Author: Weilin, PANews
RWA is undoubtedly one of the fastest-growing tracks in Web3. As of March 25, according to data from rwa.xyz, the total on-chain value of real-world assets (RWA) has reached $19.53 billion, growing 19.58% over the past 30 days. Compared to $9.407 billion during the same period last year, the on-chain value of the RWA market has achieved a 108% year-on-year growth. In terms of total value of RWA across blockchain networks, Ethereum leads with a total value of $5.01 billion, followed by ZKsync Era ($672 million) and Algorand ($473 million).
Recently, the RWA track has seen several key developments covering areas such as public chain innovation, tokenization competition, mortgage-backed securities market, and real estate tokenization. In this article, PANews will briefly outline and introduce these developments.
Ethena and Securitize Launch New Public Chain Converge, Planned for Q2 Launch
Converge is a traditional finance and digital dollar settlement network driven by Ethena Labs and Securitize. Its vision is to provide the first settlement layer designed specifically for the integration of TradFi and DeFi, centered around USDe and USDtb, secured by ENA.
This blockchain is considered to have two core application scenarios:
- Settlement for permissionless spot and leveraged DeFi speculation;
- Storage and settlement of stablecoins and tokenized assets.
Securitize will deploy its core future tokenized asset issuance layer on Converge. This will go beyond tokenized government bond products and funds, covering securities forms across all asset classes. Ethena will launch its core products USDe, USDtb, and iUSDe, with native issuance.
Applications will be built on Converge specifically to enable traditional finance to interact on-chain with iUSDe, USDe, and Securitize-supported assets.
Currently, five protocols have committed to building and distributing institutional-grade DeFi products on Converge.
Aave Labs' Horizon: Bridging traditional finance and DeFi through a market designed for Securitize tokenized assets (including Ethena's institutional-grade iUSDe);
Pendle Institutional: Providing interest rate speculation infrastructure for scalable institutional opportunities (such as iUSDe);
Morpho Labs: Offering modular money markets for Ethena and Securitize assets;
Maple Finance and Syrup: Building verifiable on-chain institutional yield and credit products based on USDe and real-world assets (RWA);
EtherealDEX: Designing high-performance derivatives and spot trading for Ethena liquidity, using USDe as collateral.
Sky's $1 Billion Asset Tokenization Competition Results Announced, BlackRock, Superstate, Centrifuge Win
On March 18, the tokenized government bond products from BlackRock-Securitize, Superstate, and Centrifuge were selected as winners of the Spark Tokenization Grand Prix. This competition, initiated by Sky (formerly MakerDAO), aims to bring up to $1 billion in tokenized assets into the Spark Liquidity Layer.
The judging panel, Steakhouse Financial, selected three winners from 39 applications: BlackRock and Securitize's BUIDL, Superstate's USTB, and Centrifuge's JTRSY. They will receive funding of $500 million, $300 million, and $200 million, respectively. Among them, Centrifuge's JTRSY is issued in collaboration with asset management firms Anemoy and Janus Henderson.
Sky's plan aims to diversify the Spark portfolio and accelerate the tokenization applications of real-world assets (RWA). Upon approval from Sky governance, these assets will be included as collateral for Sky's native stablecoin USDS and yield-bearing stablecoin sUSDS.
DigiFT Launches Two On-Chain Tokenized Index Funds Covering AI Blue Chips and Crypto Assets
On March 25, Singapore-licensed crypto exchange DigiFT announced the launch of index funds that fully tokenize fund shares and their underlying stock assets for on-chain trading, open to qualified and institutional investors.
The first products include:
- AI Stock Index Fund (tracking companies like Apple, Tesla, Microsoft, Nvidia).
- Web3 Index Fund (covering crypto assets like BTC, ETH, SOL).
They are managed by Hash Global, with Amber Premium as the issuance partner. The funds operate on smart contracts, supporting USDT and USDC for subscriptions and redemptions, without the need for a bank account, providing real-time on-chain transparency and a 24/7 settlement cycle.
Previously, on February 19, DigiFT announced it would offer a tokenized version of Invesco's $6.3 billion private credit fund. This product allows institutional investors to purchase tokenized fund shares using USD, USDC, or USDT. Since its establishment in 2006, the fund has achieved an average annual net return of 4.5% and invests in priority secured loans to companies.
