relies on existing securities frameworks, accelerating commercialization in 2025: the Digital Token Service Providers (DTSP) framework took effect on June 30, extending territorial jurisdiction to overseas services, emphasizing AML/CFT and user protection, but limited to "very limited" licenses (annual fee of SGD 10,000, with no transition period). Project Guardian has expanded to over 15 experiments covering six currency assets; the Global Layer 1 (GL1) initiative (launched in November) collaborates with BNY Mellon, JP Morgan, DBS, and MUFG to standardize blockchain platforms. The MAS Sandbox Plus (updated in August) exempts certain disclosures, supporting fund-level RWA; IRAS tax rules treat tokens as securities for taxation. Representative projects include: InvestaX platform (MAS CMS/RMO licensed, tokenizing VCC funds, with AUM exceeding USD 1 billion); Franklin OnChain U.S. Government Money Fund (Guardian pilot); Deutsche Bank and Memento's ZK chain RWA infrastructure, among others.

The Singapore framework is characterized by feature orientation, sandbox prioritization, and infrastructure standardization: under the Securities and Futures Act (SFA), RWAs are treated as securities, requiring CMS (Capital Markets Services) and RMO (Recognized Market Operator) licenses; the ERC-3643 standard embeds KYC/AML transfer restrictions and custody separation; the GL1 toolkit addresses interoperability. Advantages include:

(1) Innovation-friendly, with sandbox exemptions lowering thresholds (compared to the fragmented U.S. Reg A+, reducing testing cycles by 50%);

(2) Institutional attraction, with Guardian collaboration covering global banks, and institutional allocation accounting for 70%;

(3) Cross-border radiation, with multi-currency support and MoUs enhancing liquidity (TVL growing by 300% annually).

Hong Kong: A Compliance Bridgehead in the Asia-Pacific under the SFC Dual Sandbox

Hong Kong, with its unique position as a financial hub and open regulatory environment, has become a bridge connecting mainland China with the global RWA (Real World Assets) market, positioning itself as "Asia's Wall Street," centered on an active trading market and innovation-driven core. Hong Kong's RWA regulation is centered on "SFC dual sandbox + stablecoin legislation as a bridgehead for Asia-Pacific outbound," jointly led by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), positioning itself as a compliance hub connecting the mainland with the global market for RWA. Unlike Singapore's MAS, which emphasizes feature orientation, Hong Kong focuses on the securitization path, integrating RWAs into the Securities and Futures Ordinance (SFO) framework, classifying them as "structured products" or "collective investment schemes" (CIS), and achieving end-to-end testing through dual sandboxes.

On June 26, 2025, the Hong Kong SAR government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," introducing the "LEAP" framework, focusing on optimizing legal regulation, expanding tokenized asset types (such as government bonds, real estate, precious metals), promoting cross-border cooperation, and talent cultivation. The Stablecoin Regulation, effective August 1, 2025, adopts a "value-anchored regulation" principle, distinguishing it from the EU's MiCA functional regulation and Singapore's tiered licensing model, implementing comprehensive regulation for Hong Kong dollar-pegged stablecoins, regardless of the issuer's location, extending cross-border jurisdiction. The regulation requires strict reserve management, redemption mechanisms, and risk control, with the first licenses expected to be issued in early 2026. These policies provide a clear compliance path for RWA tokenization, enhancing global competitiveness.

On August 7, 2025, Hong Kong launched the world's first RWA registration platform, managed by the Hong Kong Web 3.0 Standardization Association, providing a unified framework for the digitization and tokenization of assets such as real estate and debt, enhancing transparency and liquidity. HSBC promotes blockchain settlement services, and China Asset Management (Hong Kong) issues the first retail tokenized money market fund in the Asia-Pacific region, while Chinese institutions like China Merchants International tokenize funds on the Solana and Ethereum public chains, showcasing technological innovation. Leading in real estate RWA, green finance (such as carbon credit tokenization) pilots align with ESG trends, and tokenization of precious metals and renewable energy is also being explored.

Hong Kong and the mainland form a "dual-track strategy" for RWA development. The mainland adheres to "permissioned chains first" and "prohibiting public token sales," strictly following the China Securities Regulatory Commission (CSRC) regulations and KYC, AML, and personal information protection laws, piloting tokenization of real estate, bulk commodities, green finance, and intellectual property. In contrast, Hong Kong provides a platform for Chinese banks' affiliated entities to issue RWA on public chains in an open regulatory environment. However, in September 2025, the CSRC suspended some Hong Kong RWA businesses, reflecting the mainland's cautious attitude towards financial stability. This dual-track model reduces systemic risks in the mainland while attracting foreign investment through Hong Kong, expanding global influence, forming a feasible path of "Mainland Chinese Assets—Hong Kong Issuance—Global Investors."

Hong Kong's status as a free port for capital, its historical "front shop, back factory" gene, and its role as an offshore RMB business hub position it to become a "digital bridge between the RMB and the U.S. dollar." Compared to Singapore's pursuit of stability as "Asia's Switzerland," Hong Kong attracts global investors with its active market, solidifying its leading position in Asia-Pacific RWA.

