Real-world assets (RWA) are gaining increasing popularity on the blockchain. According to the latest data, the market capitalization of RWA excluding stablecoins has surpassed $20 billion, reaching a record high.

Behind the booming market is the continuous release of investor demand for traditional assets to be tokenized on-chain. The most eye-catching growth point is the tokenized US Treasury bonds — this niche segment has a market value of over $8.87 billion, becoming the dominant force in the RWA field.

In terms of specific products, the BUILD fund launched by BlackRock also performed remarkably, with a market value of $1.73 billion. These figures reflect a clear signal: institutional investors are accelerating their deployment in the digital securities sector, and tokenized government bonds, as the most risk-controllable product form, are attracting increasing capital attention.