Innovative Finance: A Comprehensive Analysis of the RWA Market and Outlook for 2030

1. Definition and Development of RWA

RWA(Real World Assets) refers to the process of converting real-world assets into digital tokens using blockchain technology. These assets include real estate, commodities, debts, intellectual property, and more. The core goal of RWA is to address issues such as ownership confirmation, circulation efficiency, and liquidity in traditional asset transactions through the characteristics of blockchain.

The development of RWA has roughly gone through the following stages:

• 2017-2020: Early exploration phase, mainly focusing on the tokenization of real estate and artworks.
• 2021-2023: Institutional entry phase, DeFi protocols begin to incorporate RWA into the ecosystem
• 2024-2025: Explosive growth phase, traditional financial institutions accelerate layout, market size exceeds 23 billion USD.

2. Market Size and Growth Trends

As of May 2025, the total on-chain RWA value worldwide is approximately $23 billion. In March 2025, the TVL of RWA protocols broke the $10 billion mark for the first time. The locked value of mainstream RWA protocols has significantly increased, with MakerDAO's RWA collateral TVL at around $1.3 billion and Ondo Finance's TVL at approximately $1.283 billion.

Multiple institutions have made predictions about the size of the RWA market in 2030:

• Boston Consulting Group ( BCG ): approximately 16 trillion USD
• McKinsey: Approximately $2 trillion
• Citigroup: $4-5 trillion range
• 21.co: 3.5-10 trillion USD range

The main growth trends include:

1. Institutional Participation Accelerates: Traditional financial giants are entering the RWA track.
2. Technological evolution drives efficiency improvements: high-performance links and scalability solutions continue to emerge.
3. Regulatory policies are tightening: Countries are beginning to establish rules related to RWA to provide institutional support for market development.

3. RWA Technical Path and Core Standards

The technical implementation path of RWA usually includes the following key steps:

1. Asset On-Chain and Tokenization Process

   • Asset Selection and Confirmation of Rights
   • Legality audit and SPV establishment
   • Token Issuance
   • Off-chain data integration
   • Value Guarantee Mechanism

2. Protocol Technology Stack Supported by RWA

Core Standards and Tools:

• ERC-3643 (T-REX): Supports identity whitelisting, regulatory control, and permission management
• ERC-1400: A compliance framework for security tokens
• Chainlink / Pyth Oracles: Provide reliable synchronization of off-chain data such as prices and asset status.
• Multi-signature/Custody tools: such as Gnosis Safe, Anchorage Custody, etc.
• TEE( Trusted Execution Environment ): Ensures that sensitive off-chain data can still operate securely and privately during on-chain interactions.

IV. Typical RWA Asset Categories and Practical Applications

4.1 Typical RWA Asset Types

1. Debt-related assets ( real-world securities ) Typical projects: Ondo Finance, Maple Finance, Centrifuge

2. Real estate assets ( such as real estate ) Typical projects: RealT, Propy, Lofty

3. Commodity assets ( gold, carbon credits, oil, etc. ) Typical projects: PAXG, OpenCarbon, Tangible

4. Other real asset categories ( copyrights, insurance, invoices, intellectual property, etc. ) Typical projects: Re, IP3 / Story Protocol, Goldfinch

Practical Applications of 4.2 RWA

1. Investment-oriented RWA: Yield anchoring of virtual assets
2. Financing-oriented RWA: Liberation of liquidity of traditional assets

4.3 RWA Practical Issuance Process

Taking the Evergreen digital bond project as an example, it demonstrates the architecture of the digital platform and the overall project structure of general RWAs.

V. Current Development Status and Representative Projects of Global and China-U.S. Hong Kong Markets

The global RWA market is growing rapidly, with a market size exceeding $22 billion by May 2024. Developed markets such as the United States and innovative platforms are leading the trend. The market size of tokenized government securities is rapidly increasing and has now surpassed $1 billion.

The Chinese market mainly focuses on pilot projects for the on-chain of energy and equipment assets. The Hong Kong Monetary Authority has launched the "Ensemble Project Sandbox," covering tokenized scenarios such as fixed income, funds, green finance, and supply chain financing.

6. Regulatory Attitudes and Compliance Policies in Different Regions

6.1 Hong Kong Regulatory Policy

Hong Kong adopts a "dual-track regulatory model based on asset characteristics, with technology regulation as a supplement." The core regulatory logic is managed according to the Securities and Futures Ordinance (SFO), while additional technical regulatory requirements are imposed on the DLT architecture.

6.2 U.S. regulatory policies

The US SEC uses the Howey Test to determine whether RWA constitutes a security. Regulatory features include functional testing, dual federal and state jurisdiction, and a registration exemption mechanism.

6.3 Dubai regulatory policy

Dubai implements dual-track regulation through VARA( for within the UAE) and DFSA( for the DIFC financial free zone). The 2025 rulebook published by VARA clarifies the concept of ARVA and issuance requirements; DFSA has launched the Tokenisation Sandbox.

6.4 Comparison of RWA Regulatory Environments in Various Regions

Hong Kong, the United States, and Dubai have differences in legal foundations, regulatory focuses, and compliance paths. Dubai has established clear rules and innovative mechanisms through the VARA+DFSA dual-track system, making it one of the most "proactive and implementable" regions in terms of regulation.

7. Future Outlook and Potential Forecast

1. More institutional capital entering the market
2. Diversification of asset types
3. Technical and Standard Upgrades
4. Improved regulatory system
5. The Integration of Green Finance and Innovation

It is expected that by 2030, the global tokenized asset market size could reach approximately 16 trillion USD. RWA will become the "golden key" connecting traditional finance and blockchain, opening a new era of digital finance.