The following content is released by the JuCoin Labs Crypto Research Institute:
Recently, the leading project in the RWA sector, Ondo Finance, announced the launch of Ondo Global Markets (Ondo GM). Its goal is to enable global investors to access US-listed securities on‑chain through blockchain technology, and it has also introduced Ondo Chain. By on‑chaining stocks and bonds, Ondo Finance has further driven the development of the RWA sector, making RWA a key focus for capital allocation. Even the Trump family’s crypto project WLFI has purchased ONDO tokens.
RWA (Real World Assets) is based on the core idea of digitizing financial or physical assets from the real world and mapping them onto the blockchain so that on‑chain trading and management can be conducted in a tokenized manner. Its value lies in using blockchain technology to optimize the inefficiencies of the traditional financial system, thereby enhancing asset transparency, liquidity, and security.
Currently, top-tier capital such as J.P. Morgan and Citibank have already begun to invest in RWA. RWA is an important development direction for digital finance in the future and is a sector that investors cannot ignore.
RWA Market Status
According to rwa.xyz data, as of February 9, 2025, the total market cap of RWA has exceeded $17.1 billion and continues to grow. Bitwise forecasts that by the end of 2025, the market cap of the entire sector will surpass $50 billion.
Based on asset type, US Treasuries account for 49.64% of the market share; private credit holds 26.82%; and commodities account for 16.06%.
Since 2024, the top three monthly RWA asset issuance segments have been stablecoins, tokenized US Treasuries, and private credit, which are the primary channels for capital inflows.
In terms of on‑chain distribution, Ethereum dominates the market share.
RWA is currently a significant development direction in the crypto industry, representing the “new blue ocean” in the digital asset space. The application scenarios of RWA are very broad, primarily encompassing stablecoins, government bonds, private credit, commodities, and real estate. Below, we focus on sharing the main representative projects in the RWA sector.
Representative RWA Projects
Tokenized US Treasuries – Ondo Finance (Institution‑grade RWA L1)
Project Overview
Ondo Finance’s core mechanism is to tokenize traditional financial assets, such as US Treasuries and money market funds, and introduce them to the blockchain. In this way, investors can hold these assets on‑chain in token form, enjoying higher transparency and liquidity.
Core Products
- USDY (Ondo US Dollar Yield Token): A tokenized note backed by short‑term US Treasuries and demand deposits, designed to provide stable returns for non‑US investors. After completing KYC, investors can earn yields through USDY. Its primary user group is retail investors.
- OUSG (Ondo Short‑Term US Government Treasuries): A tokenized US Treasury fund that primarily invests in BlackRock’s iShares Short‑Term Treasuries ETF (SHV), providing a channel for global investors to access short‑term US Treasuries. Its main users are accredited investors.
Token Economics
The token is primarily used for governance of the Ondo DAO and Flux Finance. The total supply of ONDO is 10 billion tokens, distributed as follows:
- Community Sale: ~199 million tokens (2.0% of total supply)
- Ecosystem Growth: ~5.21 billion tokens (52.1% of total supply)
- Protocol Development: ~3.3 billion tokens (33.0% of total supply)
- Private Sale: ~1.29 billion tokens (12.9% of total supply)
On‑Chain Data
- Market Cap: $4.32 billion
- 24‑Hour Trading Volume: $549 million
- Number of Holding Addresses: 98,128
- The top holding address accounts for 68.1% of tokens
- Total On‑Chain Transfers: 1,215,994
Project Highlights
- RWA Sector Leader: Ondo Finance gained early support from institutions such as BlackRock and Morgan Stanley and pioneered the on‑chain US Treasury initiative.
- Trump Family Involvement: Ondo Finance is also a leader in the RWA sector; the Trump family’s crypto project WLFI holds about 340,000 ONDO tokens.
- Top‑Tier VC Support: Ondo Finance has completed 3 funding rounds, raising over $30 million from investors including Coinbase Ventures, GoldenTree, Wintermute, Tiger Global, Founders Fund, and Pantera Capital.
- Rapid Product Updates: Recently, Ondo has not only launched Ondo GM but also introduced Ondo Chain, which will expand RWA from US Treasuries to include stocks, ETFs, and corporate bonds by providing compliance, trust, and investor protection.
Algorithmic Stablecoin – Ethena Labs
Project Overview
Ethena Labs is an Ethereum stablecoin project with a team experienced in crypto. Its investors include Dragonfly, Brevan Howard Digital, and the family office of BitMEX founder Arthur Hayes, among others.
Ethena is building a derivatives infrastructure that enables Ethereum to transform into a global internet bond through delta‑neutral positions on stETH, thereby creating the first crypto‑native, yield‑bearing stablecoin, USDE.
Core Product
One of Ethena’s core products is the stablecoin USDe, which is pegged 1:1 to the US dollar. By combining delta hedging and a “mint‑and‑redeem” arbitrage mechanism, USDe maintains stable value and provides seamless, efficient support for the DeFi sector. Additionally, its product sUSDe, which is derived from staked USDe, enables users to earn rewards from protocol revenues, sourced from both staking ETH as collateral and profits from derivatives trading. This design maintains system stability while incentivizing long‑term participation.
