2025年全球及中国RWA行业及案例分析评估报告

Investment Rating - The report indicates a strong growth potential for the RWA industry, with a projected market size increase from $27.19 billion in 2020 to $2.18 trillion by 2024, and an expected CAGR of 62.6% from 2025 to 2029, potentially exceeding $2.4 trillion by 2029 [6][23][24]. Core Insights - The RWA industry is transitioning from concept validation to large-scale application, becoming a crucial bridge between the real economy and blockchain markets, with over 170 million blockchain accounts holding stablecoins as of July 2025 [14][15]. - The report highlights the rapid growth of RWA assets, particularly in the real estate sector, which has seen a doubling in size within six months due to compliance breakthroughs and the popularity of fractionalized investment models [20][21]. - Regulatory frameworks in regions like Hong Kong are fostering innovation and compliance, with the introduction of the stablecoin regulatory framework expected to enhance market quality and liquidity [4][48]. Summary by Sections Industry Overview - RWA refers to the process of tokenizing real-world assets through blockchain technology, enhancing liquidity, transparency, and accessibility [10]. - The global RWA market is expected to grow significantly, with a market size forecasted to reach $2.18 trillion by 2024 and over $2.4 trillion by 2029, driven by the expansion of stablecoin applications and asset tokenization [6][23][24]. Competitive Landscape - The report identifies the dominance of government bonds in the RWA market, with significant growth potential in the stock and commodity sectors [3][29]. - The U.S. Treasury market is highlighted as a key growth area, with projections indicating a market size exceeding $1.2 trillion by 2030 [29]. Development Trends - The RWA industry is experiencing rapid growth, with PayFi on-chain payment solutions emerging as a significant trend, potentially addressing high costs and inefficiencies in traditional cross-border payment systems [33][36]. - The report emphasizes the importance of regulatory clarity and institutional consensus in driving the growth of the RWA market, with various countries adopting different regulatory approaches [22][48]. Institutional Participation - Traditional financial institutions and crypto-native organizations are increasingly engaging in the RWA space, with companies like Circle leveraging stablecoins for cross-border payments [42][48]. - The report outlines the regulatory developments in Hong Kong and Singapore, which are creating conducive environments for RWA innovation and compliance [48][49].