Introduction
On March 24, 2025, Shenzhen will host an industry summit focused on Real-World Assets (RWA) — the “Global Forum on Enterprise Globalization in the Digital Economy Era and the Global Premiere of ‘RWA Wealth Disruption’.” Organized jointly by Raffles Capital, Coinut Pte Ltd, Hong Kong International Financial Investment Group, and JuCoin, this event gathers global fintech experts, blockchain pioneers, and investment institutions. This article analyzes the development trends and key data of the RWA track, as well as the evolving role of Shenzhen in the digital economy, in the context of the Raffles Capital and JuCoin partnership.
Current Status and Trends of the RWA Track
Market Size and Growth Data
RWA (Real-World Assets) leverages blockchain technology to tokenize physical assets, emerging as a major growth engine in the digital economy. According to Dune Analytics, total value locked (TVL) in RWA protocols grew 653% year-on-year in 2023, reaching USD 5 billion. In 2024, as institutional participation increased and regulations improved, this figure rose significantly. The latest statistics from DeFiLlama show that, as of March 20, 2025, the RWA track TVL has surpassed USD 12 billion, up 140% since the beginning of the year, with an annual growth rate above 50%.
Within sub-sectors, real estate tokenization accounts for approximately 45% (around USD 5.4 billion), while precious metals and bond-related assets comprise about 25% (USD 3 billion) and 20% (USD 2.4 billion) respectively. In March 2025, 15 new RWA projects were launched globally—8 of which involve traditional industries such as energy and agriculture—demonstrating diversified application scenarios. Industry forecasts suggest that if current trends persist, the asset scale under RWA management may reach USD 600 billion by 2030, becoming a significant component of the global capital market.
Driving Factors
The rapid growth of the RWA track is driven by several factors:
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Mature Technology: The low cost and high efficiency of blockchain technology enhance the feasibility of asset tokenization.
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Institutional Participation: The entry of traditional financial institutions such as Goldman Sachs and Standard Chartered boosts market confidence.
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Regulatory Support: Crypto-friendly policies in regions like Hong Kong and Singapore provide a compliance foundation for RWA.
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Raffles Capital and JuCoin Partnership: A key catalyst in advancing the RWA ecosystem.
Partnership Background
The strategic collaboration between Raffles Capital and JuCoin is the core highlight of this forum. The two parties plan to collaborate deeply on RWA asset trading, blockchain financial innovation, and global market expansion to jointly drive the development of the RWA ecosystem.
Raffles Capital is a global financial investment institution with extensive experience in traditional finance, led by Chairman Dr. Charlie In (Dr. Yin). He has served as chairman for several listed companies on the Singapore Stock Exchange and has held roles as a shareholder or advisor in traditional industries such as resource conglomerates and oil companies. JuCoin, on the other hand, is a digital asset trading platform focused on Web3 and RWA, with a technology architecture that supports diversified asset trading, offering industry-leading user experience and security.
In their partnership, Raffles Capital’s traditional financial resources complement JuCoin’s technical capabilities, accelerating the adoption of RWA both in Shenzhen and the global market.
Hong Kong’s Crypto Policy: A Booster for RWA Development
Hong Kong’s crypto-friendly policies have provided significant support for the RWA track. In 2024, the Hong Kong SAR government introduced a virtual asset regulatory framework, allowing compliant platforms to operate and supporting asset tokenization pilots. In February 2025, the Hong Kong Monetary Authority’s Ensemble Sandbox project launched the world’s first new energy RWA project, raising USD 50 million, with participation from institutions such as Goldman Sachs and Standard Chartered. This project demonstrated the feasibility of RWA in the energy sector, with its TVL growing 15% within one month.
Hong Kong’s policy advantages include:
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Clear Regulations: Providing legal legitimacy for RWA.
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Financial Hub: Connecting mainland China with global markets.
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Institutional Trust: Attracting traditional financial institutions to participate.
The forum’s co-organizer, Hong Kong International Financial Investment Group, epitomizes these advantages. The cooperation between Raffles Capital and JuCoin will leverage Hong Kong’s policy dividends to promote the cross-border application of RWA.
