Original Title: "RWA Track In-Depth Layout Guide: 10 RWA Projects to Watch in 2025"
Original Source: Biteye
Recently, RWA and Payfi have been brought up again in the market. Are these two tracks just another round of narrative hype, or can they truly connect TradFi and DeFi, unlocking a trillion-dollar market with a "golden key"?
We have compiled 10 RWA projects that should not be missed, attempting to delve into several core issues of the RWA track.
1/11@plumenetwork
Introduction: Plume is an EVM-compatible public chain designed for RWA, dedicated to promoting the digitization, circulation, and composability of RWAs. Through full-stack vertical integration technology, Plume supports the tokenization of assets such as real estate, commodities, and income rights, achieving efficient collaboration with DeFi protocols to enhance asset liquidity and usability. Its ecosystem has attracted over 180 projects, with 3.75 million users and 265 million transactions during the testnet phase.
Project Progress & Participation: Plume is currently focused on building the core infrastructure for on-chain RWA assets, including smart contracts, toolsets, and DeFi integration, primarily serving crypto users. In the future, Plume will gradually expand to diverse real asset scenarios (2025-2026) and plans to collaborate with traditional financial institutions to promote the integration of off-chain and on-chain assets, creating compliant, composable, user-centric RWA financial infrastructure.
2/11@OndoFinance
Introduction: Ondo is a financial infrastructure platform dedicated to bringing traditional financial assets (such as US stocks, bonds, ETFs) onto the chain. Its core product, Ondo Global Markets, offers 1:1 physically-backed security tokens. Ondo has also launched a Layer1 blockchain, Ondo Chain, designed for institutional finance, enabling RWA staking, native cross-chain communication, and creating a compliant, secure, and efficient on-chain capital market environment, connecting Wall Street and DeFi in a new generation of financial ecosystem.
Project Progress & Participation: Ondo Finance recently surpassed $1 billion in TVL, solidifying its leading position in the tokenization of US Treasury bonds. Currently, the global tokenized treasury market has exceeded $5 billion, with Ondo holding a core share. A JPMorgan report predicts that yield-bearing stablecoins will capture 50% of the stablecoin market, further validating the growth potential of the Ondo model.
3/11@humafinance
Introduction: Huma is a decentralized real yield platform deployed on Solana, providing users with stable yields driven by real payment financing activities through its PayFi network. Retail investors can participate in Huma 2.0, with the platform supporting Classic mode (10.5% annualized USDC) and Maxi mode (no annualized but high feather points), and issuing tradable LP tokens $PST, compatible with DeFi protocols like Jupiter.
Project Progress & Participation: Visit the official website and connect your OKX Wallet (Solana network), preparing $USDC. You can choose between Classic (10.5% annualized) or Maxi mode (more feather points), select the staking amount and lock-up period, and click Deposit. After staking, you will receive PST or mPST tokens, both of which can be exchanged for USDC through Jupiter, with mPST needing to be converted to PST first. It is recommended to pay attention to feather points, as they may be a key indicator for airdrops. Link: https://app.huma.finance/?ref=KK3bhC
4/11@noble_xyz
Introduction: Noble is a native asset issuance chain built on the Cosmos SDK, focusing on the cross-chain issuance and circulation of stablecoins and RWAs, and has supported native USDC. Noble's yield dollar stablecoin allows holders to earn an expected annualized yield of 4.2%, supported by a 103% collateralization rate of US Treasury bonds to further unlock the potential of stablecoins. Noble plans to launch Noble AppLayer—a high-performance EVM Rollup based on Celestia, designed for native stablecoin applications, featuring 100ms block times and high throughput, supporting composable liquidity for USDN stablecoins, empowering payment, remittance, lending, and other scenarios.
Project Progress & Participation: Noble has launched a four-month USDN points incentive program (currently 73 days remaining), where users can deposit USDN into designated points pools to accumulate points. First, cross-chain USDC from an EVM wallet (cross-chain available on the official website) to the Noble chain in the Cosmos ecosystem and exchange it for USDN (a yield-bearing stablecoin supported by short-term US Treasury bonds). Next, choose a deposit pool. One pool only receives USDN interest, with an APY of 13.7%, and does not participate in points airdrops; the other pool forfeits interest, focusing on earning Noble points (points require at least 1 month of staking to qualify, with no rewards for early withdrawal). Choose a pool based on your needs to participate in Noble's points airdrop program.
