[TL;DR]
- Tokenized U.S. Treasuries have reached $730M, marking the first scaled success; BlackRock’s BUIDL, at $220M, is now the largest tokenized asset and a symbol of full-scale on-chain entry by TradFi giants.
- Cases like Maple’s syrupUSDC and Centrifuge’s deRWA show RWAs evolving beyond simple wrappers into programmable building blocks for on-chain finance—used as DeFi collateral, in liquidity pools, and as media of exchange.
- Korea has the potential to become Asia’s RWA hub, leveraging homegrown blockchain infrastructure (Dunamu’s Giwa, WaaS, KRW stablecoins) and high crypto awareness to drive real-estate tokenization and innovation in the K-credit market.
1. The Revolution of Real-World Asset Tokenization
1.1 What Is Tokenization?
Tokenization is more than representing traditional assets on a blockchain. It moves ownership records of off-chain investment products onto the blockchain and enables all investor actions—subscription, trading, and distribution of proceeds—to be handled on-chain. According to the RWA 2025 report by RWA.xyz and Dune, six core asset classes are leading the tokenization market: Treasuries, bonds, credit, equities, institutional funds, and commodities.
Since early 2024, the tokenized asset market has grown 224%. Even counting only yield-bearing tokenized assets (excluding stablecoins), it has surpassed $30B. Stablecoins, at $27.7B, still account for the largest share, but the line between stablecoins and yield-bearing tokenized assets is blurring. Yield-bearing stablecoins are emerging, and issuers are adding RWAs to their reserves, bringing the two segments closer.
We still separate stablecoins for a clear reason: their role as payment and settlement rails is fundamentally different from yield-bearing assets. Stablecoins are the base layer of on-chain capital markets, while this report focuses on the yield-bearing tokenized assets that operate on top.
Why does tokenization matter? It unlocks liquidity, gives global investor access, and increases collateral utility. Above all, it transforms assets into programmable components of capital markets. As Centrifuge COO Jürgen Blumberg puts it: “One day, no one will ask whether a product is tokenized. It will just be embedded. TradFi will adopt blockchain, and blockchain-native products will integrate more TradFi standards. Over time, the two realms will converge.”
1.2 The Financial Market’s Three-Stage Evolution
Financial markets have evolved with technology: from paper systems to electronic systems, and now to tokenization—each stage overcoming prior limitations and expanding asset utility.
In the paper era, only institutions had access. Settlement took days, collateralization was bespoke, income came primarily from dividends, ownership was direct only, and cross-border activity was limited.
Electronic systems opened access via intermediaries to retail investors. T+2 settlement became standard, securities lending standardized collateral usage, income structures diversified (options, repos), securitization and structured products emerged, and cross-border trading became standardized.
Tokenization goes further. Fractional investment and direct ownership become possible. Settlement is real-time on-chain. Any asset can serve as generalized collateral, and DeFi enables programmable income structures. You can program entire asset pools, with guaranteed interoperability across 24/7 global markets.
This isn’t a mere technical upgrade; it changes how assets are fundamentally used. A tokenized Treasury isn’t just a hold-to-maturity asset; it’s a building block you can pledge as DeFi collateral, stake in liquidity pools, and combine with other assets to craft new financial products.
1.3 Why Now?
The surge in tokenized assets is no accident. Three conditions aligned to catalyze growth. First, institutional demand materialized. U.S. Treasuries weren’t the first asset to be tokenized, but they are the first to scale. When the Fed’s 2023 rate hikes pushed yields above those on stablecoins, institutions sought safer yet higher-yield alternatives. Tokenized Treasuries delivered risk-adjusted returns, 24/7 liquidity, and collateral utility.
Second, the technology stack matured. Early adoption was institution-led, but permissionless formats and DeFi interoperability are now drawing broader investor cohorts. BlackRock’s BUIDL, now the largest tokenized asset at $220M, symbolizes TradFi’s full-scale on-chain entry.
