Recently, the popularity of RWA has been quite high, with various data looking dazzling. So, what is the current market situation?
According to incomplete statistics, the total number of RWA projects worldwide has exceeded 200+, with a TVL of $65 billion. However, it should be noted that the actual on-chain assets are only about $13.5 billion, while the rest is mostly traditional institutional ledger migration.
The formal issuance scale is about $21 billion, concentrated in assets such as U.S. Treasury bonds, real estate, and corporate credit. Notable cases include: BlackRock's $15 billion on-chain U.S. Treasury fund, MultiBank's $3 billion real estate tokenization in collaboration with UAE MAG (the largest single deal in history), and Hong Kong's green bond pilot scale exceeding HK$10 billion.
The current market characteristics are institution-led, with a multi-chain melee and diversified assets. Traditional financial institutions (Goldman Sachs, JPMorgan, BlackRock) dominate 60% of the market share, while DeFi native projects are declining.
In the public chain landscape, Ethereum still dominates (e.g., $490 million in U.S. Treasury tokenization), but the share of Solana and Polygon ecosystems has soared to 38%.
From the perspective of fixed income, U.S. Treasury and government bonds account for 70% (TVL $9.5 billion), real estate accounts for 20% (TVL $13 billion), platforms like RealT split overseas properties to $50 per share, carbon credits account for 15%, and transparent trading promotes ESG funds' entry. Other alternative assets like art and wine tokenization are growing rapidly, but 35% of projects are suspected of PS fraud.
Currently, from a regulatory and compliance perspective, Hong Kong and the UAE are leading, while the EU MiCA legislation is putting pressure, with over 80% of DeFi protocols facing shutdown due to lack of KYC. Thus, liquidity traps, asset fraud, and technical bottlenecks remain future risks and challenges.
Moreover, there is a significant liquidity and trust crisis, with 40% of projects having zero on-chain transaction volume. Tokens like ONDO are controlled by over 70% by 10 addresses, and 35% of projects have off-chain assets that are not isolated, with audit reports avoiding 'fund penetration'.
Therefore, for any RWA that does not install IoT sensors and lacks real-time oracle price feeds, off-chain assets without SPV isolation, and a 1:1 mapping of on-chain and off-chain assets, investors should proceed with caution. Generally speaking, apart from commodities (gold, crude oil), debts (government bonds), and equity (REITs), which are the three solid assets of RWA, everything else is essentially air.
Saying all this does not mean that RWA projects are bad; on the contrary, I believe that RWA is indeed a highly promising development direction in the cryptocurrency field. It combines traditional assets with blockchain technology, providing investors with richer choices.
However, it is still in the early development stage, with a mixed market of opportunities and risks. As investors, we must sharpen our eyes, conduct in-depth research on projects, pay attention to regulatory dynamics, carefully assess risks, and participate in investments rationally. Only in this way can we find true value in the wave of RWA and achieve stable asset appreciation.
In summary, RWA is not a scam, but currently, 90% of projects are here to collect IQ tax.
#RWA #加密货币 #资产代币化
