#RWA热潮 Drivers
Technological Innovation
Blockchain technology, through tools like smart contracts and oracles, enables automated trading and compliance assurance for asset digitization. For example, the Hong Kong Monetary Authority's Ensemble sandbox provides a compliant testing environment for RWAs, while cross-chain protocols like LayerZero 3.0 enhance RWA liquidity.
Growing Market Demand
Investor Demand: Declining yields in traditional financial assets have led to investors seeking low-risk yield options such as tokenized U.S. Treasury products, attracting institutional funds.
Corporate Financing Demand: SMEs lower their financing thresholds through RWAs. For example, Landis Technology raised 100 million yuan through tokenizing the revenue rights of charging piles, reducing costs by 30%.
Policy Support
Policies such as Hong Kong's "Policy Statement on Development of Virtual Assets 2.0" and mainland China's "Law on Promoting the Private Economy" promote RWA development. For example, Hong Kong explicitly supports the issuance of tokenized green bonds, and the Monetary Authority of Singapore (MAS) has launched a dedicated RWA sandbox.
Current Market Situation
Explosive Growth in Scale
As of July 2025, the total market value of on-chain RWAs reached US$25.5 billion, an increase of 6.45% compared to 30 days prior, with over 310,000 asset holders. Among the sub-markets, private credit accounts for 58.4% (US$14.9 billion) and U.S. Treasury bonds account for 29.5% (US$7.54 billion).
Expansion of Application Scenarios
Financial Sector: Tokenized stocks are emerging, with exchanges like Coinbase launching related products.
Green Economy: GCL Energy's photovoltaic RWA project raised 200 million yuan, solving new energy financing problems.
Cross-border Trade: The Hainan-Hong Kong "Dual Hub" model promotes cross-border financing of green energy assets.