Hong Kong-Singapore-Dubai: Global Collaboration in the Asian Compliance Triangle

Hong Kong, Singapore, and Dubai form the Asian RWA compliance "iron triangle," with differing yet highly complementary regulatory logics, collectively leveraging trillions of dollars in on-chain asset flows in the Asia-Pacific region. The Hong Kong SFC focuses on securitization bridging (SFO structured products + dual sandboxes), strictly maintaining professional investor thresholds, with advantages in mainland outbound channels and mBridge cross-border settlement, leading in tokenized green bonds. Singapore's MAS follows a feature collaboration route (Project Guardian + GL1 standardization), with flexible sandbox exemptions, focusing on multi-currency funds and Asia-Pacific MoUs. Dubai's VARA promotes a competitive sandbox model (ARVA simplified framework + oil funds), with explosive growth in real estate and sukuk tokenization, and the Tokinvest fragmented project igniting liquidity.

The differentiated positioning of the three regions forms a collaborative closed loop: Hong Kong provides an entry point for RMB/HKD-pegged assets, Singapore exports technical standards and interoperability, and Dubai injects high-net-worth and Islamic finance. The interconnection of the three regions accelerates in 2025—HashKey-UBS-Realize cross-chain bond pilot connects the core regulatory frameworks of the three regions (SFC-VATP, MAS-GL1, VARA-ARVA); mBridge + Guardian + ADGM co-build the RWA clearing layer, reducing the settlement time for tokenized government bonds from T+2 to minutes; this "Asian triangle," anchored by regulatory sandboxes, coexists with multiple anchors of USD/HKD/AED, is expected to contribute 30% of global RWA liquidity by 2030, becoming an Eastern accelerator for TradFi on-chain.

Regulatory Challenges

The tokenization of Real World Assets (RWA) is rapidly rising globally, but its regulation faces multiple challenges, needing to balance innovation and risk. The following is a summary of the main challenges, covering cross-border compliance, off-chain custody, non-standard asset pricing, and broader legal and technical challenges.

Complex Dilemma of Cross-Border Compliance

The globalization of RWAs triggers the "Babylonian dilemma." For example, a U.S. investor purchasing tokenized German commercial real estate must simultaneously meet the SEC's Howey Test, German BaFin banking license requirements, and EU GDPR data protection regulations. In 2023, an Asian real estate group issued an STO in Singapore to finance the acquisition of a European hotel, but due to not obtaining a Luxembourg CSSF license, the tokens were forcibly redeemed, resulting in a loss of $27 million for investors. An IOSCO report shows that only 27% of jurisdictions clearly define the legal attributes of RWA, making regulatory arbitrage and conflicts a hidden risk.

Potential Risks of Off-Chain Custody

The binding of off-chain assets and on-chain tokens presents "black box" risks. The Puerto Rico "Casa del Blockchain" project faced a funding misappropriation by developers, leading to project failure and token value dropping to zero, exposing custody vulnerabilities. Mainstream solutions like Goldman Sachs using State Street Bank SPV to custody government bonds lack mature mechanisms for non-standard assets like artworks and private jets. ISDA warns that the bankruptcy of custodians could lead to "digital-physical decoupling," triggering systemic crises.

Valuation Challenges of Non-Standard Assets

Pricing non-standardized assets is like navigating in the fog. In 2023, Banksy's artwork "Love is in the Bin" was tokenized into 10,000 NFTs, valued at $16 million, but secondary market trading volume accounted for only 3%, with a turnover rate of just 0.03%. How to value these physical assets and increase liquidity becomes a challenge in the standardized on-chain world. Additionally, the traditional market maker-exchange system has not yet established maturity in RWA, and valuation models for complex assets like cultural relics and IP still need improvement.

Broader Regulatory and Technical Challenges

Legal and Compliance Risks: The legal recognition of on-chain tokens and off-chain asset mapping is low, and the effectiveness of smart contracts as a substitute for traditional contracts is questionable; complex SPV structures are difficult to penetrate for regulation, hiding risks; the securities nature of RWA must comply with multiple jurisdictional rules, exacerbating cross-border conflicts and complicating investor rights protection.
Asset Quality and Transparency: Ensuring the authenticity of underlying assets is challenging, with high risks of fictitious assets or double pledging; centralized oracles are easily manipulated (controlled by a few institutions or nodes), and the complexity of information disclosure confuses investors.
Technical Security Risks: Vulnerabilities in smart contracts, loss of private keys, and unstable blockchain performance may lead to asset losses.
Liquidity and Speculation Risks: Insufficient depth in secondary markets makes valuations easy to manipulate, and redemption mechanisms may trigger runs; speculation fueled by "new concept" hype and high yield temptations exacerbates the risk of scams, misunderstanding the security of decentralization.

How to Break the Deadlock?

To address the above regulatory challenges, collaboration among regulation, technology, and the market is essential. For example, regulatory sandboxes (such as Hong Kong's Ensemble) dynamically adjust rules through on-chain audits; Chainlink's CCIP oracles verify off-chain data in real-time; and Maecenas' hybrid custody (on-chain trading + off-chain auctions) enhances liquidity. Through global collaboration, strengthening legal, technological, and market mechanisms is necessary to further resolve the regulatory dilemmas surrounding RWA.

