RWA on-chain Financial Report: 2025 H1 Panorama Market Report

On June 26, 2025, RedStone Oracle released the "Real-World Assets in On-chain Finance Report," further advancing into the RWA ecosystem. RedStone's latest report emphasizes the significant rise and transformative potential of real-world asset (RWA) tokenization in the Blockchain ecosystem. The RWA market has surged from only $5 billion in 2022 to over $24 billion by mid-2025, firmly establishing itself as the second fastest-growing area in Crypto Assets.

The report indicates that institutional adoption has shifted from pilot phases to large-scale deployment, a transition aided by the continuous improvement of infrastructure and support from major financial institutions, including BlackRock, JPMorgan, and Franklin Templeton. As RWA tokenization gradually becomes a bridge connecting traditional finance and Blockchain, innovative compliant DeFi integrations and complex pricing oracles led by companies like RedStone lay the foundation for building an efficient, transparent, and liquid global asset market.

Private credit, as a major driver of rise, industry forecasts indicate that by the early 2030s, the asset tokenization ratio is expected to reach 30%. RedStone's insights demonstrate a bright future for releasing trillions of dollars in value through Blockchain.

For the complete report, please click the link to view:

Table of Contents

1. Key Point 4

Key Projects and Organizations 5

2. What is RWA?7

A Brief History of RWA and Tokenization 7

Attempts before the emergence of Blockchain 7

Why has Blockchain changed the rules of the game? 8

Recent Momentum: Perfect Storm 9

Why do the US dollar and government bonds dominate the RWA field? 10

3. tokenization11

Mainstream platforms compete through innovation and scale 12

Treasury bond market: Institutional demand surges by 13

Private Credit: Develop into the largest segment of RWA tokenization 14

Commodity tokenization: Diverse sprouts under the dominance of gold 16

The rise of the equity tokenization market 16

Crypto exchanges drive integration narrative 17

The Global Wave of Private Equity Tokenization 17

4. RWA+DeFi: Connection, Challenges and Breakthrough 18

How to institutionalize DeFi? 18

Ethena's USDtb: Leveraging BUIDL to Drive Institutional Adoption 19

Maple Finance: Accelerating On-chain Institutional Lending 21

Morpho v2: DeFi has learned to communicate with institutions 22

Pendle Citadels: Targeting the trillion-level institutional revenue market 23

Spark Protocol: Financial Vertical Integration Paradigm 23

Horizon: AAVE's RWA DeFi Journey 25

Institutional DeFi ecosystem on Solana 25

sTokens Revolution: Achieving Tokenization of Assets in DeFi 26

What is sToken? How does it work? 27

Legal framework for compliant tokenization 27

High-end tokenization DeFi technical architecture 27

Future Application Scenarios Outlook 27

Leverage RWA positions in DeFi 28

Introducing RWA to DeFi: Technical and Structural Challenges 29

The limitations of DeFi itself 29

The limitations left by traditional finance 29

Breakthrough solutions and market infrastructure 30

Gauntlet's RWA rise strategy 30

Successful case: Apollo ACRED strategy 30

Future Expansion Plan 31

The evolution of next-generation RWA strategies 31

Market rise outlook 32

RWA Oracle: The Driver of On-Chain Markets 32

The Dilemma of RWA Oracles: Beyond Real-Time Pricing 33

RWA and Traditional DeFi Oracles: A New Pricing Paradigm 33

Clearing Impact and Risk Transmission Mechanism 34

What is the ultimate form of the RWA oracle?34

5. Comparison and Analysis of Mainstream RWA Chains 35

The adoption of RWA across various Blockchain networks 35

Ethereum: Institutional Standard 35

ZKSync Era: A Stronghold for Private Credit 37

Solana: High-Performance Challenger 38

Aptos: Another Institutional Standard 39

Avalanche: Alternative Investment Center 39

XRP Ledger: A Regulated New Player 40

Plume: A Pioneer in RWA for Retail Investors 41

6. The Undervalued RWA Chain: Backed by Institutional Power 43

Canton Network: The Silent Giant of Institutional Finance 43

DTCC AppChain: Wall Street has gone on-chain with 44

Stellar: A Financial Bridge to the Tokenization Reality 45

JPMorgan and Kinexys: Practical Applications of Institutional Blockchain 45

Ondo Chain: Full-Stack RWA Strategic Platform 46

Dark Horse Breakthrough: Hyperliquid46

7. What is the data-driven prospect of WA? 47

Introduction 47

tokenization of US Treasury Bonds 49

Overview 50

Prospect 51

Private Credit 51

Overview 53

Prospect 53

Institutional Funds and Alternative Assets 54

Overview 55

Prospect 56

8. The largest institutions and banks in the encryption field 56

X. Conclusion 58

Z. Author59

Y. References 60

Key Takeaways:

● The RWA (Real World Assets) tokenization market surged from $5 billion in 2022 to over $24 billion by June 2025 (a rise of 380%), becoming the second fastest growing area in Crypto Assets after stablecoins. Although stablecoins are technically tokenized fiat currencies, we exclude them from this report as our research team has been conducting an in-depth study on the topic. Industry forecasts suggest that by 2030-2034, 10% to 30% of global assets may be tokenized, and RWA is becoming the bridge connecting over $400 trillion of traditional financial assets to the Blockchain — a figure that far exceeds the current market size of about $3 trillion in Crypto Assets by more than 130 times.

● Asset tokenization has steadily transitioned from the pilot experimental stage to large-scale institutional adoption in 2024-2025. By December 2024, the market for tokenized real assets has reached 15.2 billion USD (excluding stablecoins) and continues to grow, surpassing 24 billion USD by June 2025, achieving an impressive 85% annual rise.

● The current wave of institutional adoption reflects the accumulation of years of infrastructure construction, ultimately leading to large-scale production deployment. Major financial institutions such as BlackRock, JPMorgan, Franklin Templeton, and Apollo have transitioned from experimentation to large-scale application. At the same time, governments around the world are increasingly viewing Blockchain as a key infrastructure for modernizing traditional financial systems and addressing macroeconomic structural challenges. Thanks to the gradual improvement of the regulatory environment, RWAs are experiencing rapid development.

● With the integration of DeFi through a regulated framework, RWAs have entered a new growth phase, transforming historically illiquid assets into composable financial primitives. Platforms like Ethena, Maple, Spark, Morpho, Pendle Citadels, Drift Institutional, Kamino, and Securitize's sToken enable institutional assets to achieve DeFi liquidity while maintaining compliance, creating opportunities for yield amplification and secondary markets, which are difficult to achieve in traditional finance.

● By June 2025, private credit has become the largest RWA tokenization sub-market, reaching a scale of $14 billion, highlighting institutional interest in the native blockchain credit market. Tokenization addresses major industry constraints by reducing operational costs, improving access and distribution, and offers the potential to establish a robust secondary liquidity market—while maintaining institutional underwriting standards and providing high-yield opportunities that were previously only available to qualified investors.

● RWA Oracles represent a fundamental transformation, requiring a completely new technological system—professional providers like RedStone are at the forefront of driving complex pricing mechanisms, laying the foundation for institutional adoption. Unlike the real-time price data of DeFi, RWA pricing needs to integrate complex frameworks such as net asset value (NAV), regulatory compliance, and liquidity adjustments, providing critical infrastructure for the integration of trillions of dollars in tokenized assets into decentralized finance (DeFi).