Author: Frank, PANews In the first half of 2025, a relatively low-profile sector in the cryptocurrency world—real-world asset (RWA) tokenization—saw remarkable explosive growth. As of June 6, the total market capitalization of the global RWA market has surged to $23.39 billion (excluding stablecoins), a significant jump of 48.9% from $15.7 billion at the beginning of the year. Private credit (approximately 58% share) and U.S. Treasury bonds (approximately 31.2% share) constitute the absolute dual core of the market, together accounting for nearly 90% of the share. Private credit has become the hottest asset type in the RWA market, with a scale of $13.5 billion, and Figure leads with an active loan amount of $10.19 billion. Figure uses the Provenance blockchain, where the assets are large but have limited liquidity. The U.S. Treasury RWA is dominated by BUIDL issued by BlackRock, with a total issuance of approximately $2.9 billion, mainly on the Ethereum chain, providing 24/7 liquidity with an investment threshold of up to $5 million. Commodity-type RWAs are primarily tokenized gold, with a market value of approximately $1.51 billion. In terms of public chains, Ethereum still dominates (55%), while ZKsync ranks second with an asset issuance of $2.25 billion, mainly driven by the asset management company Tradable, although its contracts are not open-source and the on-chain asset amount is questionable. Stellar ranks third with $498 million, mainly relying on the BENJI fund issued by Franklin Templeton. Solana ranks fourth with $349 million, with a growth rate of 101%. Despite the significant market growth, RWAs face challenges such as asset class concentration, poor liquidity, insufficient transparency, and low integration with the crypto ecosystem. Currently, the RWA market size is much smaller than that of the stablecoin market, and is mainly tailored for institutions and large players, making it difficult for ordinary investors to participate. Whether RWAs can break through bottlenecks in the future, achieving qualitative changes in transparency, liquidity, and ecosystem integration will determine whether they can become a new chapter in finance.

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