📖 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?
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