RWA Weekly Report | The Democratic Party obstructs legislation leading to a split in stablecoin legislation; report predicts that the market capitalization of the RWA zone will reach $50 billion by 2025 (4.30-5.8)

Original | Odaily Daily Report (@OdailyChina)

Author | Ethan (@ethanzhang_web3)

RWA Sector Market Performance

According to RWA.xyz data, as of May 8, 2025, the total on-chain value of RWA reached $22.38 billion, an increase of 10.96% compared to 30 days ago. The total number of on-chain asset holders is 100,536, an increase of 5.79% compared to 30 days ago, with a total of 189 asset issuances. The total value of stablecoins is $231.18 billion, an increase of 1.83% compared to 30 days ago, while the number of stablecoin holders is 161.29 million, an increase of 2.88% compared to 30 days ago.

From a historical trend perspective, the total on-chain value of RWA has shown significant growth since 2019, especially accelerating after 2023, peaking in early 2025, indicating the rapid adoption of tokenized assets. In terms of asset class distribution, private credit dominates, valued at $12.9 billion, accounting for 57.64% of the total value; US Treasury Debt is valued at $6.8 billion, making up 30.38%, an increase from last week's 28.69%; commodities are valued at $1.5 billion, accounting for 6.7%; and international alternative funds stand at $475.9 million, accounting for 2.12%. Stocks, non-US Government Debt, and Corporate Bonds represent relatively small proportions.

According to the data comparison from last week, U.S. Treasury bonds and private credit remain the core engines, contributing a total of 600 million dollars (77.92%) out of the weekly incremental growth of 770 million dollars. The RWA sector continues to show structural growth, dominated by compliant assets (Treasuries, credit), while institutional alternative funds, commodities, and equity types are still in the early stages. Meanwhile, the on-chain stablecoin scale decreased by 260 million dollars week-on-week, which, compared to the incremental growth of non-stablecoin RWA assets (600 million), reflects that the RWA market is not significantly affected by the overall market trend.

Review of Key Events from Last Week

Private equity accelerates the layout of tokenization to solve liquidity problems.

According to Forbes, private equity is accelerating its exploration of tokenization due to limited traditional exit channels. With high interest rates from the Federal Reserve and Trump’s policies in 2025, IPOs and secondary trading are hindered, and $13.4 trillion in private assets face liquidity bottlenecks. Tokenization splits private equity, real estate, and other assets via blockchain, enabling 24/7 trading and expanding the global investor base. BlackRock, Franklin Templeton, and Hamilton Lane have launched tokenized funds, but retail investors need to be cautious of potential liquidity risks and regulatory gaps.

Bloomberg: Stablecoin legislation faces division, Democrats threaten to use indefinite debate to obstruct legislation.

A bipartisan bill in the U.S. Senate aimed at establishing a federal framework for stablecoins has encountered significant divisions during discussions, with some Democratic senators threatening to employ unlimited debate (filibuster) to push for stronger consumer protection and anti-money laundering provisions. One Democratic senator pointed out that the new agreement still has "gaping holes" in terms of the requirements for stablecoin issuance and bank reserves, and if not amended, it will fail to protect the rights of ordinary users. This division has forced the originally scheduled vote this week to be postponed, making the legislative prospects increasingly uncertain. Market participants are concerned that if stablecoin regulations are not passed in this Congress, the regulatory vacuum for U.S. stablecoins may continue, affecting the speed of industry development.

The SEC announced that the fourth cryptocurrency roundtable will be held on May 12, with the SEC chairman and Nasdaq attending.

According to official news, the crypto assets special working group under the U.S. Securities and Exchange Commission (SEC) has released the detailed agenda and guest list for its roundtable meeting scheduled for May 12 - "Tokenization: Asset on Chain - The Intersection of Traditional Finance and Decentralized Finance." The roundtable is part of the SEC's series of events on cryptocurrency asset regulation that started in March and will be held on May 12 from 1:00 PM to 5:30 PM local time at the SEC headquarters. The meeting is open to the public and will be livestreamed on the SEC's official website. In addition, the date for another roundtable meeting titled "DeFi and the American Spirit," originally scheduled for June 6, has been moved to June 9. Those who have already registered will be automatically transferred to the new date without needing to re-register, and new users can still sign up. Participants at the U.S. Securities and Exchange Commission include: Chairman Paul S. Atkins, Director of the Office of Crypto Working Group Richard B. Gabbert, Commissioner Hester Peirce, among others. Other attendees include: Cynthia Lo Bessette (Fidelity), Eun Ah Choi (NASDAQ), Will Geyer (Invesco), etc.

Citibank partners with MAG to tokenize $3 billion in real estate assets and launch the MBG token.