Mainstream International RWA Platforms

Due to the differences in RWA regulatory frameworks across regions and the varying markets, several major RWA markets have emerged with benchmark projects. Due to space limitations, we will select some relatively mature platforms with a certain scale, commercial closed loops, and practical cases for analysis. These projects are primarily distributed in the United States (including Canada), the European Union, and Hong Kong (to be discussed in the next article).

Ondo Finance (USA): A Benchmark for Institutional-Level RWA Tokenization in the U.S.

In the global RWA ecosystem, Ondo Finance is undoubtedly one of the leaders in the U.S. market. Since its establishment in 2021, this New York-based platform has aimed to "bring Wall Street assets on-chain," converting traditional financial products such as U.S. Treasury bonds, stocks, and ETFs into tradable and collateralizable blockchain tokens through a strictly compliant path, successfully bridging traditional finance (TradFi) and decentralized finance (DeFi). As of November 2025, Ondo's total value of on-chain assets (TVL) has surpassed $1.74 billion, with the ONDO token's market capitalization around $2.5 billion. The platform has raised over $46 million from top institutions such as Pantera Capital and Coinbase Ventures, demonstrating strong market recognition and growth momentum.

Ondo's core advantage lies in its highly institutional design philosophy. The platform strictly adheres to the SEC's Reg D and Reg A+ exemption mechanisms and deeply integrates new regulations such as the GENIUS Act passed in 2025, ensuring that each token is backed by a 1:1 reserve of real assets and undergoes daily third-party audits. This compliance foundation not only alleviates concerns for institutional investors—currently, 86% of its funding sources come from traditional financial institutions—but also endows its products with inherent DeFi composability: users can directly collateralize Ondo tokens in protocols like Aave and Compound to obtain liquidity, truly realizing the vision of "on-chain Treasury bonds as cash."

On the technical side, Ondo demonstrates strong cross-chain and interoperability capabilities. The platform supports multiple mainstream public chains, including Ethereum, BNB Chain, Stellar, and Sei, and integrates Chainlink oracles to ensure real-time price accuracy. In August 2025, Ondo launched its own PoS Layer 1 chain—Ondo Chain—optimized for institutional-level RWA issuance, supporting high-frequency settlements and privacy computing, further reducing cross-border transaction costs. Additionally, its lending sub-protocol, Flux Finance (a compliant version based on Compound V2), and the investment fund Ondo Catalyst (with a scale of $250 million) together form a complete ecological closed loop, covering everything from asset tokenization to capital allocation.

In terms of asset class distribution, Ondo has tokenized over $1.74 billion in assets, with U.S. Treasury products accounting for 58% (approximately $1 billion), which is its absolute core; stocks and ETFs account for 24% (approximately $400 million), enabling fragmented investment in U.S. stocks through Ondo Global Markets; yield-bearing stablecoins like USDY and other money market tools account for 15%; the remainder consists of small pilot projects in credit and real estate. This structure clearly reflects the typical characteristics of the U.S. RWA market: anchored by low-risk, high-liquidity government bonds, gradually expanding towards higher-yield assets.

The following are key project cases from Ondo Finance, showcasing its achievements in various asset domains:

From the above cases, it is evident that Ondo Finance is not merely a tool for asset tokenization but a systematic financial infrastructure with compliance as its moat, dollar assets as its anchor, and DeFi as its amplifier. Its success not only validates the feasibility of RWA under the U.S. regulatory framework but also provides a replicable "institutional entry template" for other regions globally. In the future, as the Ondo Chain ecosystem matures and more traditional asset management giants enter the space, Ondo is expected to drive the RWA market from a hundred billion scale to a trillion scale, becoming a foundational player in the new era of on-chain finance.

Securitize (USA): A Benchmark for Compliant Issuance and Market Infrastructure for RWA Tokenization

In the rapidly evolving field of RWA tokenization, Securitize stands out as a core infrastructure provider in the U.S. market. Founded in 2017 and headquartered in New York, the company has grown into a leading global digital securities issuance platform, focusing on converting traditional assets such as real estate, private equity, bonds, and funds into compliant blockchain tokens, helping institutional investors achieve 24/7 global access and fragmented ownership. As of November 2025, Securitize manages over $2.8 billion in on-chain assets, including over $4 billion in issued tokenized assets, and has processed over $10 billion in transaction volume, attracting partnerships with giants like BlackRock and Morgan Stanley, with total funding reaching $47 million, highlighting its strategic position in bridging TradFi and DeFi.

