RWA Track Deep Dive Guide: 10 RWAs to Watch in 2025

Original Title: "RWA Track In-depth Layout Guide: 10 RWA Projects to Watch in 2025"

Original Source: Biteye

Recently, RWA and Payfi have once again been mentioned in the market. Are these two tracks just another round of recycled narratives, or are they truly able to bridge TradFi and DeFi, unlocking the "golden key" to a trillion-dollar market?
We have compiled a list of 10 RWA projects that you cannot afford to miss, attempting to delve deep into several core issues of the RWA track.

1/11@plumenetwork

Introduction: Plume is an EVM-compatible public chain designed for RWAs, committed to promoting the digitization, circulation, and composability of RWAs. Through full-stack vertical integration technology, Plume supports the tokenization of assets such as real estate, commodities, and income rights, and achieves efficient collaboration with DeFi protocols to enhance asset liquidity and usability. Its ecosystem has attracted over 180 projects, with 3.75 million users and 265 million transactions in the testnet phase.

Project Progress & Participation: Plume is currently focused on building core infrastructure for on-chain RWA assets, including smart contracts, toolsets, and DeFi integration, primarily serving crypto users. In the future, Plume will gradually expand into diversified real-world asset scenarios (2025-2026) and plans to collaborate with traditional financial institutions to promote the integration of on-chain and off-chain assets, creating a compliant, composable, user-centric RWA financial infrastructure.

2/11@OndoFinance

Introduction: Ondo is a financial infrastructure platform dedicated to bringing traditional financial assets (such as US stocks, bonds, ETFs) onto the blockchain. Its core product, Ondo Global Markets, offers 1:1 physically-backed security tokens. Ondo also launched Ondo Chain, a Layer1 blockchain designed for institutional-grade finance, implementing RWA collateralization, native cross-chain communication mechanisms, creating a compliant, secure, and efficient on-chain capital market environment, and connecting Wall Street with DeFi in the new era of finance.

Project Progress & Participation: Ondo Finance recently surpassed a TVL of $1 billion, solidifying its leading position in the US bond tokenization field. Currently, the global tokenized sovereign debt market has exceeded $5 billion, with Ondo holding a core share. A JPMorgan report predicts that yield-bearing stablecoins will capture a 50% share of the stablecoin market, further confirming the growth potential of the Ondo model.

3/11@humafinance

Introduction: Huma is a decentralized real yield platform built on Solana, providing users with stable yield driven by real-world payment financing activities through its PayFi network. Retail investors can participate in Huma 2.0, supporting both Classic mode (10.5% USDC APY) and Maxi mode (no APY but high Feather points), and issuing tradable LP token $PST, compatible with DeFi protocols like Jupiter.

Project Update & Participation: Visit the official website and connect your OKX Wallet (Solana network), prepare $USDC. Choose between Classic (10.5% APY) or Maxi mode (more Feather points), select the stake amount and lockup period, then click Deposit. Upon staking, receive PST or mPST tokens, both exchangeable for USDC via Jupiter, with mPST needing to be converted to PST first. Pay attention to Feather points as they may be airdropped, a key metric. Link: https://app.huma.finance/?ref=KK3bhC

4/11@noble_xyz

Introduction: Noble is a native asset issuance chain built on the Cosmos SDK, focusing on cross-chain issuance and circulation of stablecoins and RWAs, with native support for USDC. Noble introduces a yield dollar stablecoin where holding it earns an expected 4.2% APY, backed by a 103% collateralization of U.S. Treasury Bills to further unlock stablecoin potential. Noble plans to launch the Noble AppLayer — a high-performance EVM Rollup built on Celestia, designed for stablecoin-native applications with 100ms block time and high throughput, supporting composable liquidity of USDN stablecoin to empower use cases like payments, remittances, and lending.

Project Update & Participation: Noble has launched a four-month USDN rewards incentive program (currently 73 days remaining), where users accrue points by depositing USDN into designated pools. Firstly, cross your USDC from an EVM wallet to the Cosmos ecosystem's Noble chain (cross-chain available on the website), then swap for USDN (interest-bearing stablecoin backed by short-term U.S. bonds). Secondly, choose a deposit pool. One pool only receives USDN interest, APY 13.7%, without participating in point airdrops; the other pool forfeits interest, focusing on earning Noble points (requires at least 1 month of staking for points, no rewards for early withdrawal). Choose a pool based on your needs to participate in Noble's point airdrop plan.

