RWA is Booming in the US, Indonesia, and Turkey: Why? Top RWA Projects Explained

Tags: bond, data, report, rwa, tokenized, tokenized bond, us

Hey everyone, recently, the total value of assets on RWA has surpassed $12 billion, setting a new record. This figure highlights the growing interest in RWA from crypto investors, particularly in the US, Indonesia, and Turkey.

In this article, we’ll delve into the reasons behind this explosive growth and explore some of the hottest RWA projects currently gaining traction.

Why is RWA Booming?

According to Click Digital, one key driver is the high interest rates in the US, reaching their highest point in 23 years. This makes US Treasury Bonds (USTB) more appealing than ever.

As you know, USTB is widely regarded as one of the safest assets in the market, backed by the US government, making it essentially “risk-free.”

This increased appeal of USTB has fueled the rapid growth of the Tokenized US T-Bill market, which has grown to over $2 billion in 2024, an increase of nearly $700 million year-on-year.

Leading Countries in the RWA Trend

The US leads the world in RWA interest, accounting for nearly 15% of all investors paying attention to the sector. Indonesia and Turkey follow closely behind.

Surprisingly, Vietnam only has around 3% of crypto investors showing interest in RWA. This number is significantly lower than expected.

It seems Vietnamese investors are currently more focused on other areas like AI and meme coins.

Hottest RWA Projects Right Now

Among RWA protocols, $ONDO is currently the most popular among US investors, accounting for almost half of their interest.

The US also leads the way in interest in other RWA protocols, such as Goldfinch (GFI) and Maple (MPL).

Beyond these, several other protocols like Open Eden, Parcl, Toucan, and Jiritsu are also gaining traction due to their unique strengths.

RWA Projects Overview

Binance Research has compiled information on several RWA projects in the table below. Let’s dive into what makes each project stand out.

Product Type	Ondo	Open Eden	Substrate-Ba	Parcl	Toucan	Jiritsu
Focus	Structured Finance	Tokenized US Treasuries	Tokenized Real Estate Assets & Aggregation	Synthetic Real Estate Derivatives	Carbon Tokenization & Credit	Tokenization & Verification with MPAs
Chain Supported	Ethereum, Aptos, Sui, Polygon, Overcollateraliza (103%, etc.)	Ethereum, EVM chains	Ethereum Substrate	Solana	Base, Celo	Potentially Multiple Chains
Asset Type	Tokenized US Treasury Bonds	Tokenized US Treasuries stored in regulated accounts	Real-time SPVs manage real estate assets	Oracle-based real estate ownership	Carbon verified by independent Puro.	Cryptographic certificates with compliance mechanisms
Compliance Level	High Regulated trust, KYC for assets	High Regulated trust, KYC for structures	Medium SPVs for RWAs audit verification	Medium Synthetic assets, direct ownership	Medium Verified (Puro) with various credits, low verification	High Regulatory frameworks embedded in tokens
Centralization	Controlled roles in centralized ERC-20	Centralized with regulated trust structures	Uses decentralized governance	Low, but synthetic oracle risk	Decentralized and transparent credits	Low reliance on centralized governance, Probable ERC-20 Body
Tokenization Standard	ERC-20	ERC-20	ERC-721 (individual) or ERC-1155 (pooled assets)	SPL (Solana Program Library)	ERC-20	Likely ERC-20
Complexity of Tech	Moderate Tokenization of Treasuries	Moderate Simple asset tokenization	High Cross-chain integrations complex SPV default, originators	Moderate Synthethic real estate indices	Moderate Token credit carbon pools, complex MPC, liquidity	High ZK-Proofs, MPC, TEE
Main Risks	Moderate Reliance on oracle mechanism, custodian risks	Moderate Reliance on oracle mechanism, custodian risks	High SPV default, originator risks	Moderate Oracle price manipulation, synthetic pricing	Moderate Manipulation risks on oracle liquidity	High Centralized operation, external oracle dependency
Unique Selling Point	Accessibility to TradFi products on-chain	Accessibility to regulated TradFi products	Pioneer in RWA tokenization with a focus on DeFi financing	Providing liquidity, introducing synthetic exposure to real estate markets	Facilitating decarbonisation through on-chain methods	Secure asset private and public key verification

Final Thoughts

The RWA market is a promising area within the crypto space, offering exciting investment opportunities. However, it’s still a relatively new market with inherent risks, so proceed with caution. Investors should thoroughly research RWA projects, evaluate the developers’ capabilities, assess regulatory compliance, and consider potential risks before making any investment decisions.

Stay tuned to Click Digital for the latest updates on the RWA market!