Securitize's unique value lies in its embedded compliance architecture, making it the "compliance guardian" of RWA projects. The platform deeply integrates the SEC's Reg D, Reg A+, and Reg S exemption mechanisms and aligns with the 2025 GENIUS Act's regulations on stablecoins and RWA collateral, ensuring that each token undergoes KYC/AML penetration verification, 1:1 asset reserve audits, and transfer restrictions (achieved through the ERC-3643 standard). This design not only lowers the issuance threshold—allowing small and medium-sized enterprises to quickly launch tokenized funds without cumbersome traditional securities registration—but also provides ironclad protection for investors: daily third-party reports and automated execution of smart contracts avoid "off-chain black box" risks. Currently, institutional investors account for as much as 85%, and Securitize's secondary market platform allows qualified users to trade tokens instantly, further enhancing asset liquidity, with annualized yields (APY) stabilizing between 4%-6% for bond-like products.

Securitize emphasizes multi-chain compatibility and seamless interoperability, supporting mainstream networks such as Ethereum, Polygon, Avalanche, and Solana, integrating Chainlink oracles to synchronize off-chain data (such as asset valuations) in real-time, and managing compliant transfers through its proprietary Transfer Agent service. In 2025, Securitize launched an upgraded market infrastructure supporting cross-chain bridging and API integration, enabling traditional asset management companies to easily "go on-chain," with transaction costs reduced by over 60% compared to traditional brokers. Its ecosystem also includes a one-stop toolkit, covering everything from asset verification to distribution and ongoing disclosure, forming a closed-loop service that promotes the scaling of RWA from pilot projects to widespread adoption.

Securitize is highly diversified, having tokenized over $2.8 billion in assets, with private equity and funds accounting for 45% (approximately $1.26 billion), focusing on high-growth startup shares; bonds and money market funds account for 30% (approximately $840 million), primarily consisting of short-term government bonds; real estate and credit account for 20% (approximately $560 million), supporting fragmented property investments; the remainder consists of non-standard assets such as artworks and commodities. This distribution reflects the institutional preferences of the U.S. RWA market: anchored by equity and bonds, emphasizing stable returns and global outreach rather than high-volatility speculation.

The following are key project cases from Securitize:

Securitize's execution in a complex regulatory environment is outstanding, setting a paradigm of "compliance as competitiveness" for the industry. Its success stems from the deep integration of law and technology, and it is expected that by 2030, with more giants entering the space, Securitize will help expand the RWA market to a scale of $16 trillion, becoming a foundational infrastructure in the era of digital securities.

RealT (USA): A Retail-Level Pioneer in RWA Real Estate Fragmentation

In the wave of RWA (Real World Assets) tokenization, RealT aims to "make it possible for ordinary people to afford U.S. real estate," becoming a retail benchmark for fragmented investment in U.S. real estate. Founded in 2019 and headquartered in Michigan, the platform focuses on converting single-family homes and small apartment buildings in cities like Detroit, Chicago, and Miami into blockchain tokens, with each token representing a real share of the property and automatically distributing rental income. As of November 2025, RealT has tokenized over 450 properties, with total assets under management (AUM) exceeding $520 million and cumulative dividends surpassing $32 million. The platform has over 120,000 users (90% of whom are retail investors) and has raised approximately $25 million, successfully transforming the traditionally high-threshold real estate market into a "chain-based REIT" experience.

RealT's core appeal lies in its extreme retail friendliness and compliance transparency. The platform strictly adheres to the SEC's Reg D and Reg A+ exemption mechanisms, ensuring that each property is held through an SPV (Special Purpose Vehicle), with tokens (ERC-20 standard) anchored 1:1 to the underlying assets, managed by third-party custodians (such as First Integrity Title) for ownership and insurance. Users can purchase property shares for as little as $50, with rental income automatically distributed daily through USDC. This design completely breaks the liquidity barriers of traditional real estate—where previously tens of thousands of dollars were needed for a down payment, now transactions can occur in seconds on-chain—while embedding KYC/AML and transfer restrictions (compatible with ERC-3643) through smart contracts, allowing retail investors to enjoy institutional-level transparency: every rental payment, maintenance cost, and tax fee is traceable on-chain, with audit reports publicly available in real-time.

RealT adopts a dual-layer architecture of Ethereum mainnet + Polygon Layer 2, integrating Chainlink oracles to synchronize property valuations and rental data, supporting cross-chain bridging and DeFi collateralization (such as Aave). In 2025, the platform launched RealT RMM (Rental Money Market), allowing users to use tokenized properties as collateral to borrow USDC, with annualized yields stabilizing at 7%-9% (rental income + appreciation). Its one-stop DApp covers the entire process from property selection, due diligence to dividend distribution, reducing transaction fees by 95% compared to traditional real estate agents, providing a user experience comparable to "on-chain Airbnb investment version."

In terms of asset class distribution, RealT is highly focused on single-family homes and small multi-family properties, with Detroit accounting for 55% (approximately $286 million, with rental yields reaching up to 12%), Chicago 25%, and Miami and Atlanta combined 20%. This "mid-to-low-end cities + high rental returns" strategy accurately captures the trend of "soaring rents" in the U.S. while avoiding the regulatory complexities of the high-end market, perfectly aligning with the risk preferences of retail investors.

The following are key project cases from RealT:

RealT not only validates the feasibility of RWA in the real estate sector through the above cases but also pioneers the paradigm of "property as income-generating NFT." Its success stems from precisely addressing retail pain points—low entry barriers, daily dividends, and on-chain transparency—projecting that by 2030, as more mid-sized cities join, RealT will drive the global real estate RWA market to exceed $2 trillion, becoming the entry-level infrastructure for ordinary people to build wealth on-chain.

