Through the integration of DeFi within a regulated framework, RWAs have entered a new growth phase, transforming historically illiquid assets into composable financial primitives.
On June 26, 2025, RedStone Oracle released the "Real-World Assets in On-chain Finance Report," further advancing into the RWA ecosystem. RedStone's latest report emphasizes the significant growth and transformative potential of tokenizing real-world assets (RWA) within the blockchain ecosystem. Since only $5 billion in 2022, the RWA market has surged to over $24 billion by mid-2025, firmly establishing itself as the second fastest-growing sector in cryptocurrency.
The report notes that institutional adoption has shifted from pilot phases to large-scale deployment, a transition supported by continuous improvements in infrastructure and backing from major financial institutions, including BlackRock, JPMorgan, and Franklin Templeton. As RWA tokenization gradually becomes a bridge connecting traditional finance with blockchain, innovative compliant DeFi integrations and complex pricing oracles led by companies like RedStone lay the groundwork for building an efficient, transparent, and liquid global asset market.
Private credit serves as a primary driver of growth, with industry forecasts indicating that by the early 2030s, the proportion of asset tokenization is expected to reach 30%. RedStone's insights showcase a bright prospect of unlocking trillions of dollars in value through blockchain.
For the complete report, please click the link:
https://blog.redstone.finance/2025/06/26/real-world-assets-in-onchain-finance-report/
Table of Contents
- Key Takeaways 4
Key Projects and Organizations 5
2. What is RWA? 7
A Brief History of RWA and Tokenization 7
Attempts Before Blockchain 7
Why Did Blockchain Change the Game? 8
Recent Momentum: A Perfect Storm 9
Why Do the Dollar and Treasury Bonds Dominate the RWA Space? 10
3. Tokenization 11
Mainstream Platforms Competing Through Innovation and Scale 12
Treasury Market: Explosive Growth in Institutional Demand 13
Private Credit: Evolving into the Largest Segment of RWA Tokenization 14
Commodity Tokenization: Diverse Budding Under Gold's Dominance 16
The Rise of Equity Tokenization Markets 16
Crypto Exchanges Driving the Integration Narrative 17
The Global Wave of Private Equity Tokenization 17
4. RWA + DeFi: Connections, Challenges, and Breakthroughs 18
How to Institutionalize DeFi? 18
Ethena's USDtb: Leveraging BUIDL to Drive Institutional Adoption 19
Maple Finance: Accelerating On-chain Institutional Lending 21
Morpho v2: DeFi Learning to Engage with Institutions 22
Pendle Citadels: Targeting the Trillion-Dollar Institutional Yield Market 23
Spark Protocol: A Paradigm of Financial Vertical Integration 23
Horizon: AAVE's RWA DeFi Journey 25
Institutional DeFi Ecosystem on Solana 25
sTokens Revolution: Achieving Tokenized Assets in DeFi 26
What is sToken? How Does It Work? 27
Legal Framework for Compliant Tokenization 27
Technical Architecture of High-End Tokenized DeFi 27
Future Application Scenarios 27
Leveraged RWA Positions in DeFi 28
Bringing RWA into DeFi: Technical and Structural Challenges 29
Limitations of DeFi Itself 29
Legacy Constraints from Traditional Finance 29
Breakthrough Solutions and Market Infrastructure 30
Gauntlet's RWA Growth Strategy 30
Success Case: Apollo ACRED Strategy 30
Future Expansion Plans 31
Evolution of Next-Generation RWA Strategies 31
Market Growth Outlook 32
RWA Oracles: Drivers of On-chain Markets 32
The Dilemma of RWA Oracles: Beyond Real-Time Pricing 33
RWA vs. Traditional DeFi Oracles: A New Pricing Paradigm 33
Liquidation Impacts and Risk Transmission Mechanisms 34
What is the Ultimate Form of RWA Oracles? 34
5. Comparative Analysis of Mainstream RWA Chains 35
RWA Adoption Across Various Blockchain Networks 35
Ethereum: Institutional Standard 35
ZKSync Era: A Stronghold for Private Credit 37
Solana: A High-Performance Challenger 38
Aptos: Another Institutional Standard 39
Avalanche: An Alternative Investment Hub 39