Third, integration with DeFi accelerated. The true breakthrough is composability. Tokenized assets are now used as collateral, yield primitives, and media of exchange—becoming programmable building blocks of on-chain markets. Maple’s syrupUSDC has ~30% of its $250M supply deployed across DeFi, while Centrifuge’s deRWA standard enables freely transferable RWA wrappers traded on Aerodrome, Coinbase, and more.
On-chain investors are moving up the yield curve—from Treasuries to longer-duration bonds, private credit, and equities—seeking higher returns. Plume Network CEO Chris Yin notes: “RWA adoption is moving beyond TVL concentrated in a few wallets. The real progress is users holding and using assets on-chain, creating liquidity and composability and becoming part of DeFi.”
2. U.S. Treasuries: The First Scaled Success
2.1 Why Treasuries Succeeded First
As of September 2025, tokenized U.S. Treasuries have reached $730M, up $340M year-to-date (+85%). They weren’t the first tokenized asset, but they are the first to achieve scale.
Unlike crypto-native assets, tokenized Treasuries combine risk-adjusted returns with institutional trust. After 2023, when policy rates surpassed stablecoin yields, institutions sought safe, better alternatives; tokenized Treasuries fit the bill with steady returns, 24/7 liquidity, and collateral utility—becoming a powerful alternative to stablecoins.
Spark’s $100M Tokenization Grand Prix ignited 2025 growth, proving Treasuries aren’t just for holding—they function as core liquidity and collateral across the on-chain financial stack.
Treasury tokenization demonstrates product-market fit: it satisfies institutional safety, retail access, and DeFi composability—laying the trust and liquidity foundation for other asset classes to follow.
2.2 Market Landscape and Key Players
Market share is consolidating around early leaders. Securitize leads, with BlackRock’s BUIDL at the center. Launched in March 2024, BlackRock USD Institutional Digital Liquidity Fund marked a watershed as the world’s largest asset manager went on-chain.
BUIDL, built with Securitize, is a tokenized money-market fund for qualified institutions, delivering USD yield from short-term Treasuries and repos. It maintains a $1 stable NAV and distributes yield daily on-chain. It runs on Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Aptos, with cross-chain transfers via Wormhole. Since launch, it has grown to $220M, becoming the largest tokenized asset and a catalyst for the Treasury boom.
Ondo pioneered an on-chain-first approach with OUSG and USDY. OUSG, a Delaware LP for U.S. QIBs and QPs, invests in BUIDL. USDY targets non-U.S. investors with tokenized notes backed by short-term U.S. Treasuries and bank deposits. OUSG is U.S.-restricted, while USDY lowers minimums and allows P2P transfers. Embedding yield and programmability makes USDY natively DeFi-compatible. Combined AUM has surpassed $140M.
Centrifuge’s JTRSY rapidly established a $330M tokenized Treasury fund (Janus Henderson Anemoi Treasury Fund), a regulated BVI fund with daily USDC subs/redemptions, transparent NAV, multi-chain access, and institutional liquidity. It’s the first and largest Treasury token approved as collateral on Aave Horizon, with $28M+ supplied to date. Alongside Centrifuge’s JAAA and Superstate’s USCC/USTB, it is opening the door to broader RWA composability.
WisdomTree and Franklin Templeton remain leaders as well. WisdomTree has regained share (+$90M), and Franklin’s BENJI continues steady growth. Circle-acquired USYC expanded via integration with Usual’s yield stablecoin in late 2024; despite temporary supply dips, its July move to BNB Chain signaled a rebound.
2.3 Chain Distribution and Trends
Treasury tokens are Ethereum-centric: 72% of supply is on Ethereum—reflecting institutions’ preference for the most mature and secure chain with deep DeFi liquidity.
But multi-chain strategies are spreading fast. BUIDL operates on seven chains with Wormhole for transfers, letting investors move and use assets where they prefer. Ondo’s USDY likewise broadens chain support to expand access.
Chain choice is not merely technical; each chain has distinct user bases and protocols. Multi-chain deployment opens more liquidity and use cases. Solana’s speed/fees suit small and high-frequency trades; Arbitrum/Optimism add scale with Ethereum security.