5/11@MidasRWA
Introduction: Midas focuses on identifying, screening, and introducing high-quality assets with attractive yields from the real world, particularly low-risk, stable-yield assets like US Treasury bills (T-Bills), representing ownership or income rights of these off-chain assets as tradable tokens on the blockchain (e.g., its mTBILL token represents an investment in underlying US Treasury bonds). Through the Midas platform, users can conveniently invest in these real-world assets on-chain, obtaining stable yields derived from traditional financial markets, and seamlessly integrating and utilizing these assets within the DeFi ecosystem.
Project Progress & Participation: Enter the Invest page to choose from 6 financial products: mEDGE, mMEV, mRe7, mBASIS, mTBILL, mBTC. After selecting, input the amount of USDT you wish to deposit, and it will automatically convert to the corresponding product. Investment is completed after wallet confirmation.
6/11@convergeonchain
Introduction: Converge is a high-performance RWA public chain platform supported by Ethena and Securitize, aimed at bringing institutional funds on-chain and achieving the integration of real assets and DeFi. Its technical architecture is based on Arbitrum Orbit and Celestia, using USDe and USDtb as native gas assets. Converge supports cross-language contract combinations in Rust and Solidity, providing security for institutional funds through an ENA-driven validator network (CVN).
Project Progress & Participation: Converge is about to launch a developer testnet and has reached cooperation with leading protocols such as Aave, Pendle, and Morpho, with the first deployment of applications based on Ethena and Securitize assets. The platform introduces technologies like Stylus VM and Mini-block Streaming to achieve ultra-high performance and enhances asset security through an ENA-staking-driven validator network. The core subproject, Ethereal DEX, will support CEX-level matching rates, expecting to process millions of orders per second, becoming the on-chain high-frequency trading infrastructure. The mainnet is expected to launch in the coming months.
7/11@superstatefunds
Introduction: Superstate is a government bond fund based on Ethereum, aiming to compliantly issue US short-term Treasury products in tokenized form. Its first product, USTB, is aimed at qualified investors, investing in short-term US Treasury bonds and charging a 15 basis point management fee, supporting self-custody and various security solutions (such as multi-signature, MPC, EOA), with custody and asset management services provided by Anchorage Digital and BitGo. Superstate combines existing US securities regulations to enhance the composability and liquidity of Treasury assets on-chain, serving as an important infrastructure for integrating traditional financial assets into the DeFi ecosystem.
Project Progress & Participation: No airdrop expectations currently; the first product USTB is aimed at qualified investors. The underlying assets of USTB are short-term US Treasury bonds (T-Bills), which are highly liquid and have the highest credit ratings among fixed-income assets. Superstate packages these assets into fund shares and issues them on-chain in token form. USTB aims to provide users with a low-risk, stable yield on-chain asset option. USTB is not open to all users; its issuance structure follows the US securities law framework and is only open to qualified purchasers, meaning the participation threshold is relatively high.
8/11@Securitize
Introduction: Securitize is a digital securities platform focused on RWA tokenization, dedicated to compliantly bringing traditional high-barrier assets such as real estate, art, and bonds onto the blockchain, enabling fractional ownership and secondary circulation. The platform has obtained SEC registration as a transfer agent and collaborates with institutions like BlackRock and Coinbase to provide ordinary investors with compliant, transparent, and liquid alternative investment channels. Securitize does not issue a platform token but supports the issuance of project tokens on its platform, making it one of the key infrastructures for bringing institutional-grade assets on-chain.
Project Progress & Participation: Since its establishment in 2017, Securitize has obtained SEC registration and issued the world's first credit-rated and index-based tokenized securities, collaborating with institutions like BlackRock and Apollo. BlackRock launched the BUIDL fund in March 2024, with the BUIDL fund's scale exceeding $1 billion in 2025, and has obtained CNMV investment company licensing, continuously expanding into the European and American markets. No airdrop expectations currently; investments can be made on the platform after KYC, but the review and investment standards are stricter than typical crypto projects.
