RWA Market Analysis: The global scale will reach 23 billion USD by 2025, with huge potential in the future.

2025-07-19 16:28:14

RWA Comprehensive Analysis: Global Market Trends in 2025

1. Definition and Development of RWA

RWA refers to the process of using blockchain technology to convert real-world assets into digital tokens. These tokens represent ownership or rights to the assets and can be traded and managed on the blockchain. The core goal is to address issues such as ownership verification difficulties, low circulation efficiency, and insufficient liquidity in traditional asset transactions through the characteristics of blockchain.

The development of RWA has generally gone through the following stages:

Early exploration ( 2017-2020: Conceptual germination, mainly focusing on the tokenization of real estate and artworks.
Institutional Entry ) 2021-2023: DeFi protocols begin to incorporate RWA, traditional financial institutions launch tokenized products.
Exponential growth ( 2024-2025: Mainstream financial institutions accelerate their layout, and the market size exceeds 23 billion dollars.

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2. Market Size and Growth Trends

By May 2025, the total on-chain RWA value worldwide is approximately $23 billion. In March 2025, the TVL of RWA protocols first broke the $10 billion mark. During the same period, the RWA sector saw significant year-on-year growth, with a TVL growth rate of nearly 140% from the beginning of 2025 to the present.

The main growth trends include:

Institutional participation accelerates: Traditional financial giants are entering the RWA space.
The evolution of technology drives efficiency improvements: the Ethereum ecosystem dominates, and high-performance chains continue to emerge.
Regulatory policies are tightening: Countries are beginning to formulate rules related to RWA, providing institutional guarantees for market development.

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3. Technical Path and Core Standards

The technical implementation path of RWA usually includes:

Asset Onboarding and Tokenization Process
RWA Supported Protocol Tech Stack

Core Standards and Tools:

ERC-3643 )T-REX(: Supports identity whitelisting, regulatory control, and permission management
ERC-1400: A Compliance Framework for Security Tokens
Chainlink / Pyth Oracles: Provides reliable synchronization of off-chain data
Multi-signature/Custody tools: such as Gnosis Safe, Anchorage Custody, etc.
TEE) Trusted Execution Environment (: Ensuring the privacy and security of sensitive off-chain data during on-chain interactions.

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4. Typical Asset Classes and Applications

Main types of RWA assets:

Debt-type assets ) real-world securities (
Real estate assets ) such as real estate (
Commodity assets ) gold, carbon credits, oil, etc. (
Other real assets ) copyrights, insurance, invoices, intellectual property, etc. (

The practical applications of RWA are mainly divided into:

Investment-oriented RWA: Providing value support for virtual assets based on the returns of real-world assets.
Financing-oriented RWA: Creating new financing channels for low liquidity assets

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5. Current Development Status of Major Global Markets

U.S. Market:

Institutions such as Ondo Finance and Franklin Templeton issue bonds and fund tokens based on public chains.
DeFi platforms like MakerDAO and TrueFi promote private lending and on-chain borrowing.
Financial giants like BlackRock and Citigroup have started testing the issuance of securities or private funds on the blockchain.

China Market:

Taking energy and equipment asset on-chain as the main pilot direction
Shanghai Tree Diagram Blockchain Research Institute, Ant Digital Technology and others launched charging and battery swap, photovoltaic asset on-chain projects.
The China Academy of Information and Communications Technology (CAICT) took the lead in drafting the RWA on-chain technical specifications.

Hong Kong market:

The Monetary Authority has launched the "Ensemble Project Sandbox", covering various RWA scenarios.
Victory Securities serves as the custodian for the first Shanghai Tree District blockchain RWA project.

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6. Comparison of Regulatory Policies in Different Regions

Hong Kong:

Adopt a dual-track regulatory model of "asset attributes as the main focus, with technology supervision as a supplement".
Legal foundations are mature, policies are gradually easing, which is conducive to the implementation and innovation of compliant RWA projects.

United States:

Functional regulatory model based on the Howey Test
The compliance path is complex, and regulation is fragmented, making it difficult to form a unified market.

Dubai:

Establish clear rules and innovative mechanisms through the VARA+DFSA dual-track system
Supporting RWA is one of the most "proactive and implementable" regions in current regulation.

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7. Future Outlook and Potential Forecast

More institutional capital entering the market: Traditional financial giants are accelerating their layout in RWA
Diversification of asset types: More traditional assets are being incorporated into tokenization.
Technology and standards upgrade: Standard protocols for RWA are continuously emerging.
Improved regulatory system: A unified framework or guidelines may be introduced.
Integration of Green Finance and Innovation: Green Assets Become RWA Hotspot

It is expected that by 2030, the global tokenized asset market size will reach approximately $16 trillion, accounting for about 10% of the global GDP. RWA will become a key link connecting traditional finance and blockchain, ushering in a new era of digital finance.

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