Spark’s $100M Grand Prix amplified this, attracting fresh capital and distributing liquidity across chains—cementing tokenized Treasuries as assets that work across the entire on-chain financial infrastructure, not just a single chain.
3. The Reach for Yield: Beyond Treasuries
3.1 Moving Up the Risk–Return Curve
Investors are moving beyond Treasuries along the yield curve. After establishing a risk-free anchor, capital seeks higher returns in a systematic approach to risk premia.
Centrifuge COO Jürgen Blumberg explains: “We started with Treasuries as a safe haven. Then came CLOs with higher returns at acceptable risk. Investors are clearly asking for higher yields in real-world products, and we’re responding.” This demand is fueling growth across private credit, global bonds, institutional funds, commodities, and equities.
On-chain behavior mirrors traditional portfolio construction—secure the base, then gradually increase risk for higher returns—except everything is composable and programmable. You can pledge Treasuries to borrow, deploy into credit pools, and re-stake proceeds in DeFi in a few transactions.
Data reflects this shift: tokenized private credit reached $1.59B (+61% YTD), global bonds $60M (+171%), and institutional funds $170M (+387%). Each class offers distinct risk/return profiles, enabling diversified on-chain portfolios.
3.2 Private Credit: A $1.59B Market
As of September 2025, tokenized private credit stands at $1.59B (+$600M YTD, +61%). Figure Technologies ($250M), Tradable ($210M), and Maple Finance ($90M) lead. Growing demand for higher-yield risk assets makes private credit the natural next step beyond Treasuries.
Issuance is shaped by protocol–network partnerships. Figure—founded by SoFi’s Mike Cagney—originates and tokenizes mortgages exclusively on its Provenance blockchain. Tradable partnered with Victory Park Capital in January 2025 to deliver institutional-grade private credit on zkSync Era, using zero-knowledge proofs to combine confidentiality with compliance.
Maple Finance is a pioneer in on-chain asset management: $350M AUM, $92M+ interest paid, and $9.4M protocol revenue to date (rising from $2.5M in 2024 to $6.9M by Aug 2025). Total loans stand at $416M, active loans $123M, with an average base APY of 9.39% and $47M in delinquencies—manageable to date.
Maple runs a dual structure of permissioned institutional pools and permissionless syrup pools. Blue-chip and high-yield pools serve KYC’d allocators; BTC Yield offers custody-first exposure; syrupUSDC/USDT serve DeFi-native users. Growth is led by syrupUSDC, now Maple’s primary AUM and revenue driver.
CEO Sid Powell says: “RWA has moved from experimentation to execution. $350M AUM reflects a broader shift. By fusing institutional credit standards with DeFi’s open architecture, we’re creating markets that didn’t exist before. The path from $1B to $10B+ isn’t just tokenizing more assets—it’s building financial infrastructure for entirely new value creation.”
3.3 Global Bonds: A $60M Market
As of September 2025, tokenized non-U.S. sovereigns and corporate bonds reached $60M (+$40M YTD, +171%). Spiko’s Euro money-market fund contributed $20M, and Cashlink’s NRW.Bank euro bond $10M. Scale is smaller than U.S. Treasuries, but governments and corporates are issuing on-chain to cut costs and enable smart-contract settlement—gaining traction as local-currency products.
Unlike Treasuries, global bonds cluster off-Ethereum. While Ethereum leads tokenization overall, it hosts only 5% of global bonds (versus 72% for Treasuries). Polygon dominates with 62%, followed by Arbitrum at 30%, driven by Spiko’s Euro funds. Polygon’s Global RWA lead Aishwarya Gupta notes: “RWA tokenization is no longer niche; it’s entering exponential growth. On Polygon PoS, $113M spans 269 assets and 2,900 holders—a 400% market expansion in three years.”
Spiko’s EUTBL—EU’s first tokenized euro money-market fund—grew rapidly to €300M in deposits, strong on Polygon and Arbitrum, with 1,308 holders, a 0.25% management fee, and a $1.21 NAV. Unlike USD products, EUTBL removes FX exposure for European investors, distributing over €3M in its first year—complementing U.S. Treasuries and making sovereign debt a core RWA pillar.