Propy (USA): A Global On-Chain Closed Loop Platform for RWA Real Estate Transactions and Ownership

In the RWA (Real World Assets) tokenization space, Propy aims to "make cross-border home buying as simple as buying an NFT," becoming a leading practitioner of on-chain real estate transactions globally. Founded in 2017 and headquartered in Palo Alto, California, this U.S. company has achieved a fully on-chain process from property search, due diligence, payment to transfer and tokenized dividends through a three-layer technology stack of blockchain + NFT + smart contracts. As of November 2025, Propy has facilitated over $4.5 billion in on-chain real estate transactions, with the total value of tokenized properties exceeding $1.2 billion, covering 40 U.S. states as well as overseas markets in Dubai, Portugal, and Thailand, with over 650,000 users and cumulative funding exceeding $50 million (completing a $46 million Series A round in 2024), becoming the first blockchain company to obtain real estate brokerage licenses in 21 U.S. states.

Propy's core competitive advantage lies in its end-to-end compliant transaction closed loop. The platform strictly adheres to real estate laws in various U.S. states and the SEC's Reg D/Reg A+ framework, with each transaction accompanied by a licensed broker. Ownership is delivered in a dual form of Propy's exclusive PRO token (ERC-20) + NFT ownership certificate: the NFT records complete ownership documents, historical transactions, and tax bills, while the ERC-20 token can be used for rental dividends or fractional transfers. The Propy Title Agency (its own title insurance company) launched in 2025 further reduces the average transfer time from 45 days to as fast as 24 hours, cutting transaction costs by 70%. This model not only meets the cross-border property needs of high-net-worth clients (especially Asian and Middle Eastern buyers) but also ensures that each NFT corresponds to real, legally enforceable ownership through KYC/AML penetration and Chainlink oracles.

On the technical side, Propy has built a multi-chain + AI-driven real estate operating system: the mainnet is based on Ethereum and Polygon, supporting extensions to Solana and Base; it integrates AI due diligence robots (automatically checking for ownership defects, flood risks, tax history); the PropyKeys feature launched in 2025 allows users to mint ordinary properties into address-bound NFTs with one click, achieving "on-chain Homestead." The platform also collaborates with First American, the largest title insurance company in the U.S., providing title insurance of up to $2 million, giving on-chain real estate transactions the same legal validity as traditional markets.

In terms of asset class distribution, Propy primarily focuses on U.S. single-family homes and overseas luxury properties, with the U.S. domestic market accounting for 72% (approximately $860 million, with Florida and California being the most active), Dubai and European luxury apartments accounting for 18%, and Thai and Southeast Asian vacation properties accounting for 10%. This combination of "U.S. compliance core + global high-end properties" enjoys the protection of U.S. law while capturing the high-net-worth demand in emerging markets.

The following are key project cases from Propy, showcasing its complete closed-loop capability from transaction to tokenization:

Through these cases, Propy not only addresses the three major pain points of real estate transactions—"trust, speed, and cross-border"—but also pioneers a new paradigm where ownership equals NFT and transactions equal settlements. Its success stems from the perfect combination of the strictest U.S. real estate regulations and blockchain transparency, projecting that by 2030, Propy will drive over 10% of global cross-border real estate transactions on-chain, becoming the true "on-chain Zillow + on-chain Notary" of the RWA era.

Polymath (Canada): A Pioneer of Compliant Infrastructure for RWA Security Tokenization

In the early wave of RWA (Real World Assets) tokenization, Polymath is undoubtedly the "godfather of security tokens." Founded in 2017, this Canada-U.S. project (now headquartered in New York, U.S.) was the first to propose and implement a complete standard and issuance framework for Security Tokens, known in the industry as the "compliant version of ERC-20." Despite experiencing team restructuring and market downturns in 2023-2024, Polymath made a strong comeback in 2025, with its flagship product Polymesh (a Layer 1 blockchain designed for regulated assets) becoming the preferred underlying choice for institutional-level RWA issuance. As of November 2025, over $8.5 billion in tokenized securities (including private equity, bonds, and fund shares) have been issued on Polymesh, with a TVL consistently at $720 million, providing compliant infrastructure for over 420 projects and raising over $110 million (completing a $60 million round led by Animoca Brands in 2025), re-establishing its dominance in the field of RWA "compliance foundation."

Polymath's core value lies in its commitment to compliance from day one. Unlike most public chains that "let you on first and check later," Polymath's self-developed Polymesh is the world's first Layer 1 designed specifically for regulated assets: nodes must complete KYC/KYB and obtain permission to participate in consensus, with on-chain identity and compliance as native modules. Every transaction enforces rules such as whitelisting, blacklisting, freezing, and tax withholding, fully compatible with securities regulations from the U.S. SEC, EU MiCA, Swiss FINMA, and other countries. The Polymesh 2.0 launched in 2025 further integrates zero-knowledge proof (ZK) compliance, allowing institutions to meet penetrating regulatory requirements while protecting privacy, completely resolving the traditional blockchain dilemma of "anonymity vs. compliance."

