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

Through the integration of DeFi under a regulated framework, RWAs have entered a new period of rise, transforming historically illiquid assets into composable financial primitives.

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 within the blockchain ecosystem. Since only $5 billion in 2022, the RWA market has surged to over $24 billion by mid-2025, firmly establishing itself as the second fastest-growing area in cryptocurrency.

The report pointed out that institutional adoption has shifted from the pilot stage to large-scale deployment, a transition that benefits from 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 integration 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 main driver of growth, is projected to reach a 30% asset tokenization ratio by the early 2030s, with RedStone's insights showcasing a bright prospect of releasing trillions of dollars in value through blockchain.

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

Table of Contents

1 Key Points 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. Tokenization 11

Mainstream platforms compete through innovation and scale 12

Treasury Bond Market: Institutional Demand Rises 13

Private Credit: Developing into the largest sector of RWA tokenization 14

Tokenization of Commodities: Diverse Emergence Under the Dominance of Gold 16

The rise of the equity tokenization market 16

The cryptocurrency exchange promotes the narrative of integration 17

The Global Wave of Private Equity Tokenization 17

4. RWA+Decentralized Finance: Connecting, Challenges and Breakthrough 18

How to institutionalize Decentralized Finance? 18

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

Maple Finance: Accelerating On-Chain Institutional Lending 21

Morpho v2: Decentralized Finance has learned to communicate with institutions 22

Pendle Citadels: Aiming for the Trillion-Level Institutional Yield Market 23

Spark Protocol: Financial Vertical Integration Paradigm 23

Horizon: The RWA DeFi Journey of AAVE 25

Institutional DeFi ecosystem on Solana 25

sTokens Revolution: Tokenized Assets in Decentralized Finance 26

What is sToken? How does it work? 27

Legal framework for compliant tokenization 27

High-end tokenized Decentralized Finance technical architecture 27

Future Application Scenario Outlook 27

Leverage RWA positions in Decentralized Finance 28

Bringing RWA into Decentralized Finance: 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 RWA oracle?34

5. Mainstream RWA Chain Comparison Analysis 35

Adoption of RWA in 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 Newcomer 40

Plume: A Pioneer of 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 Tokenized Reality 45

JPMorgan and Kinexys: Practical Applications of Institutional Blockchain 45

Ondo Chain: Full Stack RWA Strategic Platform 46

Dark Horse Breakthrough: Hyperliquid46

What is the data-driven outlook for 7 WA? 47

Introduction 47

Tokenized US Treasury Bonds 49

Overview 50

Prospect 51

Private Credit 51

Overview 53

Prospects 53

Institutional Funds and Alternative Assets 54

Overview 55

Prospect 56

8. The largest institutions and banks in the crypto space 56

X. Conclusion 58

Z. Author 59

Y. References 60

Key Takeaways:

● The tokenization market for RWA (Real World Assets) surged from $5 billion in 2022 to over $24 billion in June 2025 (a rise of 380%), making it the second fastest-growing area in cryptocurrency after stablecoins. Although stablecoins are technically tokenized fiat currencies, we exclude them from this report as our research team has been delving into related content. Industry forecasts indicate that by 2030-2034, 10% to 30% of global assets may be tokenized, with RWA becoming the bridge connecting over $400 trillion in traditional financial assets to the blockchain—this figure is more than 130 times the current cryptocurrency market size of approximately $3 trillion.

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

● The current wave of institutional adoption reflects years of infrastructure development, ultimately leading to large-scale production deployment. Major financial institutions such as BlackRock, JPMorgan, Franklin Templeton, and Apollo have moved 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 structural challenges in the macro economy. Thanks to the gradual improvement of the regulatory environment, RWAs are experiencing rapid development.

● Through the regulated framework of Decentralized Finance integration, RWAs have entered a new growth period, 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 remaining compliant, creating opportunities for yield amplification and secondary markets, which are difficult to realize in traditional finance.

● By June 2025, private credit has become the largest RWA tokenization segment, reaching a scale of $14 billion, highlighting institutional interest in the native blockchain credit market. Tokenization addresses key industry constraints by lowering operational costs, improving access and distribution, and also provides the possibility of establishing a robust secondary liquidity market—while maintaining institutional underwriting standards and offering high-yield opportunities that were previously only available to qualified investors.

● RWA oracles represent a fundamental transformation requiring an entirely new technological system—specialized providers like RedStone are at the forefront of driving complex pricing mechanisms, laying the groundwork for institutional adoption. Unlike the real-time price data of Decentralized Finance, 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.