3.4 Other Asset Classes
Commodities reached $240M (+$130M YTD, +127%). Paxos’s PAXG ~$50M, Tether’s XAUT ~$30M, and Justoken’s JSOY_OIL ~$30M lead. Commodities serve as inflation hedges and payment media, complementing yield-centric RWAs.
Gold remains the largest tokenized commodity, reflecting its hedge and store-of-value role in macro uncertainty. Tokenized grains are emerging, often tied to futures in inflationary conditions. Energy and precious metals are next, with chains like Plume expanding into alternative assets—diversification is a key adoption signal. Matrixdock’s XAUm (market cap $45M, 13,200 tokens minted, 365K cumulative transactions) shows strong retail pull, in contrast to the institution-heavy profile of other RWA categories.
Institutional funds reached $170M (+$130M YTD, +387%), led by Centrifuge’s JAAA ($70M), Securitize’s MI4 ($20M), and Superstate’s USCC ($20M). Asset managers are using blockchain as a new distribution channel, while on-chain investors seek institutional-grade yield. Centrifuge established leadership with JAAA; Securitize is scaling through deep AM partnerships and multi-chain strategy. Plume’s Nest Protocol aggregates tokenized funds from managers like Blackstone and Invesco into vaults—bringing private markets closer to on-chain retail.
Equities hit $30M as of September 2025 (excluding EXOD and private shares), up 560% YTD from a small base. Most traded underlyings: Tesla ($11M), MicroStrategy ($6M), S&P 500 ETF ($6M), NVIDIA ($4M). Robinhood announcements catalyzed the space; Backed Finance’s xStocks and Ondo Global Markets followed. Holder counts far exceed other categories, reflecting a retail cohort focused more on price appreciation than income. Ondo Global Markets launched on Sept 3 with 100+ tokenized U.S. stocks/ETFs, surpassing $63.5M in TVL within three days; ETFs account for 53%+.
4. DeFi Integration: The Power of Composability
4.1 From Wrapper to Building Block
Tokenized assets are evolving into DeFi’s collateral layer. As RWA–DeFi integration accelerates, RWAs are used as collateral, media of exchange, and yield primitives—becoming programmable building blocks of on-chain markets.
The breakthrough is composability. TradFi workflows—pledging Treasuries, reinvesting proceeds—are complex and slow. On-chain, smart contracts automate these steps across protocols in real time. In a few transactions, you can deposit a Treasury token into Aave for a loan, invest the proceeds into Maple’s credit pools, and provide liquidity on Uniswap—complex strategies with minimal friction.
This isn’t just convenience; it enables products that couldn’t exist in TradFi. Sid Powell of Maple says the path from $1B to $10B+ is about building infrastructure for entirely new value creation, not merely tokenizing more assets.
As RWAs root deeper in DeFi, a flywheel emerges. RWAs provide stable income and quality collateral to DeFi; DeFi provides liquidity and access to RWAs—accelerating growth on both sides and raising the overall maturity of on-chain finance.
4.2 Core Case Studies
Maple’s syrupUSDC is one of the first credit-based RWAs deeply embedded in DeFi. Over 30% of its $250M supply is deployed across protocols, with Spark leading at $572M of placements (70%).
syrupUSDC has become Maple’s primary AUM and revenue driver—reflecting a broader RWA shift: permissionless, DeFi-integrated products that blend institutional-grade yields with composability and access see the strongest adoption.
Its success isn’t just about yield; being freely usable across DeFi is key. Spark’s large allocation signals that syrupUSDC is trusted as both collateral and a yield tool—showing that a traditionally off-chain credit product can operate on equal footing with DeFi-native assets.
