RWA 2025 Deep Dive: From Government Bond Base to Composable High-Yield Markets
This report analyzes the development trends of on-chain real-world assets (RWA) in 2025, pointing out that on-chain capital markets are undergoing structural upgrades. The types of RWA assets have expanded from low-risk government bonds to private credit, commodities, institutional funds, stocks, and real estate. The report believes that government bonds remain the core foundation of RWA, while the on-chaining of high-yield assets is the main growth direction.