Research Report: The Rediscovery of RWA: The On-Chain Renaissance of Traditional Assets

An in-depth look at the Real-World Assets (RWA) track, the core narrative that integrates traditional finance and blockchain, is accelerating from the validation period to the expansion period. As of August 2025, the scale of on-chain RWA assets (excluding stablecoins) has exceeded $25 billion, and the market value of stablecoins has reached $256.8 billion. This growth is not accidental, but the result of multiple drivers of high macro interest rates, regulatory clarity, technological maturity and DeFi convergence. We systematically sort out the key drivers, implementation paths, market patterns and representative projects for the reference of investors and practitioners. (Synopsis: Christie's can buy a house with cryptocurrency, a new milestone in the RWA track) (Background supplement: IPO or RWA?) Since 2024, Real-World Assets (RWA) is re-emerging as one of the core narratives of the crypto market. From stablecoins to U.S. bonds, to stocks and non-standard assets in the waters, the on-chain process of real-world assets is moving from the verification period to the expansion suite period, which is driven not only by the maturity of technology, but also by the clear global regulatory environment and the active embrace of blockchain infrastructure by traditional finance. This RWA craze is no accident. It is the result of the convergence of multiple variables: macro view background: global interest rates remain high, institutional capital reevaluates on-chain income instruments; Policy evolution: Major regulatory bodies such as the United States and Europe have gradually established a "regulated tokenized assets" framework, and the compliance space for project parties has expanded Technology evolution: infrastructure such as on-chain settlement, KYC module, institutional wallet and authority management has become increasingly mature; DeFi convergence: RWA is no longer a "package" of off-chain assets, but an integral part of the on-chain financial system, with liquidity, composition and programmability. According to the data, as of August 2025, the total size of assets on the global RWA chain (excluding stablecoins) has reached 25 billion+, and the size of stablecoins has reached 250 billion+ market capitalization. RWA has been regarded as the core interface to promote the integration of Web3 and Web2 finance, and it is also a key track for on-chain finance to mainstream adoption. 1. Tokenization of Real Assets: Drivers and Paths to Implementation 1.1 Why RWA? Why should real assets be "on the chain"? The traditional financial system with centralized registries and multi-layer intermediaries as the core pillars, this structure naturally has structural inefficiency, which has become a bottleneck restricting asset circulation and financial inclusion: Limited liquidity: Real estate assets, private equity, long-term bonds and other real assets generally face problems such as high transaction thresholds (such as million-level investment), long holding period (years or even decades), limited circulation channels, etc., and a large amount of capital is "locked", making it difficult to achieve efficient allocation. Cumbersome settlement and custody processes: Asset issuance, trading, and clearing rely on multiple intermediaries such as brokers, clearing houses, and custodian banks, which are complex and time-consuming (such as 3-5 days for cross-border bond settlement), which not only increases the cost of handling fees, but also increases operational risks and delays. Insufficient data transparency: Asset valuation relies on fragmented offline data (such as real estate appraisal reports and corporate financial reports), and transaction records are scattered in different institutional systems, making it difficult to synchronize and cross-verify in real time, resulting in lagging pricing and inefficient portfolio management. The threshold for participation is too high: High-quality assets (such as private equity and high-end artworks) are mostly open to institutions or high-net-worth individuals, and ordinary investors are excluded due to restrictions such as the amount of funds and compliance qualifications, which exacerbates the inequality of the financial market. As a decentralized distributed ledger system, blockchain reconstructs asset records and transaction logic through "disintermediation", and solves the pain points of traditional finance from the technical bottom. Its core advantages and the value of real asset tokenization are reflected as follows: The underlying support of blockchain technology Decentralized resilience: Asset ownership records are jointly maintained by the entire network nodes, without relying on a single centralized institution, reducing single-point risks such as data tampering and system failure, and improving the failure resistance of the entire system. 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, reducing fraud and disputes. Concrete value from tokenization Liquidity innovation: Splitting high-value assets into small tokens (such as $10 million real estate into 1,000 $10,000 tokens) through "fractional ownership", combined with decentralized marketplaces with 24/7 execution and automated market makers (AMMs), greatly lowering the investment threshold and improving trading flexibility. Process automation and disintermediation: Smart contracts automatically execute processes such as asset issuance, dividend distribution, and payment at maturity, replacing the manual operations of traditional intermediaries; Oracles access offline data (such as real estate valuation and corporate revenue) to support the automatic triggering of complex scenarios such as insurance claims, significantly reducing operating costs. Compliance and audit upgrades: KYC/AML rules are built into the chain, which can automatically verify investor qualifications; All transaction data is uploaded to the chain in real time, which is convenient for regulators and auditors to efficiently verify, and it is estimated that compliance costs can be reduced by 30%-50%. Atomic settlement and risk elimination: Atomic settlement of "synchronous delivery of assets and funds" is realized through smart contracts, completely eliminating the counterparty risk of "money and goods out of sync" in traditional transactions, and shortening the settlement time from T+3 to seconds. Global circulation and DeFi synergy: Tokenized assets break through geographical restrictions and can flow seamlessly in the global blockchain network; At the same time, it is used as collateral to access DeFi protocols such as lending and liquidity mining, achieving "one asset, multiple reuse" and releasing higher capital efficiency. Overall, RWA is a Pareto improvement on the traditional financial industry, based on technological innovations, optimizing the efficiency of traditional finance. Successful Path Verification: The Experience of Stablecoins As a "stepping stone" to the on-chain listing of real assets, stablecoins have fully verified the feasibility of blockchain technology in the off-chain value and on-chain ecology: Model prototype: USDT, USDC and other stablecoins anchor off-chain dollar reserves through 1:1, realizing the standardized reflection of legal currency assets to blockchain tokens for the first time, becoming the initial practice of "real assets on the chain". Market validation: As of August 2025, the market capitalization of stablecoins has exceeded $256.8 billion, occupying an absolute dominant position in the RWA market, proving the scale potential of off-chain assets. Revelation value: The successful execution of stablecoins verifies the security, transparency and efficiency of "off-chain assets – on-chain tokens", providing technical standards and compliance templates for more complex RWA (e.g., real estate, bonds) tokenization. Through blockchain technology, real assets can get rid of the limitations of traditional finance, and realize the formalization and upgrading from "static holding" to "dynamic circulation", from "exclusive to a few people" to "accessible to all". 1.2 How to RWA？ The implementation path and operation structure of RWA The essence of RWA is to transform valuable assets in the real world into on-chain programmable digital certificates through blockchain technology, realizing a closed loop of "off-chain value – on-chain flow". Its core operation path can be divided into four key links: – Identification and investigation of off-chain assets: third-party institutions (law firms, accounting firms, valuation agencies) need to verify the legitimacy of assets...