Centrifuge’s deRWA makes RWAs freely transferable and DeFi-native compatible. The first product, deJAAA (a wrapper of the Janus Henderson Anemoi AAA CLO fund), already trades on Base and Solana via Aerodrome, Coinbase, and other venues, with Stellar next. Launched Aug 8, 2025 on Base as the first freely transferable RWA, deJAAA quickly reached $1.8M TVL and about $1M in volume.
deJAAA integrates with Aerodrome, Coinbase DEX, OKX Wallet, Bitget Wallet, and Morpho—unlocking composability, collateral usage, and yield across DeFi. Running also on Solana with Stellar on the way, the deRWA standard lets RWAs operate as first-class citizens in DeFi—combining regulated fund stability with DeFi liquidity.
Aave’s Horizon RWA Market now accepts diverse RWA collateral, including JTRSY (Treasuries) and JAAA (AAA CLOs). Still early, but Aave—the largest lending market—can bring RWA composability to scale. JTRSY has $28M+ supplied so far; alongside Centrifuge’s JAAA and Superstate’s USCC/USTB, it’s paving the way for broader RWA adoption in DeFi.
4.3 New Distribution Channels
Tokenization is reshaping distribution and consumption. On-chain capital formation reduces reliance on intermediaries like placement agents and brokers. Issuers can directly access a borderless 24/7 market via programmable rails—cutting costs and reaching entirely new investor segments.
Traditionally hard-to-access products become investable with small tickets. While BUIDL and JAAA remain regulated, tokenization broadens their reach. Ondo’s USDY targets non-U.S. investors with low minimums and P2P transfers, opening U.S. Treasury exposure to markets that historically lacked access.
Tokenization also enables bespoke diversified portfolios. Just as securitization and ETFs reshaped TradFi, tokenization lets issuers compose multi-asset structures into a single token—e.g., 10% Treasuries, 30% private credit, 30% real estate, 15% basis trades, 15% alternatives—offering instant diversified exposure to investors and a channel for issuers to deliver complex strategies to broader markets.
24/7 global access maximizes liquidity. In TradFi, trading windows and cross-border frictions constrain price discovery. On-chain, a New York investor can trade directly with a Tokyo investor—tightening spreads and smoothing cross-border capital flows.
4.4 Real Estate Meets DeFi
RealtyX operates as a DAO and serves as a launchpad for tokenized real estate, connecting users to RWAs, DeFi, and web3 to improve capital efficiency. As an RWA launchpad, it gateways real-estate tokenization and blockchain investing, provides utility vaults for third-party utilities, and enables participation through staking, liquidity, and yield options. DAO governance drives community-led platform development and asset onboarding.
RealtyX bridges traditional real estate and DeFi, bringing capital-efficient exposure to a historically illiquid asset class. Combining tokenized ownership with on-chain composability positions real estate as a new building block in RWA-Fi—unlocking new layers of liquidity, access, and utility.
As of Sept 10, 2025, RealtyX real estate reached $1.35M TVL. Most TVL sits on Base (65%), with Plume (35%)—an early multi-chain strategy placing real-estate RWAs across both established and emerging ecosystems.
RealtyX has 638 users, an average rental yield of 6.9%, and $15K+ distributed. Most users are on Plume (62%) with Base (38%) also significant. Over time, RealtyX has grown a dual user base of landlords and investors, tethering real-world rental income directly to DeFi rails via recurring distributions.
RealtyX tokens are DeFi-integrated, with $22K+ borrowed across pools (mostly on Base). Base and Plume pools accept RealtyX tokens as collateral against USDC and pUSD—showing that even real estate can expand beyond buy-and-hold into the broader DeFi capital market.
5. Can Korea Become the Next RWA Frontier?
5.1 Korea’s Built-In Advantages
Korea is uniquely positioned as the next growth stage for RWA tokenization. Awareness and adoption of blockchain are among the world’s highest. Korea ranks near the top in global crypto trading volume, and retail investors are well-versed and active—meaning tokenized assets face an already prepared investor base.
Financial and IT infrastructure is world-class: fast internet, high smartphone penetration, and advanced digital finance make Korea ideal for on-chain services. Fintech platforms like Kakao Pay and Toss are mainstream, and users are comfortable with digital finance—favorable for integrating tokenized assets into existing ecosystems.
