In-depth analysis of Real-World Assets (RWA) track, this core narrative that merges traditional finance with blockchain is accelerating its shift from the verification phase to the expansion phase. As of August 2025, the on-chain RWA asset scale (excluding stablecoins) has exceeded $25 billion, with stablecoin market capitalization reaching $256.8 billion. This growth is not accidental, but rather the result of multiple drivers including high macro interest rates, clear regulations, matured technology, and the integration with DeFi. We systematically outline the key drivers, realization paths, market landscape, and representative projects for reference by investors and practitioners. (Background: Christie’s allows cryptocurrency for real estate purchases, a new milestone for the RWA track) (Context: Financing options: IPO or RWA? This is a question worth considering) Introduction Since 2024, Real-World Assets (RWA) have re-emerged as one of the core narratives in the crypto market. From stablecoins to US Treasury bonds, and to experimental stocks and non-standard assets, the process of on-chaining real-world assets is moving from the verification phase to the expansion toolkit phase. The driving forces behind this are not only matured technology but also the increasingly clear global regulatory environment and the traditional finance sector's active embrace of blockchain infrastructure. This wave of RWA enthusiasm is not coincidental. It is the result of multiple intersecting variables: Macroeconomic context: Global interest rates remain high, institutional capital reassessing on-chain yield tools; Policy evolution: Major regulatory bodies in the US and Europe are gradually establishing a framework for 'regulated tokenized assets', expanding compliance space for project parties; Technological evolution: On-chain settlement, KYC modules, institutional wallets, and permission management infrastructures are maturing; DeFi integration: RWA is no longer a 'packaging' of off-chain assets but an integral part of the on-chain financial system, possessing liquidity, composability, and programmability. Data shows that as of August 2025, the total scale of global on-chain RWA assets (excluding stablecoins) has reached over $25 billion, and the scale of stablecoins has exceeded $250 billion market capitalization. RWA is seen as a core interface driving the integration of Web3 and Web2 finance, and a key track for on-chain finance to achieve mainstream adoption. 1. Tokenization of Real Assets: Drivers and Realization Paths 1.1 Why RWA? Why should real assets go 'on-chain'? The traditional financial system is centered around centralized registration agencies and multiple layers of intermediaries, which inherently creates structural inefficiencies, becoming a bottleneck to asset circulation and financial inclusiveness: Limited liquidity: Real assets such as real estate, private equity, and long-term bonds generally face high trading thresholds (e.g., million-level minimum investment), long holding periods (years or even decades), and limited circulation channels, leading to a large amount of capital being 'locked up' and difficult to efficiently allocate. Complicated settlement and custody processes: Asset issuance, trading, and clearing rely on multiple intermediaries such as brokers, clearinghouses, and custodial banks, making the processes complex and time-consuming (e.g., cross-border bond settlement takes 3-5 days), which not only increases transaction costs but also adds operational risks and delays. Insufficient data transparency: Asset valuation relies on fragmented offline data (e.g., property appraisal reports, corporate financial reports), and transaction records are scattered across different institutional systems, making it difficult to synchronize and cross-verify in real-time, leading to lagging pricing and low efficiency in portfolio management. High participation thresholds: High-quality assets (e.g., private equity, high-end artworks) are often open to institutions or high-net-worth individuals, while ordinary investors are excluded due to capital amounts and compliance qualifications, exacerbating the inequality in financial markets. Blockchain, as a decentralized distributed ledger system, reconstructs asset recording and trading logic through 'disintermediation', addressing the pain points of traditional finance from the technical underpinning. Its core advantages and the value manifestation of real asset tokenization are as follows: Underlying support of blockchain technology Decentralized resilience: Asset ownership records are maintained collectively by all network nodes, eliminating reliance on a single centralized entity, reducing risks from data tampering and system crashes, and enhancing the overall system's fault tolerance. Immutability and traceability: Once confirmed, on-chain transactions are permanently recorded and can be traced back through timestamps, providing an immutable 'digital certificate' for asset ownership transfer, which reduces fraud and disputes. Specific values brought by tokenization Liquidity innovation: Through 'fractional ownership', high-value assets can be divided into small tokens (e.g., a $10 million property split into 1,000 tokens of $10,000 each), combined with decentralized markets operating 24/7 and automated market makers (AMMs), significantly lowering investment thresholds and enhancing trading flexibility. Automation of processes and disintermediation: Smart contracts automatically execute asset issuance, dividend distribution, maturity redemption, etc., replacing manual operations by traditional intermediaries; Oracles connect offline data (e.g., property valuations, corporate revenues), supporting automated triggers for complex scenarios such as insurance claims, significantly reducing operational costs. Compliance and audit upgrades: On-chain built-in KYC/AML rules can automatically verify investor qualifications; all transaction data is instantly recorded on-chain, facilitating efficient verification by regulatory and auditing authorities, estimated to reduce compliance costs by 30%-50%. Atomic settlement and risk elimination: Through smart contracts, 'synchronous settlement of assets and funds' is achieved, completely eliminating counterparty risk of 'money and goods not synchronizing' in traditional transactions, shortening settlement time from T+3 to seconds. Global circulation and DeFi synergy: Tokenized assets break geographic limitations, seamlessly circulating within the global blockchain network; simultaneously, they can be used as collateral for lending, liquidity mining, and other DeFi protocols, realizing 'one asset, multiple uses', releasing higher capital efficiency. Overall, RWA represents a Pareto improvement in the traditional finance industry, optimizing the efficiency of traditional finance based on technological innovation. Successful path validation: The experience of stablecoins As the 'gateway' for on-chaining real assets, stablecoins have fully validated the feasibility of blockchain technology in linking off-chain value and on-chain ecosystems: Model prototype: Stablecoins like USDT and USDC achieve a 1:1 peg to off-chain dollar reserves, standardizing the reflection of fiat assets into blockchain tokens for the first time, becoming the initial practice of 'on-chaining real assets'. Market validation: As of August 2025, the market capitalization of stablecoins has exceeded $256.8 billion, dominating the RWA market, proving the scalability potential of on-chaining off-chain assets. Insight value: The successful execution of stablecoins validates the security, transparency, and efficiency of the 'off-chain assets – on-chain tokens' reflection, providing technical standards and compliance templates for the tokenization of more complex RWAs (such as real estate, bonds). Through blockchain technology, real assets can break free from the limitations of traditional finance, achieving a formal upgrade from 'static holding' to 'dynamic circulation', from 'exclusive to a few' to 'accessible to all'. 1.2 How to RWA? Paths and operational structures for RWA The essence of RWA is to transform valuable assets in the real world into on-chain programmable digital certificates through blockchain technology, achieving a closed loop of 'off-chain value – on-chain liquidity'. Its core operational paths can be divided into four key segments: – Identification and investigation of off-chain assets: Verification of asset legitimacy is required through third-party institutions (law firms, accounting firms, appraisal agencies)...

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