2025 RWA报告

©Dune 2025, ©RWA.xyz 2025 – Private & Confidential Key Takeaways/Trends Foreword •U.S. Treasuries proved product-market fit. They weren’t the first tokenized assets, but they werethe first to achieve scale. Treasuries remain the largesttokenized asset category and provide the credibilityand liquidity base for everything that follows. Tokenizationis more than just representing traditional assets onchain.By unlocking liquidity, expanding globalaccess, and enhancing collateralization,it fundamentally transforms them. •Onchain investors are moving up the yield curve.After Treasuries, capital is flowing into longer-durationbonds, private credit, and equities, reflecting investordemand for higher returns. This report highlights how tokenizedassets are evolving into programmablebuilding blocks of capital markets, andhow these forces are driving the growthof the sector as a whole. •Integration with DeFi is accelerating.Tokenization real breakthrough is composability.Tokenized assets are now being used as collateral,yield primitives, and trading instruments, transforminginto programmable building blocks of the onchainfinancial markets. •Accessibility is expanding. Early adoption was led by large institutions, butpermissionless formats, DeFi interoperability, andhigher-yielding products are attracting a wider andmore diverse investor base. At some point nobody will ask whether a product is tokenized. Itwill just be embedded. Traditional finance will adopt blockchaintechnology, and native blockchain products will integrate more ofTradFi’s standards. Over time the two areas will merge. – Jürgen Blumberg, COO at Centrifuge Methodology Tokenized assets can represent many different things. Broadly,they are a subset of crypto assets that are backed by offchainassets on a blockchain network. Our scope is limited to assetsbacked by offchain investment instruments, where theblockchain serves as the definitive record of ownership andsupports investor actions such as subscribing, trading, andreceiving distributions. For this report, we focus on six keyasset classes:Treasuries, bonds, credit, equities,institutional funds, and commodities. Their dominant scale and core role as payment rails andsettlement instruments set them apart from yield-bearingtokenized assets. Charts and figures in this report are drawn from both Duneand RWA.xyz. RWA.xyz provides standardized,comparable sector- and protocol-level coverage acrossasset types, while Dune, one of RWA.xyz’s key datapartners, powers project-level dashboards that surfaceunique metrics, narratives, and DeFi integrations. Stablecoins represent the largest share of tokenized assets,accounting for $277B of the $300B+ market. They were amongthe first offchain assets brought onchain and have become akey foundation of onchain capital markets. Increasingly, thelines between stablecoins and other tokenized assets areblurring: more yield-bearing stablecoins are launching, andissuers are integrating RWAs into their reserves. Still, we carvethem out of the scope of this report. Together, Dune and RWA.xyz provide complementaryperspectives on market trends and protocol dynamics. Table ofContents Why TokenizationMatters Tokenized Assetsare Scaling Fast Tokenized assets have grown224% since the start of 2024—why? Evolution ofFinancial Markets Tokenization builds on pastinnovations and expands utility. Tokenized Treasuries:The Breakout Asset Treasury Product Metric – Grouped by Asset The tokenized asset that provedonchain institutional demand. •Value Proposition:Unlike crypto-nativeassets, tokenized treasuries deliverrisk-adjusted yield with institutionalcredibility. •Macro Catalyst:In 2023, Fed Fundsinverted above stablecoin yields,sparking institutional demand fortokenized treasuries. •Product-Market Fit:Secure yield, 24/7liquidity, and collateral utility positiontokenized treasuries as a compellingstablecoin alternative. Beyond Treasuries:The Search for Yield The Investment Risk Curve – Adapted for Tokenization Onchain capital is movingup the risk-return curve. •Risk-Free Benchmark:Tokenizedtreasuries established the foundationfor onchain risk-adjusted returns. •Credit Premium:Institutions areturning to private credit and structuredproducts to capture yield spreads. •Higher-Risk Assets:As the marketmatures, allocations are expected toextend further up the curve into equitiesand alternative assets. From Wrappersto Building Blocks Maple syrupUSDC – syrupUSDC usage in defi Tokenized assets are becomingthe collateral layer for DeFi. RWAs’ growing integration into DeFi ascollateral, trading instruments, and yieldprimitives is further accelerates theiradoption. Some notable examples include: •Maple’s syrupUSDC:Among the first credit-backedRWAs extensively embedded in DeFi, over 30% ofits $2.5B supply is deployed across protocols, ledby Spark with $572M (70%). •Centrifuge’s deRWA:The first wrapper standardmaking RWAs freely transferable and nativelyDeFi-co