Rapid Development of RWA Track: New Public Chains, Asset Tokenization Competition, and BUIDL Fund Surpasses 1 Billion USD

RWA has become one of the fastest-growing areas in Web3 development. As of March 25, the total on-chain value of real-world assets reached $19.53 billion, an increase of 108% compared to the same period last year. Ethereum ranks first with a total value of $5.01 billion, followed by ZKsync Era and Algorand.

Recently, the RWA sector has made significant progress in several areas, including public chain innovation, asset tokenization competitions, support for the mortgage-backed securities market, and real estate tokenization.

The Converge public chain is scheduled to launch in the second quarter

Converge is a settlement layer designed specifically for the integration of traditional finance and DeFi, centered around USDe and USDtb, with security provided by ENA. This public chain is primarily used for permissionless DeFi speculation settlements, as well as the storage and settlement of stablecoins and tokenized assets.

Currently, there are 5 protocols committed to building institutional-grade DeFi products on Converge, including Aave Labs' Horizon, Pendle Institutional, Morpho Labs, Maple Finance, and Syrup, as well as EtherealDEX.

Sky $1 Billion Asset Tokenization Competition Results Announced

Three winners were selected in the Spark tokenization competition initiated by Sky (formerly MakerDAO): BUIDL from BlackRock-Securitize, USTB from Superstate, and JTRSY from Centrifuge. These projects will receive funding support of $500 million, $300 million, and $200 million respectively, aimed at diversifying Spark's investment portfolio and accelerating the tokenization of RWA.

DigiFT Launches On-Chain Tokenization Index Fund

The licensed cryptocurrency exchange DigiFT in Singapore has launched two fully tokenized index funds: the AI Stock Index Fund and the Web3 Index Fund. These funds operate based on smart contracts and support subscriptions and redemptions in USDT and USDC, featuring real-time on-chain transparency and a 24/7 settlement cycle.

Figure promotes on-chain collateralized loan-backed securities market

Figure Technology Solutions is revolutionizing the mortgage-backed securities capital market through blockchain technology. Several major financial institutions are adopting Figure's DART electronic lien registration system to advance their application of the Figure Connect loan market.

Republic and Hamilton Lane Launch Tokenized Private Infrastructure Fund

Republic has partnered with Hamilton Lane to launch a tokenized private equity infrastructure fund targeting retail investors, with a minimum investment threshold of only $500. This is the first "perpetual" tokenized infrastructure fund in the U.S. open to non-accredited investors.

Dubai Launches Real Estate Tokenization Pilot

The Dubai Land Department 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. The project is expected to exceed a market value of $16 billion by 2033, accounting for 7% of the total real estate transaction value in Dubai.

Fidelity Launches OnChain Stock Class for Tokenized Money Market Fund

Fidelity has applied to register the "OnChain" stock class for its tokenized U.S. dollar money market fund, Fidelity Treasury Digital Fund. The fund currently uses the Ethereum network and may expand to other blockchains in the future.

BlackRock BUIDL Fund Breaks $1 Billion in Assets Under Management

BlackRock's BUIDL fund has surpassed $1 billion in assets under management, becoming the first institutional-grade on-chain fund to achieve this milestone. BUIDL has expanded to multiple blockchain networks and partnered with Securitize to extend its business to Solana.

With the continuous influx of institutional funds and the improvement of infrastructure, RWA is expected to further expand its influence in the crypto market and even in the global financial system, making its future development worth paying attention to.