Figure Advances On-Chain Mortgage-Backed Securities (MBS) Market
According to data from rwa.xyz, Figure Technology Solutions currently occupies nearly 80% of the tokenized private credit market and is innovating the mortgage-backed securities capital market through blockchain technology. Major financial institutions, including Goldman Sachs, Jefferies, and Deutsche Bank, are adopting Figure's DART electronic lien registration system to advance their applications in the Figure Connect loan market, which is set to launch in June 2024.
This loan market automates loans on the Provenance blockchain, allowing homeowners to obtain home equity line of credit (HELOC) approvals in minutes and funding within days, while eliminating manual review processes.
In February, Figure formed a joint venture with Sixth Street and secured a $200 million equity commitment to establish a Figure loan securitization mechanism and create a liquid market.
Republic and Hamilton Lane Launch Tokenized Private Equity Infrastructure Fund for Retail Investors
Republic announced a partnership with Hamilton Lane to launch a tokenized private equity infrastructure fund aimed at retail investors, with a minimum investment threshold of just $500.
The Hamilton Lane Private Infrastructure Fund (HLPIF) is the first "perpetual" tokenized infrastructure fund in the U.S. open to non-accredited investors. This registered investment company will acquire direct positions and secondary interests, covering infrastructure assets such as data centers (serving AI companies), energy pipelines, and transportation hubs. Although fund shares typically have low liquidity, the company expects to offer quarterly sale options. This initiative reflects the trend of online capital raising platforms expanding from early-stage investments to a broader range of asset classes to meet retail investor demand.
Dubai Launches Real Estate Tokenization Pilot, Aiming for $16 Billion by 2033
The Dubai Land Department (DLD) has launched the pilot phase of the "Real Estate Tokenization Project," becoming the first registration authority in the Middle East to implement blockchain-based real estate property tokenization.
This project is part of Dubai's "2033 Real Estate Industry Strategy" and the Real Estate Innovation Plan (REES), jointly implemented by the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF) through SandBox Real Estate. The project is expected to reach a market value of over $16 billion by 2033, accounting for 7% of Dubai's total real estate transaction volume.
This development comes as the UAE's focus on asset tokenization continues to rise, with DAMAC Group and MantraChain announcing plans to tokenize $1 billion in assets.
Fidelity Doubles Down on RWA Track, Launches "OnChain" Stock Class for Its Tokenized Money Market Fund
According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on March 21, Fidelity has applied to register an "OnChain" stock class for its tokenized dollar money market fund, Fidelity Treasury Digital Fund (FYHXX), which was launched at the end of last year and holds cash and U.S. Treasury securities. According to the relevant filing information, the "OnChain" class of the FYHXX fund currently uses the Ethereum network and may expand to other blockchains in the future. This registration is subject to regulatory approval and is expected to take effect on May 30.
BlackRock's BUIDL Fund Surpasses $1 Billion in Assets Under Management, Expands to Solana
On March 14, BlackRock's BUIDL fund surpassed $1 billion in assets under management, becoming the first institutional-grade on-chain fund to reach this milestone. BUIDL is supported by short-term government bonds and offers qualified investors daily returns, similar to an on-chain version of a stablecoin.
Since its launch in March 2024, BUIDL has surpassed Franklin Templeton's BENJI and Hashnote's USYC, becoming the largest on-chain fund globally, accounting for about a quarter of the entire $4.2 billion on-chain government bond market. BUIDL operates on the Ethereum mainnet and has expanded to Aptos, Arbitrum, Avalanche, Optimism, and Polygon, supporting cross-chain Wormhole bridging. Custodians include Anchorage Digital, BitGo, Copper, and Fireblocks, with funds settled by BNY Mellon. BlackRock is accelerating its Web3 layout and providing institutional-grade crypto asset management services through Coinbase.
On March 25, BlackRock announced a partnership with Securitize to expand the blockchain-based money market fund BUIDL to Solana. In addition to continuously expanding the BUIDL business, this asset management company is increasingly venturing into the cryptocurrency market.
Conclusion
Currently, BlackRock's BUIDL fund surpassing $1 billion in assets under management is a landmark event in the recent RWA track. From public chain construction, tokenized funds, innovations in real estate and credit markets, to national projects like those in Dubai, RWA is becoming one of the hottest areas in the crypto industry. With institutional funds continuing to flow in and infrastructure improving, RWA is expected to further expand its influence in the crypto market and the global financial system, making future developments and dynamics worth looking forward to.
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