RWA is becoming a dominant trend in crypto in 2025, with total TVL exceeding 10.6 billion USD, double that of the previous year. Stablecoins like USDT play the role of the first bridge between fiat money and blockchain, contributing to bringing institutional capital into DeFi. The most tokenized real assets include US Treasury bonds, money market funds, real estate, and gold.
Notable projects like Ondo Finance, Circle/Hashnote, or Securitize are developing RWA products that have liquidity, yield, and standards suitable for traditional investors.
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RWA not only opens up new liquidity but also provides stable yields, helping the crypto market attract trillions of USD in capital in the future.
Introduction
In 2024-2025, RWA has become a prominent trend in crypto, referred to by experts as the main "narrative" of the market. RWA helps bring valuable traditional assets onto the blockchain, creating new liquidity and connecting DeFi with TradFi. According to Conduit, the total value locked (TVL) in RWA projects reached approximately $10.6 billion on the blockchain (April 2025), doubling the figure of $4.4 billion a year earlier.
Notably, stablecoins – which are essentially Fiat-backed tokenization – have accounted for over 200 billion USD in market capitalization on various blockchains. The future of RWA is predicted to be very large: Boston Consulting Group (BCG) estimates that by 2030, there will be 16 trillion USD of traditional assets brought onto the blockchain. In this context, stablecoins like USDT, with their stability and high liquidity, are playing a crucial role in the flow of fiat capital into the crypto market.
USDT: The pioneer in bringing USD to Blockchain
USDT, launched in 2014, is the first stablecoin and one of the most popular Fiat-backed tokenizations. The initial goal of USDT was to digitize the US dollar, allowing for efficient and rapid trading and storage of USD on the blockchain.
Unlike BTC or ETH – which are highly volatile – USDT is pegged at a 1:1 value with USD, providing stability for investors. As a result, it has become the main tool in trading and investments, especially in popular trading pairs like BTC/USDT, ETH/USDT.
According to Chainalysis, stablecoins – mainly USDT and USDC – account for over 2/3 of the total trading value in crypto. In major exchanges, most cash flow in and out is through USDT, rather than fiat like USD or EUR.
For financial institutions, USDT is a tool for holding USD value on-chain, helping them avoid the inconveniences of traditional money transfers (slow banking, high fees). According to S&P Global, USDT and USDC account for 92% of the stablecoin market share, showing USDT's dominant role in the crypto ecosystem.
Stablecoin: The Link Connecting TradFi and Web3
Not just a trading tool, stablecoins are also a bridge between the crypto market and TradFi. In 2025, the US government issued a decree encouraging the use of stablecoins as part of the national financial infrastructure – while pausing the development of Central Bank Digital Currency.
This is a positive signal, reinforcing the confidence of financial institutions and investors in stablecoins backed by real assets, such as USDT or USDC.
Stablecoin issuers are also actively participating in the tokenization trend. For example:
Circle (USDC) has acquired Hashnote – the issuer of USYC, a tokenized money market fund with a capitalization of 1.3 billion USD.
The goal is to integrate USDC with USYC to create a bridge between cash and interest-bearing assets, serving the needs of institutional investors.
According to S&P Global, the tokenization of government bonds helps stablecoins have transparent collateral, lower risk, and provide stable yields. For example:
BlackRock's BUIDL fund or
Franklin Templeton's tokenization fund
Both are serving as reserve assets for stablecoins, allowing organizations to access safe products on the blockchain.
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RWA is the most tokenized in 2025
By 2025, the most tokenized traditional asset categories will focus on stable income-generating groups that are large in scale. Below are some typical types of RWA:
T-bills, Treasuries – This is the group of RWA that is being tokenized the most vigorously. According to RWA.xyz data, the total value of tokenized US government bonds reached approximately 7 billion USD in May 2025, with an average yield of ~4.12%. Among these, Securitize and Ondo Finance are the leading platforms, respectively accounting for about 2.9 billion and 1.2 billion USD in value (accounting for 41% and 17% of the market share, respectively). Stablecoins like Ondo USDY or Hashnote USYC (later belonging to Circle) are also closely tied to bond yields, helping investors access Treasury yields on the blockchain.
Government and other corporate bonds – Besides T-bills, global bonds (sovereigns, corporate) are also gradually being tokenized, although the current scale is smaller. For example, the total value of tokenized international bonds reached ~232 million USD (May 2025). The Spiko project (Latin America) accounts for ~80% of the market share of this type.
