Original | Odaily Planet Daily ( @OdailyChina )
Author | Ethan ( @ethanzhang_web3 )
RWA Sector Market Performance
According to RWA.xyz data, as of May 8, 2025, the total value of RWA on-chain reached $22.38 billion, an increase of 10.96% from 30 days ago. The total number of on-chain asset holders is 100,536, an increase of 5.79% from 30 days ago, and the number of asset issuances is 189. The total value of stablecoins is $231.18 billion, an increase of 1.83% from 30 days ago, and the number of stablecoin holders is 161.29 million, an increase of 2.88% from 30 days ago.
From the historical trend, the total value of RWA on-chain has shown significant growth since 2019, especially after 2023, and reached a peak in early 2025, showing the rapid popularization of tokenized assets. In the distribution of asset categories, private credit dominates, with a value of US$12.9 billion, accounting for 57.64% of the total value; US Treasury Debt is worth US$6.8 billion, accounting for 30.38%, an increase from 28.69% last week; Commodities is US$1.5 billion, accounting for 6.7%; International Alternative Funds is US$475.9 million, accounting for 2.12%. Stocks, non-US Government Debt and Corporate Bonds account for relatively small proportions.
Compared with last weeks data , U.S. Treasury bonds and private credit are still the core engines, contributing a total of $600 million (77.92%) of the $770 million increase in the week-on-week growth. The RWA sector still maintains structural growth, dominated by compliant assets (treasury bonds, credit), and institutional alternative funds, commodities and equity are still in the early stages. At the same time, the scale of on-chain stablecoins decreased by $260 million week-on-week, compared with the increase in RWA non-stablecoin assets (600 million), reflecting that the RWA market is not significantly affected by the market.
Review of key events last week
Private equity accelerates tokenization to solve liquidity problems
Forbes reported that private equity is accelerating its exploration of tokenization due to the limitation of traditional exit channels. In 2025, due to the high interest rates of the Federal Reserve and Trumps policies, IPOs and secondary transactions are blocked, and $13.4 trillion of private assets face liquidity bottlenecks. Tokenization splits private equity, real estate and other assets through blockchain, enables 24/7 trading, and expands the scope of global investors. BlackRock, Franklin Templeton and Hamilton Lane have launched tokenized funds, but retail investors need to be wary of potential liquidity risks and lack of supervision.
A bipartisan bill in the U.S. Senate aimed at establishing a federal framework for stablecoins has shown major differences during the discussion. Some Democratic lawmakers have threatened to use filibuster on the bill, demanding additional strengthening of consumer protection and anti-money laundering clauses. A Democratic senator pointed out that the new agreement is still full of loopholes in stipulating stablecoin issuance and bank reserve requirements, and if it is not amended, it will not be able to protect the rights of ordinary users. The disagreement has forced the postponement of the vote originally scheduled for this week, and the legislative prospects are becoming increasingly confusing. Market participants are worried that if it fails to pass the current Congress, the regulatory vacuum in the U.S. stablecoin ecosystem may continue, affecting the speed of industry development.
According to official news, the Crypto Asset Task Force under the U.S. Securities and Exchange Commission (SEC) has announced the detailed agenda and list of guests for its roundtable meeting scheduled for May 12 - Tokenization: Assets on the Chain - The Intersection of Traditional Finance and Decentralized Finance.
The roundtable is part of a series of crypto asset regulation events launched by the SEC in March. It will be held at the SEC headquarters from 1:00 p.m. to 5:30 p.m. local time on May 12. The meeting is open to the public and will be broadcast live on the SECs official website.
In addition, the date of another roundtable meeting “DeFi and the American Spirit” originally scheduled for June 6 has been adjusted to June 9. Those who have registered before will be automatically transferred to the new date without re-registration, and new users can continue to sign up.
Participants from the U.S. Securities and Exchange Commission included: Chairman Paul S. Atkins, Director of the Crypto Working Group Office Richard B. Gabbert, Commissioner Hester Peirce, etc.