On the technical side, Polymath provides a one-stop SaaS toolchain for security tokenization: from Token Studio (no-code issuance interface) to Polymesh Wallet (institutional-grade multi-signature + compliance transfer agent), to Polymesh Private (permissioned sub-chain for private assets). The platform supports the predecessor of the ERC-3643 standard (ST-20) and will fully upgrade to the Polymesh Asset Protocol in 2025, achieving cross-chain asset mirroring with Ethereum, Polygon, and Solana. Institutional users can complete the entire process from asset due diligence, investor KYC to token issuance and trading on the exchange within hours, at a cost of only 5%-10% of traditional securities issuance.

In terms of asset class distribution, Polymath focuses heavily on institutional-grade regulated assets: private equity and fund shares account for 52% (approximately $3.7 billion), bonds and structured products account for 28%, real estate and credit account for 15%, and others (art, carbon credits) account for 5%. This structure perfectly matches the core demands of global asset management institutions for "compliance, auditability, and legal recourse."

The following are key project cases from Polymath, showcasing its dominant applications as RWA compliant infrastructure:

Polymath not only established the technical standards for security tokens but also redefined the "blockchain-native form of regulated assets." Its success stems from a forward-looking embrace of global securities regulations and the reconstruction of the underlying public chain, projecting that by 2030, Polymesh will become the settlement layer and compliance foundation for over 90% of institutional-level RWA, truly realizing the ultimate vision of "Wall Street on Chain."

Blocksquare (EU): A White-Label Infrastructure for RWA Real Estate Tokenization and the Largest Distributed Network Globally

In the RWA (Real World Assets) tokenization space, Blocksquare aims to "enable anyone to launch their own real estate tokenization platform with one click," becoming the largest distributed infrastructure provider for fragmented real estate globally. Founded in 2018, this Slovenian company (an EU member state) helps real estate developers, funds, and local governments launch compliant on-chain REITs within weeks through an open-source protocol + white-label SaaS model. As of November 2025, the Blocksquare network has tokenized over €480 million in properties (approximately $530 million), covering 28 countries and 510 community pools, with over 128,000 real estate tokens issued, more than 180,000 users, and a platform token BST with a market value of approximately $180 million, having raised over $15 million (completing an $8 million strategic round led by Kraken Ventures in 2025), earning the title of "Shopify of the real estate industry."

Blocksquare's core competitive advantage lies in its white-label + distributed compliance dual engine. The platform provides a complete one-stop toolchain: Oceanpoint (no-code issuance dashboard), Marketplace Protocol (decentralized trading protocol), Staking & Governance (BST staking dividend mechanism). Any institution can launch its own branded tokenization platform by simply integrating the API, while all underlying compliance logic (KYC, AML, whitelisting, tax withholding) is handled uniformly by Blocksquare. This makes it perfectly adaptable to the EU MiCA regulations (recognized by the Luxembourg CSSF regulatory sandbox in 2025), while also compatible with global mainstream frameworks such as the U.S. Reg D, Swiss DLT law, and Dubai VARA. The launch of Blocksquare 2.0 in 2025 further reduces issuance costs to 1/10 of traditional REITs, with an average onboarding cycle of just 21 days.

Technically, Blocksquare uses a Polygon mainnet + Layer 2 expansion architecture, with all real estate assets existing in the form of sBST (staked BST) + NFT dual tokens: NFTs record ownership shares and legal documents, while sBST is used for rental dividends and governance. The platform integrates Chainlink oracles to synchronize property valuations and rental data in real-time, and achieves truly decentralized liquidity aggregation through distributed community pools (one independent pool for each city or project)—as of 2025, there are already 510 active community pools globally, with daily rental dividends exceeding $65,000, all automatically recorded on-chain.

In terms of asset class distribution, Blocksquare is highly focused on commercial real estate and mixed residential: European commercial properties account for 58% (approximately $310 million, with rental yields of 6%-9%), U.S. and Canadian residential properties account for 22%, Asia-Pacific and Middle Eastern hotel/vacation properties account for 15%, and emerging markets (Africa, Latin America) account for 5%. This strategy of "EU compliance core + global property coverage" not only enjoys the benefits of the MiCA passport but also captures rental premiums in high-growth markets.

The following are key project cases from Blocksquare, showcasing its global implementation capabilities through its white-label model and distributed network:

Blocksquare not only lowers the technical and compliance barriers for real estate tokenization but also pioneers a global expansion paradigm of "white-label + distributed community pools." Its success stems from the perfect combination of the EU's most favorable regulatory environment and open-source infrastructure, projecting that by 2030, the Blocksquare network will tokenize over €500 billion in properties, becoming the "on-chain operating system" for the real estate industry in the RWA era.