Digital-asset policy is clarifying. With Korea’s Virtual Asset User Protection Act in force, regulatory frameworks are taking shape—providing legal certainty for institutions. The FSC and FSS are drafting guidelines for healthy market development. Regulatory sandboxes provide testing grounds, and multiple tokenization pilots are already leveraging them.
As an Asian financial hub, Korea also has regional leverage. As Matrixdock’s head Eva Meng called XAUm “Asia’s premier tokenized gold,” Asia is playing a growing role in RWA tokenization. Geographically and economically central to Northeast Asia, Korea has the potential to become an Asia RWA hub.
5.2 Korea’s Blockchain Infrastructure
Korea is building native infrastructure to support RWAs. Dunamu’s Giwa is an Ethereum L2 optimistic rollup developed by Upbit’s operator, offering Ethereum-level security with faster throughput and lower fees. Combined with Dunamu’s large user base, Giwa can become a core platform for Korea-style RWA tokenization.
WaaS (Wallet-as-a-Service) exposes wallet functionality via APIs so banks and fintechs can launch tokenized-asset services without building complex wallet stacks. Users can hold and trade tokenized assets within familiar banking or brokerage apps—dramatically lowering RWA adoption barriers.
A KRW stablecoin is also critical. Today’s USDC/USDT usage exposes Korean investors to FX risk. A KRW stablecoin would allow direct global RWA investment without conversion and give foreign investors easy access to KRW assets. Just as Spiko’s EUTBL removed FX for EU investors, a KRW stablecoin could substantially boost liquidity in Korea’s RWA market.
Together, these components create a full-stack ecosystem from issuance to distribution, trading, and custody. Assets issued on platforms like Giwa, integrated into existing financial apps via WaaS, disseminated to the mass market via Klaytn and others, and transacted in KRW stablecoin would mean Korea isn’t just a consumer of global RWAs but an innovation center with its own end-to-end stack.
5.3 Korea-Specific Development Scenarios
Real-estate tokenization is the most immediately viable path. High prices and entry barriers limit retail access in Korea. Tokenization solves this: fractional ownership of a Gangnam office building or a Jeju resort in million-won units achieves the democratization of real-estate investing.
As RealtyX shows, tokenized real estate goes beyond splitting ownership. Rental income can be auto-distributed; tokens can be pledged for loans; and DeFi integration unlocks additional yield. While Korea’s real-estate finance rules are complex, regulatory sandboxes enable small pilots. Unlike P2P platforms, tokenization delivers composability and liquidity—24/7 trading and integration with other DeFi services.
Digitizing the K-credit market can transform SME finance. SMEs face high rates and stringent underwriting. Tokenized private-credit platforms connect SMEs directly with investors, enabling diversified exposure across many SME loans.
Global models like Maple Finance or Tradable can be localized. On-chain credit data boosts transparency; smart-contracted disbursement and repayment reduce operating costs. By working with organizations like the Korea Credit Information Services and NICE, reliable credit data can move on-chain—lowering rates for SMEs and improving risk management for investors.
Tokenizing domestic capital markets is an even larger opportunity. Korean Treasuries are recognized as safe, but retail access is limited. Tokenized K-Treasuries would support small tickets, 24/7 trading, and DeFi collateral use. The same applies to corporate bonds (e.g., Samsung, Hyundai), enabling easier access for domestic and international investors.
Tokenizing K-equities is more complex but feasible long-term. As Ondo Global Markets launched 100+ tokenized U.S. stocks/ETFs, the same could happen for Korea. This would increase foreign access to Korean markets and give domestic investors DeFi-enabled strategies. K-ETFs on blockchain are a realistic near-term target—keeping existing structures but adding blockchain efficiency for a gradual digital transition.
5.4 Connecting with the Global RWA Ecosystem
Korea’s true potential lies in global connectivity. One of tokenization’s biggest advantages is catalyzing cross-border capital flows. Korean investors can access BlackRock’s BUIDL or Centrifuge’s JAAA, while foreign investors can allocate to tokenized Korean assets—enabling more efficient capital allocation.