Money Market Funds – Many new generation stablecoins (like USYC from Hashnote) are tokenized short-term bonds and money market instruments. Statistics show that this token has become the largest tokenized monetary product, reaching 1.3 billion USD and growing rapidly over the past year. JPMorgan has previously stated that in the future, the tokenization of MMF and T-bills could account for half of the stablecoin market.
Real Estate – Although not as popular as Debt instruments, real estate is one of the most frequently mentioned assets. Tokenizing real estate allows for fractional ownership, expanding opportunities for retail investors. Deloitte predicts that the tokenized real estate fund market could reach trillions of USD in the next decade. Many platforms like Centrifuge are already tokenizing real estate loans and private real estate funds, allowing investors on the blockchain to access large-scale real estate projects.
Commodities and precious metals – Products like gold are also being tokenized. For example, Paxos Gold (PAXG) and Tether Gold (XAUT) each represent a certain amount of physical gold. BlockApex reports that PAXG has a TVL of ~542 million USD, allowing investors to hold gold in a decentralized manner. Tokenized silver, oil, and other commodities are also gradually appearing.
In general, T-bills and Debt instruments remain the focal point of RWA tokenization in 2025 due to their high liquidity and safety. Alongside this, income-generating assets such as real estate or gold are being developed to diversify options and attract additional new capital into the crypto market.
Expand liquidity and attract new capital
RWA serves as a "bridge" connecting crypto with TradFi, helping to increase liquidity and attract large capital flows from outside.
Tokenizing real estate, bonds, or shares allows assets that are difficult to trade to become highly liquid and can be bought or sold instantly on the blockchain.
Instead of taking months to sell a real estate property, investors only need a few seconds to trade representative tokens. According to Cointelegraph, this is unlocking liquidity for many large asset types.
RWA also expands the customer base thanks to fractionalization capabilities. This helps both retail and smaller institutional investors easily access products that were previously only available to large financial players.
According to Conduit, RWA can "democratize investment" by bringing trillions of USD of traditional assets onto the blockchain.
In addition, RWA assets offer many outstanding benefits:
Higher liquidity
Low cost
Transparency thanks to smart contracts
Automation of processes such as dividend distribution, shareholder voting...
As a result, cash flows circulate quickly, and the market operates more efficiently.
In particular, RWA also creates real yields, attracting new capital flows from investors seeking stable income. DeFi products linked to government bonds or stablecoins collateralized by RWA are yielding 4–6% per year – higher than traditional USD savings.
For example: The stablecoin USDY (issued by Ondo on Solana) has reached over 170 million USD TVL, showing that financial institutions are viewing RWA as a tool that combines stability, profitability, and liquidity.
According to the Ripple–BCG report: The market size of tokenized assets could grow from 0.6 trillion USD (2025) to 18.9 trillion USD by 2033, equivalent to a compound annual growth rate of nearly 53%.
This figure reflects the enormous potential of RWA in "digitizing" real assets and attracting traditional capital flows into blockchain.
The future of RWA
In 2025, RWA is no longer a temporary "narrative" in crypto but is gradually becoming the infrastructure that connects reality between TradFi and DeFi. The tokenization of bonds, real estate, and commodities allows capital from organizations, banks, and even governments to access blockchain – where transactions happen faster, more transparently, and at lower costs.
However, for RWA to truly take off, the biggest barrier still lies in the legal framework and operational standards: how to verify on-chain assets? Who is responsible in case of disputes? I think this will be a major problem that needs to be solved before there is a massive influx from global financial institutions.
In this context, the US, Singapore, and the UAE are emerging as pioneering legal centers – laying the groundwork for legitimate digital asset models. These countries could be the launch pad for "Wall Street on the blockchain" in the near future.
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I think that in the long term, RWA is not just confined to the financial sector. New assets such as copyrights, carbon credits, personal data, or supply chains will also gradually be tokenized – opening up a world where all types of value can be freely and transparently traded on-chain.
If stablecoins are the "currency" of blockchain, I think RWA is the foundational asset that creates the structure of the digital economy. In the journey of convergence between DeFi and TradFi, RWA is not only a bridge – but a foundation for building a new financial system: open, efficient, yet safe and compliant.
