Real Asset Tokenization: The Dawn of the Next Revolutionary Stage, Emerging Public Chains Embrace Opportunities

Real Asset (RWA) tokenization, as a highly关注 track, has yet to fully unleash its potential in connecting the vast assets of traditional markets. Data shows that the total market value of RWA assets in the crypto industry is only $24 billion. Even though it grew by 56% in the first half of this year, it still appears limited in scale. This indicates that the development story of RWA is not yet over, but rather just beginning. With the on-chain of US stocks and more asset classes achieving tokenization, RWA will enter a new phase.

During this critical period, a certain emerging public chain has shown outstanding performance. In the past 30 days, the total locked value (TVL) of RWA on this chain has increased by 56.4%, reaching $538 million, rising to third place among public chains. With the addition of large lending protocols, RWA assets on this public chain are likely to see more investment opportunities and gain a competitive advantage in the next stage.

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Private Credit: Current Mainstream Path for RWA

Private credit accounts for 58% of RWA assets, becoming the most关注的 asset class, followed by U.S. Treasury bonds. Private credit assets mainly exist in on-chain form, and most lack trading liquidity; while U.S. Treasury bonds face competitive pressure from interest-bearing stablecoins, which are collateralized by treasury bonds and offer similar yield characteristics.

Private credit refers to loans provided by non-bank institutions or investors to businesses or individuals in the private market. In the traditional financial realm, private credit attracts a large number of institutional investors due to its flexibility and high returns. However, it also faces issues such as high costs, low efficiency, and access restrictions. For example, the auditing process for traditional private credit is cumbersome, transaction costs are high, and small and medium-sized enterprises often struggle to obtain financing due to a lack of credit history.

The encryption protocol acts as an intermediary, with the core business model of issuing and managing assets on-chain, reducing costs by eliminating multiple layers of intermediaries, and increasing transparency by providing real-time performance of loan pools and underlying assets.

Private Credit Asset Tokenization Process

1. Off-chain credit asset generation

The asset issuer is responsible for generating off-chain credit assets. Private finance institutions, SME financing vehicles or regional credit market operators enter into loan agreements, create encumbered assets, develop repayment plans and default terms, and review the borrower's financial situation. For example, a $1 million loan is granted to a logistics business with a term of 12 months and an annualized interest rate of 12%, secured by $1.1 million in receivables. This step ensures that the asset meets traditional financial standards, laying the groundwork for subsequent tokenization.

2. Build on-chain Token structure

Through the RWA protocol, single or multiple loans are mapped to on-chain tokens. Token forms include NFT, SFT, or ERC-20 types. Token metadata includes anonymous borrower identifiers, principal amounts, interest rates, repayment frequency, maturity dates, collateral details, and default handling mechanisms. Smart contracts support repayment status management, automatic yield distribution, and early redemption or peer-to-peer transfers.

3. Compliance Packaging

The tokenization process must comply with regulatory requirements. Establish special purpose entities or virtual asset service providers as legal custodians in specific regions. All investors must complete KYC/KYB and AML checks, and non-qualified investors are restricted in access and transfer rights according to relevant regulations. Off-chain disclosure documents clarify that the tokens are debt assets, with no voting rights or equity attributes attached.

4. Token issuance and financing

Show tokens through the user interface or protocol platform, and accept on-chain investments. Investors need to complete KYC verification, use designated cryptocurrencies for investment, obtain RWA tokens as proof, and receive repayment of principal and interest on schedule.

5. Income distribution and asset liquidation

The borrower repays the loan according to the plan, and the funds are collected by the issuer and transferred to the special purpose entity, which is mapped on-chain through oracles or smart contracts and distributed to token holders. The smart contract automatically splits the interest according to the holding ratio, and automatically returns the principal or arranges for the renewal of the asset when the loan matures. If the token structure allows, it can be traded on a decentralized exchange or a dedicated RWA marketplace, but it usually has a lock-up period and only supports peer-to-peer transfers.

The Competitive Advantages of Emerging Public Chains in the RWA Field

Technical Advantages: The Financial Application Potential of High-Performance Blockchain

As a new generation Layer 1 blockchain, this emerging public chain has a technological architecture that becomes its unique advantage in the RWA track, especially in the scenario of private credit tokenization.

