Latest statistics on crypto assets and on-chain assets show significant differences in market size distribution. The market capitalization of commodities reaches $41.3 billion, while institutional funds amount to $29.3 billion. Assets related to U.S. Treasury bonds are valued at $90.2 billion, with the private credit market being the largest, reaching $357.5 billion.

Recent developments in the financial markets are worth noting. There are reports that a well-known financial company under a prominent figure is applying for a U.S. banking license, which could further promote the integration of crypto and traditional finance. Morgan Stanley's move to launch a Bitcoin ETF has also sparked market discussions, with several industry analysts believing this reflects strong ongoing demand for Bitcoin.

Progress has been made in the on-chain finance sector. A major UK banking group successfully completed a bond purchase on the blockchain using tokenized deposits, demonstrating the practical application potential of RWA technology. Meanwhile, a well-known venture capital firm led a project financing aimed at integrating Bitcoin liquidity with RWA-backed lending.

However, the development of RWA tokenization also faces regulatory constraints. Some regions have clarified regulations that strictly prohibit using tokenization to circumvent cross-border capital controls or conduct illegal financing activities. Despite this, the participation of traditional financial institutions marks that the RWA market is still exploring compliant development pathways.