Other attendees included: Cynthia Lo Bessette (Fidelity), Eun Ah Choi (Nasdaq), Will Geyer (Invesco), etc.
Citibank and MAG tokenize $3 billion in real estate assets and launch MBG token
Citibank has reached a $3 billion tokenization agreement with UAE developer MAG and blockchain company Mavryk, creating the worlds largest RWA tokenization project. The cooperation will put MAGs Dubai Ritz-Carlton Residences and other assets on the chain, open to global investors through the MultiBank.io platform, and holders can receive daily returns. MBG tokens will support platform access, pledge and fee payment, and plans to expand to $10 billion in asset tokenization in the future.
Report predicts that the RWA sector will reach a market value of US$50 billion in 2025
Keyrock and Centrifuges joint report The Tokenization Shift in 2025 predicts that the RWA sector will reach a market value of $50 billion by the end of 2025, with U.S. Treasury bonds dominating the market with an estimated market value of $28 billion. The current RWA market size is $18.85 billion, with private equity accounting for 55%, but Treasury tokenization will surge to $3.97 billion in 2024. The report said that regulatory clarity and institutional adoption drive growth, and tokenization will solve problems such as slow settlement and liquidity fragmentation in the Treasury market, while increasing private equity liquidity and retail investor participation.
Kyrgyzstan plans to issue gold-backed USDKG stablecoin in Q3 2025
Kyrgyzstan plans to launch a gold-backed stablecoin pegged to the U.S. dollar, USDKG, in the third quarter of this year. The stablecoin will be backed by $500 million in gold from the Kyrgyz Ministry of Finance and aims to facilitate smooth cross-border transfers in the country, where remittances account for 30% of GDP. In addition, the stablecoin plans to expand its reserves to $2 billion.
According to people familiar with the matter, USDKG is designed for cross-border transactions and international trade, initially focusing on the Central Asian market and expanding to Southeast Asia and the Middle East in the future.
Hot Projects Latest News
Ondo Finance (ONDO)
Official website: https://ondo.finance/
Introduction: Ondo Finance is a decentralized finance (DeFi) protocol that focuses on tokenized real-world assets (RWA), aiming to introduce traditional financial assets such as US short-term treasury bonds and bonds into the blockchain to achieve on-chain investment and liquidity. Its core products include tokenized stable income assets (such as USDY), providing transparent and efficient financial tools through smart contracts. Ondo emphasizes cooperation with regulators and is committed to promoting tokenization innovation within a compliance framework, while enhancing the interoperability of assets through cross-chain solutions.
Latest developments: On April 24 , the Ondo Finance team met with the U.S. Securities and Exchange Commission (SEC) Crypto Task Force in Washington, DC to discuss tokenization and the future of digital asset regulation. Ondo said it looks forward to working with regulators to develop a thoughtful regulatory framework for digital assets. On May 3 , Ondo announced the expansion of its tokenized U.S. Treasury bond asset USDY to the Solana ecosystem and launched a first-of-its-kind bridge solution that allows USDY to be seamlessly transferred between the Solana and EVM (Ethereum Virtual Machine) ecosystems.
Usual (USUAL)
Official website: https://usual.money/
Introduction: Usual is a decentralized stablecoin protocol that aims to create a fair, community-driven financial ecosystem through tokenized real assets (RWA). Its core goal is to transform the centralized profit model of traditional stablecoins (such as USDT) into a user-owned and governed model, redistributing value and control to the community through its stablecoin products USD 0 and USD 0++, as well as the governance token USUAL. The project combines the stability of real assets with the composability of DeFi, and is committed to providing users with secure, transparent and high-yield financial tools.
Recent developments: On May 2, Usual completed the third round of early redemption fee redemption, distributing 8.25 million USUALx to eligible USUALx holders. Previously, the Usual community passed the UIP-7 proposal , approving the redistribution method of the previously collected early redemption fees.
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