5/11@MidasRWA

Introduction: Midas's core focus is on identifying, screening, and onboarding high-yield real-world assets, particularly relatively low-risk, stable-return assets like U.S. Treasuries (T-Bills). It represents ownership or revenue rights of these off-chain assets as tradable tokens on the blockchain (e.g., its mTBILL token represents an investment in the underlying U.S. Treasury bond). Through the Midas platform, users can seamlessly invest in these real-world assets on-chain, earn stable returns from traditional financial markets, and integrate and utilize these assets within the DeFi ecosystem.

Project Progress & Participation: By accessing the Invest page, users can choose from 6 financial products, namely mEDGE, mMEV, mRe7, mBASIS, mTBILL, mBTC. Upon selection, entering the desired amount in USDT will automatically convert it into the corresponding product. After wallet confirmation, the investment is completed.

6/11@convergeonchain

Introduction: Converge is a high-performance RWA public chain platform supported by Ethena and Securitize, aiming to bring institutional funds on-chain and merge real-world assets with DeFi. Its technical architecture is based on Arbitrum Orbit and Celestia, utilizing USDe and USDtb as native Gas assets. Converge supports cross-language contract composition with Rust and Solidity and provides security for institutional funds through an ENA-driven Collateralized Validation Node (CVN) network.

Project Progress & Participation: Converge is set to launch its developer testnet and has partnered with top protocols such as Aave, Pendle, Morpho, etc., deploying the first applications based on Ethena and Securitize assets. The platform introduces technologies like Stylus VM, Mini-block Streaming for high performance, and enhances asset security through an ENA stake-driven CVN network. The core sub-project Ethereal DEX will support CEX-level matching speeds, processing millions of orders per second, becoming on-chain high-frequency trading infrastructure. The mainnet is expected to launch in the coming months.

7/11@superstatefunds

Introduction: Superstate is an Ethereum-based government bond fund designed to compliantly issue tokenized U.S. Treasury Bond products. Its inaugural product, USTB, targets qualified investors and will invest in short-term U.S. Treasuries, charging a 15 basis point management fee. It supports self-custody with various security measures (such as multi-sig, MPC, EOA) and is backed by Anchorage Digital and BitGo for custody and asset management services. Superstate aligns with existing U.S. securities regulations to enhance the composability and liquidity of Treasury assets on-chain, serving as a critical infrastructure for bringing traditional financial assets into the DeFi ecosystem.

Project Progress & Participation: There are currently no airdrop plans, and the initial product USTB is aimed at qualified investors. USTB's underlying assets are short-term Treasury Bills, a type of highly liquid, highest credit-rated fixed-income asset. Superstate packages these assets into fund shares and issues them on-chain in token form. USTB aims to provide users with a low-risk, stable yield on-chain asset option. USTB is not open to all users; its issuance structure follows the U.S. securities law framework and is only open to Qualified Purchasers. This means the barrier to entry is high.

8/11@Securitize

Introduction: Securitize is a digital securities platform focused on the tokenization of Real World Assets (RWA), aiming to bring traditionally high-barrier assets such as real estate, art, and bonds onto the blockchain compliantly, enabling fractional ownership and secondary trading. The platform is a registered transfer agent with the SEC, collaborates with institutions like BlackRock, Coinbase, etc., and provides retail investors with compliant, transparent, and liquid alternative investment channels. Securitize does not issue a platform token but supports the issuance of project tokens on its platform, making it a key infrastructure for driving the on-chainization of institutional-grade assets.

Project Progress & Participation: Since its establishment in 2017, it has received SEC registration, issued the world's first credit rating and index-based tokenized securities, and collaborated with institutions like BlackRock, Apollo, among others. BlackRock launched the BUIDL fund in March 2024, with the fund's size surpassing $1 billion in 2025 and obtaining the CNMV Investment Company license, continuously expanding in the European and American markets. There are currently no airdrop plans, but investment can be made on the platform post-KYC, with stricter due diligence and investment standards compared to typical crypto projects.