High throughput and low latency

The public chain adopts an advanced parallel execution engine, achieving efficient transaction processing through optimistic concurrency control. Test data shows that its theoretical throughput can reach 150,000 transactions per second, while in actual production environments it stabilizes at 4,000-5,000 TPS, far exceeding certain mainstream public chains. In private credit scenarios, high throughput supports large-scale loan issuance, real-time repayment distribution, and on-chain auditing, ensuring transaction efficiency.

In addition, the final transaction confirmation time of this public chain is only 650 milliseconds. This sub-second confirmation speed is critical for RWA assets that require instant settlement. For example, if a protocol achieves T+0 settlement on the chain, it greatly reduces the cost of capital occupation compared with T+2 or T+3 in traditional finance.

low transaction cost

The transaction fees of this public chain are on average lower than $0.01. The low-cost feature is particularly critical for RWA scenarios, as tokenized assets involve frequent on-chain operations. Taking a certain protocol as an example, its on-chain loan management requires real-time updates of repayment status, and the low fees ensure the controllability of operating costs.

Modular Architecture and Scalability

The modular design of this public chain separates the consensus, execution, and storage layers, allowing each layer to be optimized independently. This is crucial for RWA asset management, as private credit involves complex metadata.

Ecological Layout: Institutional Endorsement and Regulatory Friendly

The ecological layout of this emerging public chain in the RWA track has significantly enhanced its competitiveness through collaboration with traditional financial giants and the expansion of the DeFi ecosystem.

Institutional Collaboration and Endorsement

As of June 2025, the total locked value of RWA on this public chain reached $540 million, ranking third among public chains. This achievement is attributed to the participation of several traditional financial institutions:

In July last year, the public chain introduced a financial institution's stablecoin product and integrated it into major DEX and lending applications. In October last year, a well-known asset management firm launched a token on the network that represents the U.S. government's monetary fund. In addition, the public chain also cooperates with other institutions to promote the tokenization of securities.

These collaborations have not only brought funding and technical support but have also enhanced their credibility in the field of compliance.

Regulatory friendliness

Tokenization of private credit involves complex compliance requirements. The public chain has built-in on-chain identity verification and asset tracking features by collaborating with compliance platforms. For example, a certain protocol stores personal identity information through off-chain encryption and combines it with on-chain hash verification to ensure the legal validity of the loan Token.

In 2025, the global regulatory environment gradually becomes clearer. Europe and the United States have successively introduced regulations favorable to crypto assets and RWA projects. The low fees and fast confirmation features of this public chain make it an ideal choice for a regulatory-friendly public chain. For example, it was selected by a certain state as the highest technical scoring candidate chain for a stablecoin project and plans to use this chain to issue compliant stablecoins and loan Tokens, with an expected coverage of 100 million USD in assets by 2026.

Positioning in emerging markets

The public chain's RWA strategy focuses on emerging markets, especially in areas with insufficient financial inclusion. A certain asset issuer serves as the main partner, providing diversified financing solutions for emerging markets and specific regions through tokenization of private credit products, significantly promoting the development of the RWA ecosystem of the public chain.

Its products cover a wide range of sectors, including short-term microloans for individual consumers and small and micro operators in emerging markets, special pools of bad debt or defaulted loans, mortgages for residential properties in Canada, operating loans for small and micro enterprises in the United Arab Emirates, and the retail credit market in Kenya. These products are efficiently issued and transparently managed through on-chain infrastructure, contributing 77% (approximately US$420 million) of the public blockchain's RWA TVL.

Summary

The rapid rise of this emerging public blockchain in the RWA sector is attributed to its technological advantages and ecological layout. By June 2025, its RWA TVL reached $538 million, ranking third among public chains, mainly driven by private credit. A certain protocol contributed over $420 million in assets by launching an on-chain debt pool, significantly enhancing ecological competitiveness. Private credit, as the growth engine for RWA, achieves on-chain composability through tokenization, allowing credit tokens to participate in the circular lending, leverage strategies, and liquidity pools of DeFi protocols, generating annualized returns of 6%-15%.

The low transaction fees and fast confirmation times of this public chain support real-time lending and settlement, and future integration with large lending protocols may further activate its potential. Currently, as the interest rate spreads in traditional financial markets tighten, institutions are turning to on-chain solutions. This public chain fills the financing gap for small and medium-sized enterprises by serving emerging markets. In the future, with the optimization of the regulatory environment and the expansion of the DeFi ecosystem, this public chain is expected to add $500 million in RWA TVL by 2026. Through the synergy of technology and ecology, this emerging public chain is demonstrating sustained growth potential in the private credit sector.