The RWA market has great potential, and Aptos has emerged as a strong contender in the field.

The tokenization of real-world assets ( RWA ) has garnered significant market attention, but it has yet to fully realize its potential to connect traditional markets valued in trillions. Data shows that the total market value of RWA assets in the crypto industry is only $24 billion, which is still the result of a substantial 56% increase in the first half of this year. This indicates that the development story of RWA is far from over; in fact, it has not truly begun. As more traditional assets are tokenized in the future, RWA is expected to enter a new stage of development.

Aptos has shown remarkable performance during this critical period. In the past 30 days, the total locked value of RWA on the Aptos chain has grown by 56.4%, reaching $538 million, and rising to third place among public chains. With the addition of more DeFi protocols, RWA assets in the Aptos ecosystem may see more investment opportunities, positioning it favorably in the next stage of competition for RWA.

Private Credit Dominates the Current RWA Market

In RWA assets, private credit accounts for 58% of the share, making it the most关注ed asset class, followed by US Treasury bonds. Private credit assets primarily exist in on-chain form, but mostly lack trading liquidity. Meanwhile, US Treasury bonds face competitive pressure from interest-bearing stablecoins, which are collateralized by Treasury bonds and offer similar yield characteristics.

Private credit refers to loans provided by non-bank institutions or investors to businesses or individuals in the non-public market. In traditional finance, private credit has attracted a large number of institutional investors due to its flexibility and high returns. However, it also faces issues such as high costs, low efficiency, and entry restrictions. For example, the audit process for traditional private credit is cumbersome, transaction costs are high, and small and medium-sized enterprises often struggle to obtain financing due to a lack of credit history.

The encryption protocol acts as an intermediary, with the core business model of issuing and managing assets on-chain, reducing costs by eliminating multiple layers of intermediaries, and increasing transparency by providing real-time performance of loan pools and underlying assets.

Private Credit Asset Tokenization Process

( 1. Off-chain credit asset generation

The asset issuer is responsible for generating off-chain credit assets. Private credit institutions, small and medium-sized enterprise financing platforms, or regional credit market operators establish loan agreements, set collateral assets, formulate repayment plans and default terms, and review the financial status of borrowers. For example, a loan of $1 million is issued to a logistics company for a term of 12 months with an annual interest rate of 12%, secured by $1.1 million in accounts receivable. This step ensures that the assets meet traditional financial standards, laying the foundation for subsequent tokenization.

) 2. Building On-chain Token Structure

Through the RWA protocol, single or multiple loans are mapped to on-chain tokens. The token forms include NFT, SFT, or ERC-20 types. The token metadata covers borrower anonymous identification, principal amount, interest rate, repayment frequency, maturity date, collateral asset details, and default handling mechanisms. Smart contracts support repayment status management, automatic yield distribution, and early redemption or peer-to-peer transfer.

3. Compliance Packaging

The tokenization process must comply with regulatory requirements. Establish special purpose entities ###SPV### or virtual asset service providers (VASP) as legal custodians in appropriate jurisdictions, corresponding one-to-one with on-chain tokens. All investors must complete KYC/KYB and AML reviews, and non-qualified investors are restricted in their access and transfer rights according to relevant regulations. Off-chain disclosure documents clarify that the tokens are debt assets, without voting rights or equity attributes.

( 4. Token Issuance and Financing

Display tokens through the user interface or protocol platform and accept on-chain investments. Investors are required to complete KYC verification, use cryptocurrency for investment, receive RWA tokens as proof, and collect repayment principal and interest as scheduled.

) 5. Profit Distribution and Asset Liquidation

The borrower repays according to the plan, and the funds are collected by the issuer and transferred to the SPV, mapped to the blockchain through an oracle or smart contract, and allocated to token holders. The smart contract automatically splits the interest based on the holding proportion, and upon loan maturity, it automatically returns the principal or arranges for asset continuation. If the token structure permits, it can be traded on decentralized exchanges or RWA-specific markets, but usually has a lock-up period and only supports peer-to-peer transfer.

Aptos's Competitive Advantages in the RWA Track

Technical Advantages: The Financial Application Potential of High-Performance Blockchain

Aptos, as a new generation Layer 1 blockchain, provides unique advantages for the RWA track with its technical architecture, especially in the scenario of private credit tokenization.

