Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Sector Market Performance
According to RWA.xyz data, as of April 14, 2025, the total on-chain value of RWA reached $20.87 billion, an increase of 10.39% compared to 30 days ago. The total number of on-chain asset holders was 95,491, up 5.59% from 30 days ago, with 168 asset issuances. The total value of stablecoins was $22.651 billion, a 0.63% increase from 30 days ago, while the number of stablecoin holders reached 1.5758 million, up 2.58% from 30 days ago.
Historically, the total on-chain value of RWA has shown significant growth since 2019, particularly accelerating after 2023, peaking in early 2025, indicating the rapid adoption of tokenized assets. In terms of asset class distribution, private credit dominates with a value of $12.7 billion, accounting for 61% of the total value; US Treasury Debt is valued at $5.7 billion, making up 27%; International Alternative Funds are at $4.36 billion, accounting for 21%; and Commodities are valued at $1.4 billion, making up 7%. Stocks, non-US Government Debt, and Corporate Bonds have relatively smaller proportions.
Review of Key Events Last Week
BlackRock CEO Larry Fink: The Tokenization of Everything is Within Reach
BlackRock CEO Larry Fink envisioned a future where all assets (stocks, bonds, real estate) are tokenized on blockchain platforms, enabling instant trading and settlement.
In his recent annual letter to investors, Fink described tokens as digital contracts that can eliminate delays associated with paper documents, reducing settlement times from days to seconds and freeing up billions for reinvestment. He emphasized that this vision depends on overcoming significant challenges, particularly the lack of a coordinated digital identity verification system.
Fink highlighted that advancements in cryptography and blockchain scalability indicate that the tokenization revolution he describes is within reach, provided the industry can reach consensus on standards and infrastructure.
Plume Announces Investment from Apollo Funds to Advance On-Chain RWAfi
Plume, a fully integrated modular blockchain built for RWA, announced a strategic investment from alternative asset management firm Apollo Funds, with the specific amount undisclosed. Plume is building an EVM-compatible environment and full-stack infrastructure to transform traditional financial instruments, carbon credits, GPUs, collectibles, and other alternative assets into composable digital assets, integrating utility into its RWAfi ecosystem. The new funds are intended to accelerate the development of its modular blockchain infrastructure, aimed at providing on-chain RWA services for cryptocurrency-native enterprises, traditional financial institutions, asset issuers, and more.
Ripple Acquires Cryptocurrency-Friendly Broker Hidden Road for $1.25 Billion
Ripple has acquired cryptocurrency-friendly broker Hidden Road for $1.25 billion to expand its services for institutional investors. Ripple CEO Brad Garlinghouse stated that this acquisition represents the company's efforts to integrate broader services to attract large institutions, saying, "Ripple needs to ensure we have the right infrastructure to attract and scale to a larger group of major institutions."
At the same time, Ripple CTO David Schwartz described the $1.25 billion acquisition of major broker Hidden Road as a "defining moment" for the blockchain payment company, potentially opening up more use cases for XRPL in institutions, such as the future use of collateral and tokenization of real-world assets on XRPL.
Kraken Partners with Mastercard to Launch Crypto Debit Card
Mastercard announced that cryptocurrency exchange Kraken is partnering with Mastercard to allow cryptocurrency holders in the UK and Europe to spend their digital assets at over 150 million merchants worldwide. Kraken will provide physical and digital debit cards, enabling customers to use cryptocurrencies and stablecoins in everyday transactions. This is the latest development in the Kraken Pay service, which was launched earlier this year and supports over 300 cryptocurrencies and fiat currencies for cross-border payments. These debit cards are expected to be launched in the coming weeks.
Tether Plans to Launch US-Only Stablecoin in Response to Trump’s Regulatory Support
According to the Financial Times, Tether, the issuer of the stablecoin USDT, may launch a new token specifically targeting the US market. Tether CEO Paolo Ardoino stated in an interview that the company has been involved in discussions regarding US stablecoin regulations and may create a token exclusively for the US, depending on the progress of these discussions.
Paolo Ardoino noted that the Trump administration views stablecoins as "an important tool for the US," and if new rules are introduced to make US stablecoins competitive, Tether may be interested in creating a "domestic" stablecoin, which would essentially be a "settlement currency."
Latest Updates on Hot Projects
Mantra (OM)
Official Website: https://www.mantrachain.io/
Introduction: Mantra Chain is a Layer 1 blockchain platform focused on decentralized finance (DeFi) and the tokenization of real-world assets (RWA). It aims to connect traditional finance with digital assets through blockchain technology, allowing users to trade, invest, and manage real-world assets such as real estate and bonds on-chain. Mantra provides high-performance blockchain infrastructure, supports cross-chain interoperability, and is committed to offering secure and compliant financial services for both institutions and individual users. Its native token OM is used for network governance, transaction fee payments, and incentivizing ecosystem participants.
Latest Update: In the early hours of April 14, the price of Mantra's native token OM plummeted from $6.15 to $0.37, a drop of 90%, with a market cap evaporating by $5.5 billion, triggering over $65 million in liquidations across the network. On-chain data shows that at least 17 wallets deposited large amounts of OM into exchanges before the crash, raising questions about the behavior of addresses related to Mantra's strategic investors and newly emerged whale addresses. (For details, refer to the article “Insight into OM's Flash Crash: Behind the $5.5 Billion Market Cap Evaporation, Are All Participants Villains?”)
Ondo Finance (ONDO)
Official Website: https://ondo.finance/
Introduction: Ondo Finance is a decentralized finance protocol focused on structured financial products and the tokenization of real-world assets. Its goal is to provide users with fixed-income products, such as tokenized US Treasury bonds or other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, high-liquidity assets while maintaining decentralized transparency and security. Its token ONDO is used for protocol governance and incentive mechanisms, and the platform also supports cross-chain operations to expand its application scope in the DeFi ecosystem.
Recent Update: On April 10, Ondo Finance CEO Ian De Bode discussed the modernization of financial markets on Nasdaq's live show @TradeTalks, stating that tokenization has become a hot topic on the New York Stock Exchange. There is high demand for tokenization, and he expects many crypto exchanges to offer products similar to stocks this year. On April 11, Binance listed ONDO, causing a temporary spike in the token's price.
Plume Network
Official Website: https://plumenetwork.xyz/
Introduction: Plume Network is a modular Layer 1 blockchain platform focused on the tokenization of real-world assets (RWA). It aims to transform traditional assets (such as real estate, art, equity, etc.) into digital assets through blockchain technology, lowering investment barriers and increasing asset liquidity. Plume provides a customizable framework that supports developers in building decentralized applications (dApps) related to RWA and integrates DeFi with traditional finance through its ecosystem. Plume Network emphasizes compliance and security, aiming to provide solutions that bridge traditional finance and the crypto economy for both institutional and retail investors.
Latest Update: On April 8, Plume secured investment from Apollo Funds to advance on-chain RWAfi, with the specific amount undisclosed. On April 11, it announced a partnership with Matrixdock to integrate XAUm (gold token) into the RWAfi ecosystem.
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