RWA 资产路线深度投研报告

Industry Overview - Real World Assets (RWA) refer to the tokenization and tradability of real-world assets such as loans, bonds, and real estate on blockchain platforms, enabling DeFi operations [1] - The market for RWA is gaining traction due to institutional demand for safe-haven assets and the integration of DeFi with traditional finance [1][2] Market Landscape - The total on-chain RWA market is projected to reach $15.4 billion by March 2025, marking an 80% year-over-year growth [2] - Tokenization of U.S. Treasury bonds has surged by 415%, increasing from $769 million to $3.96 billion [2] - Private credit has seen a 48% growth, while real estate tokenization is expected to grow at a compound annual growth rate (CAGR) of over 20% [2] Institutional Involvement - Major financial institutions like BlackRock and JPMorgan are entering the RWA space, with BlackRock's BUIDL fund managing over $500 million [2][7] - The integration of RWA into DeFi platforms is enhancing the yield and risk-return profile of investments [5][6] Technological Advancements - New blockchain infrastructures such as Plume and Mantra are being developed specifically for RWA [3][20] - Chainlink's oracle technology covers approximately 70% of RWA asset pricing needs, serving as a critical infrastructure component [3][12] Emerging Segments - The real estate tokenization market is expected to grow from several hundred million dollars in 2023 to over $10 billion by 2025 [3] - The carbon credit market has surpassed $1.5 billion, with projects like Moss.Earth tokenizing 2 million hectares of the Amazon rainforest [3] Driving Forces Behind RWA - High interest rates and the need for stable returns are driving the demand for RWA [4][14] - Legal and technological advancements are facilitating the compliance and operational frameworks necessary for RWA [4][14] Future Outlook - The RWA market is expected to see significant growth, with projections indicating a total value locked (TVL) of $150 billion by 2024 [15] - The integration of RWA with DeFi is anticipated to create new investment opportunities and enhance liquidity [32][33]