9/11@BackedFi
Introduction: Backed Finance is a project that tokenizes RWAs, such as US stocks, ETFs, and government bonds, in a compliant manner and introduces them to the blockchain. Each token issued by the platform (e.g., bTSLA, bGOOGL, bCSPX) is backed 1:1 by equivalent physical assets and is held by licensed custodians, supporting on-chain trading, self-custody, and asset redemption for non-US qualified investors. Backed has currently launched various underlying assets, including Microsoft, Google, Tesla, and US Treasury ETFs. The tokens are compatible with the full-chain ERC-20 standard and can be used in DeFi scenarios such as collateral, lending, and portfolio investment. The project operates under the Swiss regulatory framework and has been selected by Arbitrum DAO as one of the targets for treasury allocation.
Project Progress & Participation: No airdrop expectations currently; the products are aimed at qualified investors. Individuals must be able to declare holding at least 500,000 Swiss francs in assets and possess sufficient expertise or experience; or hold at least 2,000,000 Swiss francs in financeable assets. Backed professional clients who have passed KYC can directly exchange Backed tokens at NAV + fees.
10/11@DinariGlobal
Introduction: Dinari is a compliance infrastructure platform focused on tokenizing traditional securities assets (such as stocks, bonds, ETFs). Through its core product dShare, it issues US stocks and other assets in the form of ERC-20 tokens backed 1:1 on-chain. After completing KYC, users can directly purchase dShares with stablecoins, enabling on-chain trading, self-custody, and dividend distribution. Dinari holds SEC registration as a transfer agent and collaborates with regulated custodians to ensure asset security and compliance.
Project Progress & Participation: In 2024, Dinari will launch nearly a hundred dShares, USD+ stablecoins, cross-chain support, and API collaboration solutions, continuously promoting the on-chain integration of RWA assets. First, complete KYC verification and provide proof of residence to meet regulatory requirements, then trade using stablecoins like USDC and USDT to purchase corresponding securities assets in the relevant securities market, where you can see the corresponding dShares in your wallet. If the corresponding securities assets issue dividends, Dinari will convert the dividends into USDC and distribute them to the user's wallet.
11/11
In summary, for ordinary crypto users, the ways to participate in current RWA projects mainly fall into several categories: directly purchasing leading tokens $ONDO and $PLUME to bet on the track; earning interest by depositing in Huma, Midas, and Noble while seeking airdrop opportunities; and interacting with Converge to seek airdrops. Projects like Superstate, Securitize, Backed, and Dinari have high participation difficulty due to strict KYC or high thresholds.
Additionally, the RWA track still faces challenges at this stage, such as:
1. The "Impossible Triangle" of RWA: Compliance, Decentralization, and User Experience
Through project research, we found that almost all RWA projects currently emerging cannot avoid KYC/AML, and often impose strict geographical and qualification restrictions on investors (qualified investors). This inherently filters out a large number of DeFi native users. The so-called "permissionless" often raises questions in the context of RWA. For RWA to truly explode, it must find a clever balance within this "impossible triangle." Currently, most projects tend to lean towards compliance and TradFi logic, which limits their potential for native integration in the DeFi world.
2. How to Break Through the Path Dependence on US Treasury Bonds & US Stocks?
Currently, the most successful RWA applications are the tokenization of US Treasury bonds and US stocks, but this resembles "Stablecoin 2.0" or the on-chainization of dollar-yielding tools. US Treasury RWA is a successful start, but the real blue ocean lies in liberating those illiquid, non-standard, hard-to-reach real assets through blockchain technology and granting them DeFi composability. This is the most exciting narrative for RWA, but also the hardest to achieve.
3. How to Achieve Deep Composability of RWA Assets?
Tokenizing assets is just the first step; achieving composability is much more challenging. Different platforms issuing similar RWAs (e.g., tokenized US Treasury bonds) may have inconsistent standards, making them likely incompatible. So, is it possible for RWA assets to flow, combine, and create new plays as smoothly as $ETH and $USDC across DeFi protocols, using tokenized real estate for collateral lending, and then investing in other protocols for liquidity mining, etc.?
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