Ethena is also expanding its core product offerings. Recently, Ethena partnered with Spark Protocol (pre‑TGE) to allocate up to $1.1 billion in liquidity directly to USDe and sUSDe via its liquidity layer. Additionally, it has proposed incorporating sUSDEe as a core collateral asset in future Aave instances; currently, sUSDEe’s collateral scale has exceeded $1 billion.
Token Economics
The native token ENA is mainly used for governance, community voting, and ecosystem incentives.
Token distribution:
- Private investors: 25%
- Team/Advisors/Contractors: 20%
- Ecosystem incentives: 17.5%
- Airdrop: 12.5%
- Foundation: 15%
On‑Chain Data
- Market Cap: $1.58 billion
- 24‑Hour Trading Volume: $333 million
- Number of Users: 4,342,600
- TVL: $6.14 billion
- APY: 6%
- Number of Holding Addresses: 57,341
- Total Transactions: over 1,195,448
- Holding addresses are relatively concentrated: the top holding address holds 20.6%, the second 18.7%, and the third 10.33%.
Project Highlights
- Top Algorithmic Stablecoin: Ethena is a leading algorithmic stablecoin on Ethereum, supported by prominent VCs such as Dragonfly and Brevan Howard Digital.
- High Protocol Revenue: Ethena generates revenue from diverse sources, with the majority coming from profits in delta‑hedged derivatives positions. The protocol revenue, which is the product of USDe’s AUM and its funding rate, is very substantial.
- Practical Application: Ethena is among the first on‑chain products to penetrate the CeFi market, primarily serving as collateral for derivatives trading. USDe has already been integrated into major centralized exchanges, and Ethena is evolving from a single asset issuer to a platform for on‑chain financial innovation.
Private Credit – Goldfinch
Project Overview
Goldfinch was launched in 2022 as a decentralized lending protocol that allows users to borrow crypto without using crypto as collateral; the collateral is entirely off‑chain. Co‑founders Michael Sall and Blake Loan West both have experience at Coinbase. Investors include A16z, Coinbase Ventures, Lightspeed Venture Partners, among others.
Core Products
- Decentralized Lending Protocol: Goldfinch provides a decentralized lending platform that allows crypto borrowers to secure loans using off‑chain collateral, enabling even individuals with low credit scores to obtain loans.
- Goldfinch Prime Pool: Goldfinch Prime is an investment pool designed for institutional private credit, targeting a return rate between 9% and 12%. Funds in these pools undergo strict screening to ensure compliance with investment standards, such as high proportions of senior secured loans and low non‑accrual ratios.
Currently, Goldfinch manages assets worth over $1 trillion, with yields as high as 13.2%.
Token Economics
Goldfinch currently has two native ERC‑20 tokens: GFI and FIDU.
- GFI is the core token used for governance voting, auditor staking, auditor voting rewards, community grants, etc. Supporters holding GFI can also earn protocol rewards by staking or depositing them into a membership treasury.
- FIDU represents liquidity providers’ deposits in the senior pool. When liquidity providers deposit funds into the senior pool, they receive an equivalent amount of FIDU. FIDU can be redeemed for USDC on the Goldfinch dApp based on the net asset value of the senior pool, subject to a 0.5% withdrawal fee. Over time, the exchange rate of FIDU increases as interest is paid into the senior pool.
On‑Chain Data
- Market Cap: $31.12 million
- 24‑Hour Trading Volume: $940,000
- Total On‑Chain Transactions: over 206,534
- Number of Holding Addresses: 14,952
- Holding distribution is relatively uniform, though there may be signs of controlled holdings.
Project Highlights
- Low Participation Threshold: Goldfinch does not require credit ratings, thus enabling individuals with low credit scores to secure loans. Additionally, its lending process is streamlined and automated via smart contracts, allowing borrowers and lenders to quickly and easily use the platform.
- Stable Operation: Goldfinch employs a diversified asset strategy, ensuring stable operation even if some loans default. To date, the platform has not recorded any bad debt.
- Solid Foundation: With an experienced team and strong backing from top VCs such as A16z, Coinbase Ventures, and Lightspeed Venture Partners, Goldfinch has been in operation since 2022. After nearly three years of development, the project has a solid foundation in both product and user base, offering a first‑mover advantage.
Summary
Projects represented by Ondo Finance, Ethena Labs, and Goldfinch have made significant progress in tokenized US Treasuries, algorithmic stablecoins, and decentralized lending, respectively, driving the maturity of the RWA market. As more institutions participate, the application scenarios for RWA will continuously expand to include stablecoins, government bonds, private credit, and more, offering broader investment opportunities. This trend not only provides investors with a diverse range of asset allocation options but also injects new momentum into the digital transformation of the global financial system. Closely monitoring the development trends in the RWA sector is a wise choice for investors.
Neason Oliver