Swarm Markets (EU): A Fully Compliant Bi-Directional Gateway for DeFi and TradFi in Germany

In the RWA (Real World Assets) tokenization space, Swarm Markets aims to "enable retail investors to legally trade on-chain bonds, stocks, and commodities," becoming Europe's most aggressive compliant DeFi-RWA hybrid platform. Founded in 2021 and headquartered in Berlin, this German company is the world's first decentralized exchange to obtain full securities brokerage and custody dual licenses from BaFin (Federal Financial Supervisory Authority), thoroughly bridging the bi-directional flow between traditional securities and DeFi protocols. As of November 2025, Swarm Markets' on-chain TVL has surpassed $410 million, with cumulative trading volume exceeding $6.8 billion, supporting over 20 types of real-world assets including stocks, bonds, gold, and crypto ETFs, with over 150,000 registered users (72% of whom are from Germany and the EU). The platform token SMT has a market value of approximately $230 million, and cumulative funding has exceeded $30 million (completing an $18 million Series B round led by Circle Ventures and L1 Digital in 2025), regarded as a "compliant DeFi model" under the MiCA regulations.

Swarm Markets' greatest breakthrough lies in its global first "regulated DeFi" architecture. The platform has obtained a full BaFin license (§32 KWG banking license + §15 WpIG securities institution license), allowing users to conduct KYC once and trade on-chain tokenized stocks (Apple, Tesla), German government bonds, and gold ETFs on the same interface, while directly using these RWAs as collateral on protocols like Aave and Compound to obtain liquidity—something that is completely impossible in traditional finance. The launch of Swarm 2.0 in 2025 further achieves "zero slippage" physical delivery: users can exchange on-chain German government bonds for real bonds deposited in traditional brokerage accounts, and vice versa, truly achieving a 1:1 exchange between TradFi and DeFi assets.

Technically, Swarm employs a mixed architecture of Polygon + Layer 2 settlement + permissioned nodes, with all RWAs existing in the form of ERC-3643 compliant tokens, backed by off-chain reserves from a licensed German custodian bank (Solaris SE). The platform's front end is as smooth as Uniswap, while the back end is fully regulated by BaFin: every transaction is reported in real-time, investor classifications are implemented, and automatic tax withholding is in place. The Swarm Bridge, launched in Q3 2025, allows users to "on-chain" stocks/bonds from traditional brokerage accounts in just one minute, with reverse redemptions completed in the same second, at a cost of only 1/20 of traditional brokerage fees.

In terms of asset class distribution, Swarm is highly focused on European institutional-grade assets: stocks and ETFs account for 48% (approximately $197 million, including Tesla, LVMH, DAX index), bonds and fixed income account for 32% (primarily German and Eurozone government bonds), commodities and gold account for 15%, and crypto ETFs and structured products account for 5%. This combination of "European blue chips + fixed income" meets EU investors' demand for safe assets while amplifying yields through DeFi.

The following are key project cases from Swarm Markets, showcasing its disruptive applications of "regulated DeFi":

Swarm Markets has pioneered a new paradigm of "native DeFi for regulated assets," with its success stemming from extreme execution under Germany's strict regulatory environment. In the future, Swarm will become the main portal for both retail and institutional investors in Europe to share RWA-DeFi, truly realizing the freedom of on-chain trading for "anyone, any asset, anytime."

Centrifuge (EU): The Dual King of Open Source and Institutional-Level RWA Private Credit Tokenization

In the RWA (Real World Assets) tokenization space, Centrifuge is undoubtedly the "king of private credit" and "king of open-source infrastructure." Founded in 2017, this German-American project (with dual headquarters in Berlin and San Francisco) was the first to put non-standard credit assets such as corporate receivables, invoices, and supply chain finance on-chain, providing bi-directional financing for SMEs through Real World Asset Pools. As of November 2025, Centrifuge has tokenized and financed over $5.8 billion in real-world credit assets (the highest historical on-chain RWA financing volume), with an on-chain TVL consistently at $980 million, over 320 active pools, serving more than 1,200 SMEs and institutions globally, with over 420,000 users. The platform token CFG has a market value of approximately $420 million, and cumulative funding has exceeded $110 million (completing a $45 million Series C round led by ParaFi and Coinbase Ventures in 2025), regarded as a "benchmark for on-chain private credit" by giants like BlackRock and Goldman Sachs.

Centrifuge's core competitive advantage lies in its dual-layer architecture: Centrifuge Chain (independently established as a Substrate-based Layer 1 in 2023, now upgraded to a Polkadot parachain) serves as the compliance settlement layer, designed specifically for RWA with native NFTs (representing credit assets) + the Tinlake protocol (structured financing pools); the upper layer is completely open-source and permissionless, allowing anyone to deploy asset pools. This allows it to meet the stringent compliance requirements of institutions (KYC/AML penetration, SPV isolation, third-party audits) while maintaining DeFi's native composability (pools can directly connect to Aave, MakerDAO, Curve). The launch of Centrifuge V3 in 2025 further introduces RWA Market (on-chain secondary market) and Credit Vaults (automated credit assessment), shortening the financing cycle for SMEs from 90 days to as fast as 3 days, with costs reduced to 1/5 of traditional banks.

