Eighteen months ago, the market for tokenized real-world assets (RWAs) was a quiet corner of crypto. Around late 2023, it sat at just $5–6B.
Fast forward to mid-2025 — that figure has surged to $24–25B. A 4x explosion. 🤯💥
What was once niche is now one of crypto’s strongest narratives. At this pace, it’s hard not to imagine a future where every major asset — treasuries, real estate, art, commodities — exists on-chain.
But how did we get here? Let’s trace the story 👇
Act 1: Building the Rails No great market exists without infrastructure. •@chainlink → RWA oracles, real-world data. •@PolymeshNetwork → blockchain for regulated assets. •@RWA_xyz → analytics & research hub. •@Algorand → widely used for regulated tokenization. •@plumenetwork → EVM-compatible infra for RWAs. •@RedbellyNetwork → compliance infra (real estate, carbon, PE). •@XDC_Network_ → trade finance + invoices.
These are the hidden builders laying the foundation.
⸻
Act 2: Culture Finds a Market Illiquid culture becomes liquid: •@arkive → tokenized art collections curated by DAO.
⸻
Act 3: The First Chapter — Stablecoins RWAs aren’t new. Stablecoins were the first proof of concept. •$USDC & $USDT → backed by cash + treasuries. •@OndoFinance → yield-bearing stables via treasuries. •@Ethena_labs → over-collateralized stables.
Stablecoins walked so RWAs could run.
⸻
Act 4: The Platforms Rising Projects bringing traditional finance directly on-chain: •@MANTRA_Chain → real estate + financial assets. •@tradable_xyz → private credit into tradable assets. •@BackedFi → tokenized equities & ETFs. •@realio_network → tokenized real estate + private equity. •@centrifuge → invoices, credit, loans as DeFi collateral.
Each one pulling entire asset classes onto blockchain rails.
⸻
Act 5: The Road Ahead But every story has conflict. RWAs face hurdles: •Regulation is fragmented. •Liquidity is uneven. •Custodians are a weak link. •Chains remain too complex for mass users.
The danger? RWAs becoming “CeFi dressed in DeFi clothes.”
⸻
Final Chapter: Why It Matters RWAs are where crypto meets the real economy.
Tokenizing treasuries, real estate, credit, and commodities could unlock trillions in programmable finance.
The big question: 🤔🤔Who will become the BlackRock of on-chain RWAs?
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📖 The Story of RWAs in 2025
Eighteen months ago, the market for tokenized real-world assets (RWAs) was a quiet corner of crypto. Around late 2023, it sat at just $5–6B.
Fast forward to mid-2025 — that figure has surged to $24–25B. A 4x explosion. 🤯💥
What was once niche is now one of crypto’s strongest narratives. At this pace, it’s hard not to imagine a future where every major asset — treasuries, real estate, art, commodities — exists on-chain.
But how did we get here? Let’s trace the story 👇
Act 1: Building the Rails
No great market exists without infrastructure.
•@chainlink → RWA oracles, real-world data.
•@PolymeshNetwork → blockchain for regulated assets.
•@RWA_xyz → analytics & research hub.
•@Algorand → widely used for regulated tokenization.
•@plumenetwork → EVM-compatible infra for RWAs.
•@RedbellyNetwork → compliance infra (real estate, carbon, PE).
•@XDC_Network_ → trade finance + invoices.
These are the hidden builders laying the foundation.
⸻
Act 2: Culture Finds a Market
Illiquid culture becomes liquid:
•@arkive → tokenized art collections curated by DAO.
⸻
Act 3: The First Chapter — Stablecoins
RWAs aren’t new. Stablecoins were the first proof of concept.
•$USDC & $USDT → backed by cash + treasuries.
•@OndoFinance → yield-bearing stables via treasuries.
•@Ethena_labs → over-collateralized stables.
Stablecoins walked so RWAs could run.
⸻
Act 4: The Platforms Rising
Projects bringing traditional finance directly on-chain:
•@MANTRA_Chain → real estate + financial assets.
•@tradable_xyz → private credit into tradable assets.
•@BackedFi → tokenized equities & ETFs.
•@realio_network → tokenized real estate + private equity.
•@centrifuge → invoices, credit, loans as DeFi collateral.
Each one pulling entire asset classes onto blockchain rails.
⸻
Act 5: The Road Ahead
But every story has conflict. RWAs face hurdles:
•Regulation is fragmented.
•Liquidity is uneven.
•Custodians are a weak link.
•Chains remain too complex for mass users.
The danger? RWAs becoming “CeFi dressed in DeFi clothes.”
⸻
Final Chapter: Why It Matters
RWAs are where crypto meets the real economy.
Tokenizing treasuries, real estate, credit, and commodities could unlock trillions in programmable finance.
The big question:
🤔🤔Who will become the BlackRock of on-chain RWAs?