As the market gradually shifts from the original pursuit of "high returns and decentralization" to a growth path supported by more realistic value, RWA (Real World Assets) is gradually taking center stage. On-chain government bonds, mortgage asset securitization, commodity tokenization… traditional assets are being integrated into blockchain systems in digital form, becoming a new growth momentum for the DeFi market.

According to data from rwa.xyz, by the end of 2024, the on-chain RWA market size has surpassed $5 billion, growing over 200% compared to a year ago. Among them, the scale of on-chain U.S. government bonds has grown the fastest, becoming an important support for mainstream RWA protocols.

Taking MakerDAO as an example, it has launched the "On-chain Government Bond Model" through its partner Monetalis, using part of its DAI reserve funds to purchase U.S. short-term government bonds, stabilizing the interest rate mechanism of DAI. This practice is seen as a landmark event in the DeFi protocol's alignment with real financial assets, enhancing DAI's risk resistance in a bear market.

Another noteworthy project is Ondo Finance, which in 2024 completed collaborations with traditional financial giants like BlackRock and Franklin Templeton to launch OUSG (Ondo U.S. Government Bond Fund Token), allowing users to hold U.S. government bonds in the form of digital tokens and participate in on-chain lending and asset allocation. Its "fund custody + on-chain mapping" mechanism is considered a representative solution that balances compliance and transparency.

Of course, the implementation of RWA also faces a series of challenges: How to ensure that on-chain assets correspond one-to-one with off-chain real assets? How to delineate the boundaries of regulation? How to operationalize cross-chain circulation and settlement? These issues still need to be gradually advanced in terms of technology, regulations, and standards.

From a macro trend perspective, traditional financial institutions' interest in on-chain assets is rapidly increasing. BlackRock CEO Larry Fink has repeatedly stated that asset tokenization will be the future of financial technology. The IMF and the Swiss National Bank are also researching how central bank digital currencies can be combined with the RWA model for cross-border settlement and liquidity management.

RWA is no longer just "crypto people talking about crypto matters," but a true bridge connecting on-chain and off-chain. In the future, it may become an important interface for the symbiosis of traditional finance and the Web3 ecosystem, playing a crucial role in building a trustworthy, transparent, and globalized new financial system.

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