Technically, Centrifuge is the most thorough open-source player in the RWA field: the core protocols Tinlake and Centrifuge Chain code are 100% open-source, with community governance accounting for over 70%. The platform supports multi-chain asset mirroring (Ethereum, Base, Arbitrum, Polkadot), integrating Chainlink oracles + zero-knowledge proofs to achieve privacy-compliant financing. The Centrifuge Prime, launched in Q3 2025, provides high-net-worth individuals and institutions with a "one-click investment in global RWA credit portfolios" product, with annualized yields stabilizing at 8%-14% and a default rate of only 0.7% (far below the industry average of 3.2%).

In terms of asset class distribution, Centrifuge is highly focused on private credit and receivables: invoices and trade financing account for 62% (approximately $3.6 billion), real estate development loans account for 18%, consumer credit and supply chain finance account for 15%, and renewable energy and carbon credits account for 5%. This "real cash flow from SMEs" orientation makes it the closest link to the real economy in the RWA space.

Centrifuge's key cases:

Through these cases, Centrifuge not only addresses the century-old problem of "difficult and expensive financing" for SMEs but also pioneers the ultimate paradigm of "real cash flow equals liquidity" in RWA. Its success stems from the perfect combination of open-source spirit and institutional execution, projecting that by 2030, Centrifuge will tokenize and finance over $500 billion in global private credit assets, becoming the on-chain "central bank" for SMEs and the real economy in the RWA era.

Summary - The Global Landscape of RWA is Established, and the Trillion-Dollar Track is Officially Launched

This article mainly discusses the regulatory frameworks, characteristics, and laws of major RWA markets globally, and provides an in-depth introduction to mainstream RWA platforms and projects in North America and Europe. From the first proposal of the concept of "Security Token" by Polymath in 2017 to BlackRock BUIDL's breakthrough of $2.4 billion in 2025, the tokenization of real-world assets (RWA) has made an astonishing leap from "experimental toy" to "institutional main battlefield" in just eight years. By November 2025, the global on-chain TVL of RWA has steadily surpassed $250 billion, growing more than 15 times since the end of 2023, officially entering the starting line of the trillion-dollar track.

Looking back at the global landscape, a five-pole pattern has clearly formed, each with its own characteristics and complementary roles:

The United States, anchored by the dollar, government bonds, and private credit, has built a "institution-led + highest liquidity" dollar RWA hegemony relying on the SEC's three acts (GENIUS/CLARITY/Anti-CBDC) and Wall Street credit, with Ondo, BlackRock BUIDL, Securitize, Centrifuge, RealT, and Propy as its strongest representatives.
The European Union, leveraging the MiCA "single passport" and DLT pilot, has created the "most unified, standardized, and cross-border friendly" RWA continent, with the white-label models of Swarm Markets and Blocksquare pushing European commercial real estate and SME credit onto the global stage.
The Middle East (Dubai-Abu Dhabi) has created a new high ground of "fastest speed + lowest threshold" using the VARA sandbox and oil sovereign wealth, leading globally in real estate and Islamic finance RWA.
Singapore, with Project Guardian and the GL1 toolkit, plays the role of "technology standard exporter + Asia-Pacific hub," becoming the most adept experimental ground for multi-currency and cross-chain implementations.
Hong Kong, with the SFC dual sandbox + mBridge, has become "the most important outpost connecting the mainland and the world," with green bonds and Greater Bay Area supply chain finance standing out.

Several benchmark projects internationally further outline the complete picture of RWA: from compliance infrastructure (Securitize, Polymath), white-label distribution (Blocksquare), retail democratization (RealT, Propy), deep cultivation of private credit (Centrifuge), regulated DeFi (Swarm), to the dollar institutional flywheel (Ondo, BlackRock), each segment has seen the emergence of global leading players. Most of these projects were established around the STO boom in 2017-2018, having gone through years of exploration and development, with ups and downs, and have finally welcomed the spotlight of the RWA market recently.

The next five years (2026-2030) will be a decisive battle period, with three major trends becoming irreversible:

The regulatory race is nearing its end, with compliance passports determining the outcome: if the U.S. introduces a federal unified bill, the EU fully implements MiCA, and the Asian triangle (Hong Kong-Singapore-Dubai) completes mutual recognition, a final pattern of "three poles + regional passports" will form globally.
A flood of institutional funds will fully open: by 2025, institutional allocation has reached 70%, and it is expected to exceed 90% by 2030, with $30-50 trillion of traditional assets accelerating on-chain, with government bonds, real estate, private credit, and stock ETFs becoming the top four main battlefields.
RWA will become the new underlying asset for DeFi: tokenized government bonds will completely replace stablecoins as the on-chain "risk-free rate," with real estate and credit pools becoming the main collateral, and the annualized yields of DeFi will fully integrate with traditional financial yield curves.

RWA is no longer a "niche narrative" in the crypto circle, but rather the next infrastructure-level reconstruction of the global financial system.

In 2025, we stand at the shore where the tide is truly rising;

By 2030, RWA will no longer be "on-chain finance," but will be "finance" itself.

In the next research article, we will focus on the Hong Kong market, providing an in-depth analysis of Hong Kong's policies, market landscape, and practical cases. Stay tuned.

Reference List

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