RWA Tokenization: Reshaping Asset Liquidity and Accessibility

Recently, the tokenization of real-world assets ( RWA ) is becoming an important trend in the financial sector. From a trading platform planning to launch tokenized stocks to another platform considering putting its own stocks on-chain; from the active participation of traditional financial giants to leading DeFi protocols incorporating RWA into their collateral frameworks—tokenization is fundamentally changing the liquidity and accessibility of assets.

Despite facing challenges such as regulation and infrastructure, the RWA sector has shown great potential: the total locked value of tokenized assets such as US Treasury bonds, real estate, and luxury goods has exceeded several billion dollars. According to data platforms, the total on-chain managed value of the RWA market has reached $23.92 billion. Institutions predict that by 2030, the global scale of tokenized assets will reach $16 trillion, accounting for 10% of all investable assets.

The following will analyze the current most promising RWA sub-tracks and take stock of the most representative leading projects in various fields.

Tokenization of National Bonds: Enhancing Liquidity and Transparency

Tokenization of government bonds is an important innovation in the financial market, allowing traditional government bonds to be tokenized, enabling investors to participate in government bond investments directly through blockchain, enjoying higher liquidity and transparency.

Franklin Templeton has launched FOBXX, the world's first registered tokenized money market fund, investing in U.S. government securities, providing investors with stable returns and liquidity. OpenEden has launched tokenized U.S. Treasury bonds (TBILL) through the XRP Ledger, making trading in the Treasury bond market more decentralized. Matrixdock has launched short-term U.S. Treasury bond tokens (STBT), which distribute interest daily through an on-chain re-benchmarking mechanism.

Securitize collaborates with Tradeteq to launch the tokenized U.S. Treasury Fund (USTY), aimed at qualified investors. Superstate launches a short-term U.S. Government Securities Fund (USTB), providing liquidity through tokenization. Hashnote introduces the USYC token, representing short-term U.S. Treasury bonds and repurchase agreements. An asset management company launches the tokenized Treasury Fund BUIDL, used as collateral across multiple platforms.

Stablecoin: The Financial Foundation of Cryptocurrency

Stablecoins serve as the "anchor" asset in the cryptocurrency market, with relatively stable value and an important position in the crypto market. The tokenization characteristics of stablecoins make them digital currencies linked to traditional currencies or assets, providing greater stability.

A certain platform as the issuer of USDC is promoting the GENIUS Act, which requires stablecoin issuers to hold equivalent short-term U.S. Treasury bonds as reserve assets and to disclose their reserves. This enhances market trust in its products. Other stablecoin issuers such as Tether, Paxos, and Gemini will also face new regulatory requirements and may need to adjust their reserve mechanisms to comply with the new regulations.

Tokenization of Stocks: Connecting Traditional Stock Markets with the Crypto Market

Tokenization of stocks allows stock investments to be conducted via blockchain, enabling investors to make fractional investments with less capital while enjoying higher transparency and liquidity.

A fintech company has tokenized traditional stocks and ETFs into "xStocks," operating on the Solana blockchain, providing global investors with a 24/7 trading experience for U.S. stocks. By the end of 2024, the company holds approximately 77% market share in the tokenized stock market.

Dinari is a registered transfer agent in the United States, offering tokenized stocks and ETFs called dShares, ensuring that each dShare corresponds 1:1 with actual stocks. It supports trading on multiple blockchains and provides tokenized versions of over 100 US stocks and ETFs.

Exodus Movement has launched a tokenized stock called EXOD, representing its Class A common shares. These tokens are managed on the Algorand blockchain and have been listed on NYSE American, becoming the first tokenized stock to be listed on a U.S. stock exchange.

Private Lending: Decentralized Financing Empowers Small and Medium Enterprises

Private lending provides loans to businesses through non-traditional financial institutions and tokenizes these loans via blockchain to enhance capital liquidity and transparency.

Centrifuge provides financing channels for small and medium-sized enterprises by tokenizing assets such as receivables. Maple is a decentralized lending platform that focuses on providing unsecured loans. Clearpool allows institutions to initiate and manage loans, providing a transparent credit market. CREDIX connects borrowers and investors, focusing on private credit tokenization. TrueFi offers a decentralized platform for unsecured loans. Goldfinch provides unsecured loans to businesses through community governance, particularly targeting businesses in developing countries.

Real Estate Tokenization: Sharing the Global Real Estate Market

Real estate tokenization allows small investors to participate in the traditionally high-threshold real estate market and enjoy higher liquidity.

Propy digitizes real estate transactions through blockchain, allowing investors to participate in the global real estate market via tokenization. RealT breaks down real estate assets into small tokens, enabling global investors to participate and enjoy monthly rental income. Parcl combines blockchain with real estate market data to provide investors with investment opportunities in the global real estate market.

Tokenization of Artworks and Collectibles: A New Investment Approach

The tokenization of artworks and luxury goods not only breaks the boundaries of traditional markets but also allows more investors the opportunity to participate in high-value collectible investments.

A certain platform tokenizes art through blockchain, enabling artworks to be traded like other crypto assets. Another platform tokenizes valuable items such as diamonds, allowing investors to purchase and trade these assets via blockchain. Additionally, there are platforms that focus on the tokenization of luxury watches, artworks, and high-end collectibles, providing new channels for asset investment.

Decentralized Exchange: A New Era of Cryptocurrency Asset Trading

Decentralized Exchange ( DEX ) provides a more transparent and secure trading experience for the crypto market, avoiding the intermediary fees of traditional centralized exchanges.

DigiFT is a decentralized exchange focused on trading financial derivatives and structured products. Swarm supports tokenized asset trading, providing transparent transaction records. Other platforms such as Mauve and Stobox also focus on building decentralized exchanges, offering digital asset management and trading services.