#我最看好的加密货币板块 The RWA track is definitely a beautiful scenery in the crypto market.

In the beginning of April, BlackRock announced its foray into the RWA field and launched the tokenized fund BUIDL on Ethereum. This major move has driven a strong surge in RWA tokens. We have witnessed the first wave of upward momentum. RWA has also become the second most popular narrative in this cycle, second only to Solana Memecoin. Now with Trump winning the election and the policy direction of the beautiful country changing, the market is beginning to favor the concept of 'compliance'. RWA (Real World Assets) is seen as the preferred track for Wall Street funds to enter the encryption world, becoming a major theme in the current bull market, including major Wall Street giants such as BlackRock, Grayscale, and Franklin Templeton gradually investing in the RWA field, driving a strong surge in RWA tokens. Even when the encryption market as a whole experiences a pullback, the RWA sector remains resilient and produces several outstanding tokens. The flagship token supported by BlackRock is ONDO: In January of this year, Ondo Finance announced its 'ecosystem directory' on social platforms, including cooperation providers in the field of RWA business liquidity, custody, and asset management companies, with the names of financial giants such as BlackRock and Morgan Stanley. The implicit message: 'We will work closely with BlackRock'.
Ondo quickly became the leading target for RWA and the "BlackRock concept" speculation.
Industry Analysis
Ondo Finance is currently an important member of the RWA track. RWA (Real World Assets) refers to the tokenization of real-world assets, which allows token holders to have ownership of corresponding assets in the real world and engage in transactions such as loans, rentals, and sales on the blockchain. RWA covers a wide range of assets, including sovereign currencies, bonds, stocks, real estate, and commodities such as gold. As a highly rated and liquid asset, US Treasury bonds have been a major driver of the expansion of the RWA track in recent years. According to data from RWA.xyz, the total market value of RWA US Treasury bonds was only $114 million on January 1, 2023, but had reached $855 million on January 25, 2024, a six-fold increase in just one year (excluding the $2+ billion US Treasury bonds used by MakerDAO as collateral for $DAI). US Treasury bonds, with their high credit rating and good returns, have been favored by many investors seeking risk-free returns, especially against the backdrop of a weak global economy and multiple interest rate hikes by the Federal Reserve in 2023. However, a major pain point for investing in US Treasury bonds is the high investment threshold. Even for US citizens, the cumbersome KYC and account opening processes are enough to deter most people, let alone non-US citizens. Therefore, how to introduce US Treasury bonds to the blockchain and lower the investment threshold in a compliant manner is a key concern for many RWA protocols. One success of Ondo is that it has initially solved the compliance issue of putting US Treasury bonds on the blockchain within the existing US legal framework, enabling participants in the RWA US Treasury bond market (including investors, fund managers, custodian banks, brokers, etc.) to agree on the operating rules of USDY and OUSG and actively participate. It can be said that Ondo has taken the lead in the RWA US Treasury bond market. In the future, Ondo can leverage this advantage to further expand the tokenization of other asset categories.