9/11@BackedFi

Introduction: Backed Finance is a project that tokenizes Real World Assets (RWAs) such as US stocks, ETFs, US Treasury bonds, etc., in a compliant manner and brings them onto the blockchain. Each token issued on the platform (e.g., bTSLA, bGOOGL, bCSPX) is backed 1:1 by equivalent real-world assets and held in custody by a licensed trustee, enabling on-chain trading for non-US accredited investors, self-custody, and asset redemption. Backed has already listed various assets including Microsoft, Google, Tesla, US Treasury ETFs, etc. The tokens are ERC-20 compatible and can be utilized in DeFi for purposes such as collateralization, lending, and portfolio investment. The project operates under Swiss regulatory frameworks and has been chosen by the Arbitrum DAO as one of the Treasury allocation targets.

Project Progress & Participation: There are currently no airdrops planned, and the product is aimed at accredited investors. Privates must be able to declare ownership of at least 500,000 CHF in assets and have sufficient professional knowledge or experience; or hold at least 2,000,000 CHF in eligible assets. Backed's professional clients who have completed KYC can directly exchange assets for Backed tokens at NAV + fees.

10/11@DinariGlobal

Introduction: Dinari is a compliant infrastructure platform focused on tokenizing traditional securities assets (such as stocks, bonds, ETFs) through its core product, dShare. Assets like US stocks are issued in 1:1 backed ERC-20 token form on-chain. Upon completing KYC, users can directly purchase dShares with stablecoins, enabling on-chain trading, self-custody, and dividend distribution. Dinari is an SEC-registered transfer agent and collaborates with regulated custodians to ensure asset security and compliance.

Project Progress & Participation: Dinari plans to launch nearly a hundred dShares, USD + stablecoin, cross-chain support, and API partnership solutions by 2024, continuously driving Real World Asset (RWA) on-chain presence. Initially, complete the KYC verification, provide proof of residency to meet regulatory requirements, trade using stablecoins like USDC, USDT, etc., purchase the corresponding security assets in the respective securities market, and see the corresponding dShares in the wallet. If the corresponding security assets issue dividends, Dinari will convert the dividends into USDC and distribute them to the user's wallet.

11/11

Overall, for ordinary cryptocurrency users, the ways to participate in the current RWA projects are mainly divided into several categories: directly purchasing flagship tokens $ONDO and $PLUME for staking; participating in coin savings and interest earning at Huma, Midas, Noble, and seizing airdrop opportunities; participating in Converge interactions to seize airdrop opportunities. Projects such as Superstate, Securitize, Backed, and Dinari have very high participation barriers due to strict KYC requirements or high thresholds.

Furthermore, there are still challenges in the current stage of the RWA track, such as:

1. RWA's "Impossible Triangle": Compliance, Decentralization, and User Experience

Through project research, we have found that almost all current RWA projects cannot avoid KYC/AML, and even have strict geographical and accreditation restrictions on investors (accredited investors). This itself filters out a large number of DeFi native users. The so-called "permissionless" often raises questions in the RWA field. For RWA to truly take off, it must find a clever balance in this "impossible triangle." Currently, most projects have chosen to lean towards compliance and TradFi logic, limiting their native integration potential in the DeFi world.

2. How to Break Through the Path Dependence on U.S. Treasury Bonds and Stocks?

Currently, the most successful RWA applications involve tokenizing U.S. treasury bonds and stocks, but this is more like "Stablecoin 2.0" or "on-chain tools for earning interest in USD." U.S. Treasury bond RWA is a successful start, but the real blue ocean opportunity lies in unleashing blockchain technology on those assets with low liquidity, non-standard characteristics that are hard to reach, and endowing them with DeFi composability. This is the most exciting narrative of RWA, but also the most challenging to achieve.

3. How to Achieve Deep Composability of RWA Assets?

Tokenizing assets is only the first step; achieving composability will be much more difficult. RWA of the same type issued on different platforms (such as tokenized U.S. bonds) may have different standards and may be incompatible. So, is it possible to achieve RWA assets to smoothly flow, combine, and create new gameplay between DeFi protocols like $ETH and $USDC, using tokenized real estate for collateralized lending, and then putting it into other protocol liquidity mining, and so on.

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