Citibank has reached a $3 billion tokenization agreement with UAE developer MAG and blockchain company Mavryk, creating the world's largest RWA tokenization project. The collaboration will bring assets such as the Dubai Ritz-Carlton Residences under MAG on-chain, opening them to global investors through the MultiBank.io platform, allowing holders to earn daily returns. The MBG token will support platform access, staking, and fee payments, with plans to expand to $10 billion in asset tokenization in the future.

The report predicts that the market value of the RWA sector will reach 50 billion USD by 2025.

Keyrock and Centrifuge's joint report, "The Great Tokenization Transformation in 2025," predicts that the RWA sector will reach a market capitalization of $50 billion by the end of 2025, with U.S. Treasuries dominating the market, with a market capitalization of $28 billion. The current RWA market size is $18.85 billion, with private equity accounting for 55%, but the tokenization of government bonds will surge to $3.97 billion in 2024. Regulatory clarity and institutional adoption drive growth, and tokenization will address issues such as slow settlement and fragmented liquidity in the Treasury market, while increasing private equity liquidity and retail investor participation, the report said.

Kyrgyzstan plans to issue the gold-backed stablecoin USDKG in Q3 2025.

Kyrgyzstan plans to launch a gold-backed stablecoin pegged to the US dollar – Gold Dollar (USDKG) – in the third quarter of this year. This stablecoin will be backed by $500 million in gold provided by the Ministry of Finance of Kyrgyzstan, aiming to facilitate smooth cross-border transfers in a country where remittances account for 30% of GDP. Additionally, there are plans to expand the reserves of this stablecoin to $2 billion. According to informed sources, USDKG is designed specifically for cross-border transactions and international trade, initially focusing on the Central Asian market, with future expansion into Southeast Asia and the Middle East.

Latest Updates on Hot Projects

Ondo Finance (ONDO)

Official website:

Introduction: Ondo Finance is a decentralized finance (DeFi) protocol focused on tokenizing real-world assets (RWA), aiming to bring traditional financial assets such as U.S. Treasury bills and bonds onto the blockchain for on-chain investment and liquidity. Its core products include tokenized yield stable assets (such as USDY), providing transparent and efficient financial tools through smart contracts. Ondo emphasizes collaboration with regulators and is committed to promoting tokenization innovation within a compliance framework, while enhancing asset interoperability through cross-chain solutions.

What's new: On April 24, the Ondo Finance team met with the U.S. Securities and Exchange Commission's (SEC) Crypto Task Force in Washington, D.C. to discuss tokenization and the future of digital asset regulation. Ondo said it looks forward to working with regulators to develop a well-thought-out regulatory framework for digital assets. On May 3, Ondo announced the expansion of its tokenized USDY, a short-term U.S. Treasury asset, into the Solana ecosystem and launched a first-of-its-kind bridging solution that allows USDY to seamlessly transfer between Solana and the EVM (Ethereum Virtual Machine) ecosystem.

Usual (USUAL)

Official website:

Introduction: Usual is a decentralized stablecoin protocol aimed at creating a fair, community-driven financial ecosystem by tokenizing real-world assets (RWA). Its core objective is to transform the profit-making model of traditional stablecoins (such as USDT) into a model owned and governed by users, redistributing value and control back 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-world assets with the composability of DeFi, dedicated to providing users with secure, transparent, and high-yield financial tools.

Recent Updates: On May 2, Usual completed the redistribution of the third round of early redemption fees, distributing 8.25 million USUALx to eligible USUALx holders. Previously, the Usual community approved the UIP-7 proposal, which sanctioned the method of redistributing the early redemption fees collected earlier.

Related Articles Recommendation

"RWA Weekly｜Plume Releases Q1 Summary Report; Fed Withdraws Crypto-Related Banking Guidance (4.22-4.29)"

RWA Weekly Report: Summarizing the latest industry insights and market data.

"Reconstructing Global Tourism on the Blockchain: A New Wealth Paradigm of Web3 + RWA"

This article starts from Coinsidings 2.0, introducing how it leverages RWA asset tokenization, consumption option mechanisms, AI computing power closed loops, and DeFi dividend systems to transform tourism expenditures into on-chain value flows, building a new wealth network that allows users to achieve "travel is investment, consumption is profit" during their travels.

"The Regulatory Policy Driving the RWA Narrative in US Stocks: Opportunities and Challenges of Tokenized Stocks"

The article revolves around the tokenization of stocks in the US stock market, introducing its development process, market status, opportunities and challenges, and market prospects. Under the influence of Trump's deregulation policies, the RWA track has received attention, and tokenized stocks are迎来 new development opportunities.