Stablecoin settlement is central. While USDC/USDT circulate in Korea, a KRW stablecoin would let Koreans invest in global RWAs without FX risk and give foreigners seamless KRW exposure. Just as EUTBL removes FX for EU investors, a KRW stablecoin would greatly enhance accessibility.
This is not a mere vision. Korea already has strong capital markets, advanced tech infrastructure, and an educated investor base. With clearer rules, Korea can become Asia’s RWA tokenization hub—just as Singapore became a crypto hub—serving not only as a market but a supplier of innovation and services. If platforms like Kakao, Naver, and Toss integrate RWA services, they can reach tens of millions of users immediately.
5.5 Opportunities and Challenges
Regulatory clarity is the most urgent need: whether tokenized assets are securities, which frameworks apply, and how investor protection works. Like the U.S. and EU, Korea must move quickly from sandboxes to a comprehensive legal framework for full market formation.
Partnerships with traditional financial institutions are crucial. When BlackRock, Franklin Templeton, and WisdomTree entered tokenization, they brought credibility. In Korea, large managers like Mirae Asset, Samsung AM, and Korea Investment Trust could do the same. Banks like KB and Shinhan can support custody and distribution, driving institutional participation.
Balancing innovation and investor protection is hard. Over-regulation stifles innovation; lax rules endanger investors. As Spark’s Tokenization Grand Prix showed, growth can be catalyzed by well-designed programs. Authorities should define disclosure standards, custody rules, and dispute mechanisms—while leaving room to experiment with new business models.
Standardization and interoperability also matter. As BUIDL runs on seven chains, tokenized assets must operate in multi-chain environments. To ensure Korean-issued tokens function across Ethereum, Solana, Polygon, Base, etc., standardized protocols and interfaces are required. Korea can adopt standards like Centrifuge’s deRWA or develop local standards that remain globally compatible.
6. Platforms and What’s Next
The RWA market is shifting from hold-only to trade-centric usage. Osteum is a perpetuals DEX on Arbitrum enabling RWA perps—synthetic exposure to off-chain assets like gold, the S&P 500, or Tesla without wrappers.
With $1.78B cumulative volume, $140M+ open interest, 11.6K users, and $31.5M vault TVL, investors clearly want active, leveraged trading—not just passive holding. CEO Caledora Kiernan-Lynn expects new expressions like RWA perpetuals to become a primary means of interacting with traditional assets on-chain next year.
Bui is a perp DEX aggregator across EVM and non-EVM networks, unifying fragmented perp markets via chain/account abstraction. Lifetime volume is $1.07B with 122K traders; activity accelerated mid-2025, posting $130M in July and nearly $100M in August—evidence of strong demand for cross-chain perp aggregation.
Since early 2024, the RWA market has grown 224% to $30B+. By asset class: Treasuries $730M, private credit $1.59B, commodities $240M, institutional funds $170M, global bonds $60M, equities $30M. By chain, Treasuries cluster on Ethereum (72%), while global bonds center on Polygon (62%)—showing that optimal chains differ by asset profile.
The boundary between TradFi and blockchain is rapidly fading. As Centrifuge’s Jürgen Blumberg said, “One day, no one will ask whether a product is tokenized. It will just be embedded.” With giants like BlackRock entering on-chain and protocols like Maple adopting institutional credit standards, both worlds are absorbing each other’s strengths. RWAs in perpetual/derivative form are spreading; new classes like IP and carbon credits are emerging; cross-chain interoperability is strengthening.
As Maple’s Sid Powell emphasizes, the path from $1B to $10B+ isn’t just “more tokenization” but building financial infrastructure that enables entirely new value. RWAs are becoming the building blocks of on-chain finance, and composability is yielding strategies impossible in TradFi. We’re in a Cambrian explosion of on-chain finance; on the way to the next **$10B—and ultimately $1T—**what matters most isn’t the number itself but how RWAs reshape the world’s financial system.
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