High throughput and low latency

Aptos uses the Block-STM parallel execution engine to achieve efficient transaction processing. Official test data shows that Aptos's theoretical throughput can reach 150,000 transactions per second, with stable performance in production environments at 4,000-5,000 TPS. In private credit scenarios, high throughput supports large-scale loan issuance, real-time repayment distribution, and on-chain auditing, ensuring transaction efficiency.

In addition, the final confirmation time for Aptos transactions is only 650 milliseconds. This sub-second confirmation speed is crucial for RWA assets that require instant settlement. For example, a certain protocol achieves T+0 settlement on Aptos, significantly reducing the capital occupancy cost compared to the traditional financial T+2 or T+3.

Low trading costs

The average transaction fee on Aptos is less than $0.01. The low-cost feature is particularly critical for RWA scenarios, as tokenized assets involve frequent on-chain operations. Low fees ensure controllable operating costs.

Modular Architecture and Scalability

Aptos's modular design separates the consensus, execution, and storage layers, allowing each layer to be optimized independently. This is crucial for RWA asset management, as private credit involves complex metadata.

Ecological Layout: Institutional Endorsement and Regulatory Friendly

Aptos's ecological layout in the RWA track has significantly enhanced its competitiveness through collaboration with traditional financial giants and the expansion of the DeFi ecosystem.

Institutional Cooperation and Endorsement

By June 2025, the total locked value of RWA on Aptos reached $540 million, ranking third among public chains. This achievement is attributed to the participation of several traditional financial institutions:

In July last year, Aptos introduced the stablecoin USDY from a financial institution. In October last year, an asset management company launched an on-chain money market fund represented by the BENJI token on the Aptos Network. Additionally, Aptos has partnered with other institutions to promote the tokenization of securities.

These collaborations not only brought funding and technical support to Aptos but also enhanced its credibility in the field of compliance.

Regulatory friendliness

Private credit tokenization involves complex compliance requirements. Aptos has integrated on-chain identity verification and asset tracking functions by partnering with compliance platforms. For example, a certain protocol stores personal identity information through off-chain encryption and combines it with on-chain hash verification to ensure the legal validity of loan tokens.

In 2025, the global regulatory environment becomes increasingly clear. Relevant regulations in Europe and the United States create favorable conditions for crypto assets and RWA projects. Aptos's low fees and fast confirmation features make it an ideal choice for a regulatory-friendly public chain. For example, Aptos has been selected by a certain state as the top technical scoring candidate chain for stablecoin projects and plans to use Aptos to issue compliant stablecoins and loan tokens, expected to cover $100 million in assets by 2026.

Emerging Market Positioning

Aptos's RWA strategy focuses on emerging markets, particularly in areas with insufficient financial inclusion. A certain platform, as a major asset issuer, provides diversified financing solutions for emerging markets and specific regions through tokenized private credit products, significantly promoting the development of Aptos's RWA ecosystem.

Its products target personal consumers and small micro-operators in emerging markets, providing short-term, small consumer loans and revolving credit limits, with a scale of $160 million. In addition, there is a special pool for bad debts or defaulted loans, with a scale of $188 million. A certain platform also offers Canadian residential property mortgages, UAE small business operating loans, and products for the retail credit market in Kenya.

These products achieve efficient issuance and transparent management through on-chain infrastructure, contributing 77% (approximately $420 million) of Aptos RWA TVL.

Summary

Aptos's rapid rise in the RWA sector is attributed to its technological advantages and ecological layout. By June 2025, its RWA TVL reached $538 million, ranking third among public chains, primarily driven by private credit. A certain protocol contributed over $420 million in assets (accounting for 77% of Aptos RWA) by launching an on-chain debt pool, significantly enhancing ecological competitiveness.

Private credit serves as a growth engine for RWA, achieving on-chain composability through tokenization, allowing credit tokens to participate in the cyclical lending, leverage strategies, and liquidity pools of DeFi protocols, generating annualized returns of 6%-15%. Compared to government bonds, private credit is more favored by the market due to its high yields and clear cash flows. Aptos's low transaction fees and fast confirmation times support real-time lending and settlement, and future integration with more DeFi protocols could further activate its potential.

Currently, the interest rate spread in traditional financial markets is tightening, prompting institutions to turn to on-chain solutions. Aptos is filling the financing gap for small and medium-sized enterprises by serving emerging markets. In the future, with the optimization of the regulatory environment and the expansion of the DeFi ecosystem, Aptos is expected to add $500 million in RWA TVL by 2026. Through the synergy of technology and ecosystem, Aptos is demonstrating sustained growth potential in the private credit sector.