XRP Ledger: A New Regulated Contender 40
Plume: A Pioneer for Retail RWA 41
6. Underrated RWA Chains: Backed by Institutional Power 43
Canton Network: The Silent Giant of Institutional Finance 43
DTCC AppChain: Wall Street Goes On-chain 44
Stellar: A Financial Bridge to Tokenized Reality 45
JPMorgan and Kinexys: Practical Applications of Institutional Blockchain 45
Ondo Chain: A Full-Stack RWA Strategic Platform 46
Dark Horse Breakthrough: Hyperliquid 46
7. What is the Data-Driven Outlook for RWA? 47
Introduction 47
Tokenization of U.S. Treasury Bonds 49
Overview 50
Outlook 51
Private Credit 51
Overview 53
Outlook 53
Institutional Funds and Alternative Assets 54
Overview 55
Outlook 56
8. The Largest Institutions and Banks in the Crypto Space 56
X. Conclusion 58
Y. Authors 59
Z. References 60
Key Takeaways:
● The RWA (Real-World Assets) tokenization market surged from $5 billion in 2022 to over $24 billion by June 2025 (a 380% increase), becoming the second fastest-growing sector in cryptocurrency after stablecoins. While stablecoins are technically tokenized fiat currencies, we exclude them from this report as our research team has been delving into related content. Industry forecasts suggest that by 2030-2034, 10% to 30% of global assets may be tokenized, with RWA becoming the bridge connecting over $400 trillion in traditional financial assets to blockchain—this figure is more than 130 times the current cryptocurrency market size of approximately $3 trillion.
● Asset tokenization has steadily transitioned from pilot experiments to large-scale institutional adoption by 2024-2025. By December 2024, the market for tokenized real-world assets reached $15.2 billion (excluding stablecoins) and continued to grow, surpassing $24 billion by June 2025, achieving an impressive 85% annual growth.
● The current wave of institutional adoption reflects the accumulation of years of infrastructure development, ultimately facilitating large-scale production deployment. Major financial institutions, including BlackRock, JPMorgan, Franklin Templeton, and Apollo, have moved from experimentation to large-scale application. Meanwhile, governments are increasingly viewing blockchain as a key infrastructure for modernizing traditional financial systems and addressing macroeconomic structural challenges. Thanks to gradual improvements in the regulatory environment, RWAs are experiencing rapid development.
● Through the integration of DeFi within a regulated framework, RWAs have entered a new growth phase, transforming historically illiquid assets into composable financial primitives. Platforms like Ethena, Maple, Spark, Morpho, Pendle Citadels, Drift Institutional, Kamino, and Securitize's sToken enable institutional assets to gain DeFi liquidity while remaining compliant, creating opportunities for yield amplification and secondary markets that are difficult to achieve in traditional finance.
● As of June 2025, private credit has become the largest segment of RWA tokenization, reaching $14 billion, highlighting institutional interest in the native blockchain credit market. Tokenization addresses major industry constraints by reducing operational costs, improving access and allocation, while also providing the potential to establish a robust secondary liquidity market—maintaining institutional underwriting standards and offering high-yield opportunities previously available only to accredited investors.
● RWA oracles represent a fundamental transformation, requiring the adoption of a new technological framework—specialized providers like RedStone are at the forefront of driving complex pricing mechanisms, laying the groundwork for institutional adoption. Unlike DeFi's real-time price data, RWA pricing needs to integrate complex architectures such as net asset value (NAV), regulatory compliance, and liquidity adjustments, providing critical infrastructure for integrating trillions of dollars in tokenized assets into decentralized finance (DeFi).
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
