Comprehensive Analysis and Outlook on Tokenization of Physical World Assets

1. Definition and Development of RWA

RWA refers to the process of utilizing blockchain technology to convert real-world assets into digital tokens. These tokens represent ownership or rights to the asset and can be traded and managed on the blockchain. Its core objective is to address issues such as ownership confirmation difficulties, low transaction efficiency, and insufficient liquidity in traditional asset trading through the characteristics of blockchain.

The development of RWA can be roughly divided into three stages:

1. Early exploration period ( 2017-2020: Focused primarily on the tokenization of real estate and artworks.

2. Institutional Entry Period ) 2021-2023: DeFi protocols begin to incorporate RWA into the ecosystem, traditional financial institutions launch tokenization products.

3. Explosive growth period ( 2024-2025: Large financial institutions accelerate the layout of RWA, driving rapid market growth.

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2. Market Size and Growth Trends

As of the end of May 2025, the total on-chain RWA value worldwide is approximately $23 billion. In March 2025, the TVL of RWA protocols surpassed the $10 billion mark for the first time. During the same period, the RWA sector experienced significant year-on-year growth, with a TVL growth rate of nearly 140% from the beginning of 2025 to the present.

The main growth trends include:

1. Institutional participation accelerates: traditional financial giants are entering the RWA space.
2. Technological evolution drives efficiency improvements: various high-performance links and scaling solutions are continuously emerging.
3. Regulatory policies are tightening: Regulatory agencies in various countries are beginning to formulate rules related to RWA, providing institutional guarantees for market development.

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3. RWA Technical Path and Core Standards

The technical implementation path of RWA typically includes the following key steps:

1. Asset Onboarding and Tokenization Process
2. RWA-supported protocol technology stack

Core standards and tools include:

• ERC-3643 )T-REX(
• ERC-1400
• Chainlink / Pyth Oracles
• Multi-signature/Custody Tools
• TEE) Trusted Execution Environment (

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4. Typical RWA Asset Categories and Practical Applications

The main types of RWA assets include:

1. Debt-type assets ) real-world securities (
2. Real estate assets ) such as real estate (
3. Commodity assets ) gold, carbon credits, oil, etc. (
4. Other real asset classes ) copyrights, insurance, invoices, intellectual property, etc. (

The practical applications of RWA are mainly divided into two categories:

1. Investment-oriented RWA: The yield of virtual assets is anchored
2. Financing-oriented RWA: Liberation of liquidity of traditional assets

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V. The Current Development Status and Representative Projects of Global and Sino-American Hong Kong Markets

The global RWA market is rapidly growing, with a market size exceeding $22 billion by May 2024. Developed markets like the United States and innovative platforms are leading this trend. The Chinese market primarily focuses on RWA applications from a technology and industrial chain perspective, such as pilot projects for on-chain energy and equipment assets. Hong Kong is actively promoting the implementation of RWA and has launched the "Ensemble Project Sandbox."

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6. Regulatory Attitudes and Compliance Policies in Various Regions

1. Hong Kong: Adopts a dual-track regulatory model of "asset attributes as the main focus, with technology regulation as a supplement."
2. United States: There is significant uncertainty regarding the functional regulatory model based on the Howey Test.
3. Dubai: Establish clear rules and innovative mechanisms through the VARA+DFSA dual-track system.

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7. Future Outlook and Potential Forecast

The future development trends of RWA include:

1. More institutional capital entering the market
2. Diversification of Asset Types
3. Technology and Standards Upgrade
4. The regulatory system is完善
5. Integration of Green Finance and Innovation

It is estimated that by 2030, the global tokenized asset market size could reach around 16 trillion USD. RWA is expected to become the "golden key" connecting traditional finance and blockchain, opening up a new era of digital finance.

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