Analysis of RWA Potential in Traditional Industries
Real Estate
Real estate is the primary application of RWA. In traditional markets, property transactions have long cycles (averaging 30–90 days) and high capital thresholds (in the millions). After tokenization, properties can be divided into smaller tokens, reducing the minimum investment to a few hundred dollars and shortening the transaction time to just a few hours.
As of March 2025, the global value of tokenized real estate is around USD 2 billion, spanning over 30 cities with an 80% year-on-year growth. It is expected to reach USD 5 billion by 2027. U.S. tokenized real estate projects have shown that a single property, once tokenized, can attract 500–1000 investors and triple trading volume. The implementation of RWA-Sustain in these fields will provide a significant demonstration effect for Shenzhen’s digital economy.
Agriculture and Energy
In agriculture, tokenization of land use rights and agricultural futures can attract global funding. For example, tokenized land can release an additional 5%-10% of financing annually for agricultural enterprises. In the energy sector, tokenizing equipment leasing rights or new energy assets (such as solar power plants) is already in pilot stages, as demonstrated by the Hong Kong Ensemble project.
Oil
The oil industry is capital-intensive, with a global annual transaction volume exceeding USD 2 trillion. Tokenization can convert oil reserves or revenue rights into digital assets, enhancing liquidity. For instance, if 10% of an oil company’s assets are tokenized, it is estimated to release USD 5–10 billion in liquidity, providing low-cost financing channels for the company.
While traditional industry RWA faces challenges in legal ownership, technical standards, and market acceptance, its potential has been clearly demonstrated by data.
Compliance and Cross-Border Trading: The Core Support for RWA
Compliance
Global RWA expansion must be built on a foundation of compliance. Hong Kong’s virtual asset framework, Singapore’s MAS licenses, and the EU MiCA regulations offer valuable references. The “global compliance architecture” of RWA-Sustain, developed in cooperation with regulators, will ensure asset legitimacy and reduce legal risks.
Cross-Border Trading
Blockchain technology supports borderless circulation. RWA-Sustain’s cross-border capabilities can reduce transaction costs by 20%-30%, though issues such as currency conversion and tax coordination remain. Raffles Capital’s compliance experience combined with JuCoin’s technical support will help address these challenges.
Financial Innovation: The Market Potential of RWA
RWA is reshaping investment models through tokenization. Investors can share in real estate income via tokens, and companies can raise funds quickly through asset tokenization. For small and medium enterprises, traditional financing costs range from 8%–12%, but RWA can reduce this to 5%–7%, with financing cycles shortened from months to weeks. As of March 2025, global RWA projects have released about USD 1 billion in financing for SMEs, showing a 50% year-on-year growth.
JuCoin Trading Platform: A Fusion of Tech, Finance, and Kinetic Innovation
JuCoin focuses on Web3 and RWA, with a technology architecture that supports diversified asset trading. Its RWA Startup Board (launched on March 21, 2025) centers around the RWA-Sustain token, boosting trading efficiency by 30%. The partnership with Raffles Capital enhances its market influence and is expected to drive a 20%-25% increase in trading volume in the Asia-Pacific region.
Forum: A Key Milestone for the RWA Track
Data Highlights
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TVL Growth: The RWA track TVL has reached USD 12 billion.
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Number of Projects: 15 new RWA projects were added in March.
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Real Estate Scale: Global real estate RWA value stands at USD 2 billion.
Analysis
The forum not only serves as a platform to showcase RWA trends but also reinforces Shenzhen’s position in the digital economy. The debut of RWA-Sustain and the collaboration between the two partners will attract global capital and propel Shenzhen to a leadership role in the digital economy.
Conclusion
The partnership between Raffles Capital and JuCoin has injected new momentum into the RWA track. The Shenzhen forum on March 24, 2025, will showcase, through data and practice, the potential of RWA in traditional industries, cross-border compliance, and financial innovation—helping Shenzhen become a new landmark of the digital economy.
Neason Oliver
