Publisher: Synbo Labs
Release Date: August 25, 2025
Data Period: Until August 2025
Based on August 2025 data, monthly updates will be provided to ensure timeliness.

Abstract

This report, published by Synbo Labs in August 2025, focuses on the current status and trends of on-chain RWA (Real World Assets tokenization).
As of August 2025, the total scale of on-chain RWA is approximately $26.59B, with tokenized government bonds and money market funds contributing the main increment, becoming the "risk-free yield" anchor on the DeFi side. Leading products such as BlackRock (BUIDL), Franklin Templeton (Benji), and Ondo Finance dominate the market, pushing RWA into the "institutional adoption + regulatory evolution" phase.
In terms of the macro environment, the high-interest rate cycle enhances the on-chain attractiveness of government bonds/money market funds, while regulations and infrastructure (such as MiCA, Hong Kong's digital green bond pilot, on-chain KYC, Chainlink oracles) are gradually maturing, reducing friction for institutional entry. Meanwhile, regulatory implementation and secondary liquidity remain key risk points for the industry.
The competitive landscape shows a "dual-drive" model: traditional asset management giants promote standardized products, while native protocols explore new tracks such as private credit, receivables, real estate, and carbon credits. In the short term, tokenized funds/bills will form a deep coupling with stablecoins; in the medium term, expansion will extend to indexed and structured RWA; in the long term, they are expected to become the underlying assets and liquidity anchors of on-chain capital markets.
Synbo's view: RWA is not just about "asset on-chain," but a combination of regulatory compliance + programmable finance, which will reshape the entire on-chain process of issuance, settlement, collateralization, and clearing. Its growth potential combines a high certainty base (government bonds/funds) with multi-track scalability (credit/real estate/securities/carbon credits), suggesting institutional allocation and continuous tracking.

1. Key Points Overview

• Market Snapshot (2025.08): The total scale of on-chain RWA is approximately $26.59B, with the quarterly increment mainly coming from tokenized government bonds and money market funds.
• Core Positioning: RWA is gradually becoming a key bridge between TradFi and DeFi. Under the "dual-drive" of traditional asset management giants and native protocols, TVL and product forms are expanding simultaneously.
• Main Tracks: Tokenized US government bonds and money market funds continue to serve as the "risk-free yield" anchor; private credit is still in the stage of refining risk control and legal structures; sovereign bonds, stocks, and gold are steadily advancing, gradually penetrating DeFi as collateral and portfolio assets.
• Institutional Benchmark: BlackRock's BUIDL has a TVL of approximately $2.5--3.0B; its sBUIDL launched through Securitize has already accessed DeFi collateral scenarios, further strengthening "yield + composability."
• Regulatory Progress: The EU's MiCA is being implemented in phases; Hong Kong has completed the issuance of multi-currency digital green bonds and continues to promote tokenization pilots; discussions on institutional pathways for stablecoins and tokenized assets in Europe and the US are accelerating. The resonance of regulations and infrastructure is reducing friction for institutional entry.
• Key Risks (to monitor): Regulatory implementation and secondary liquidity are the two "lifelines" that will determine whether products can achieve institutionalization in the short term.
• Action Recommendations (Priority):
• Improve due diligence templates for issuers and custodians;
• Pre-arrange liquidity measures (such as market-making/repurchase mechanisms);
• Connect standardized data interfaces (disclosure and third-party tracking) to support compliance and institutional-level access.

2. Industry Overview and Market Scale

2.1 Market Structure

RWA has transitioned from the "experimental phase" to the "institutional adoption" stage. Currently, on-chain yield-bearing assets (such as US government bonds, money market funds, short-term bond funds) have become the main entry points. The entry of BlackRock and Franklin Templeton and product upgrades (such as the "intraday yield" feature of the Benji platform) highlight the systemic investment of traditional asset management institutions.

2.2 Scale Observation

• According to DefiLlama data cited in some industry articles, the TVL related to RWA was approximately $11 billion in April 2025.
• Other research (excluding stablecoins) estimates that the total scale of RWA was approximately $24 billion in June 2025, a growth of +380% compared to 2022. The difference mainly arises from different methodologies (whether to include tokenized funds, whether to include money market/short-term bonds/certificates of deposit, etc.).
• Industry news indicates that leading single products hold a high market share, for example, BUIDL occupies the vast majority of the tokenized US government bond market.

2.3 Global Data Snapshot (as of August 22, 2025)

• The total scale of on-chain RWA (including stablecoins) is approximately $26.59B, with a month-on-month growth of +5.17%; the number of issuers is 267, and the number of holding addresses is 367,265 (data source: RWA.xyz real-time dashboard).
• The locked scale of tokenized government bonds/cash-like assets is approximately $7.43B, with a growth of about +2% over the past week.
• Progress of leading products:
• BlackRock BUIDL: As of July 2025, AUM is approximately $2.7B, and multi-chain expansion has been achieved.
• Franklin Templeton BENJI: AUM is approximately $706.73M (as of July 31).
• Ondo Finance: The total scale of USDY/OUSG exceeds $650M; OUSD TVL exceeds $1.3B; OUSG has a market scale of approximately $629--670M on the XRP Ledger.
• Dominant Asset Type Proportions:
  

2.4 Interpretation Summary

• Tokenized government bonds and money market funds continue to perform strongly, driving the overall scale of on-chain RWA to grow continuously.
• Star products like BUIDL, BENJI, and Ondo have accumulated significant AUM, dominating the government bond asset class and further increasing the proportion of this sub-class of assets in the RWA market.
• Exchanges and brokerages are accelerating trials of securities and equity tokenization products, laying the groundwork for richer product scenarios in the next quarter.

3. Historical Timeline

• 2023: Early tokenized short-term government bond/money market products began to emerge, with multiple teams conducting technical and compliance experiments.
• 2024: Native platforms and traditional asset management began to launch more standardized tokenized money market fund/government bond products.
• 2024-2025: BlackRock, Franklin, Ondo, and others are driving the sector into a period of scaled development (multiple AUM disclosures and expansion actions).
• Q1-Q2 2025: Short-term government bonds become the main growth driver; regional pilots (Dubai/Singapore) accelerate the demonstration.
• Q3 2025 (current): The industry enters a phase of "simultaneous scaling and compliance," with regulatory and liquidity issues becoming core concerns.
  

4. Macro Environment (PEST)

• Policy / Regulation (P)
• The EU's MiCA has been phased in since its effectiveness in 2023, entering the implementation phase for stablecoin and service provider licensing, but still requires refinement in areas like DeFi and on-chain credit.
• Hong Kong issued approximately HKD 6 billion in multi-currency digital green bonds in 2024, achieving an end-to-end process of "tokenization + settlement," becoming a compliance model in Asia.
• At the international level, the legal framework for stablecoins and tokenized assets is still evolving, with regional competition and policy opportunities coexisting.
• Economy (E)
• In a high-interest rate environment, the attractiveness of risk-free yield assets has significantly increased. Tokenized government bonds and money market funds have become the main "parking spaces" for on-chain funds, while receiving institutional supply support.
• Technology (S)
• Compliance issuance and KYC infrastructure (such as Securitize), proof of reserves oracles (Chainlink), and the composability of the Ethereum ecosystem collectively build a "compliance + programmability" tech stack.
• Ethereum still dominates the non-stablecoin RWA space, while multi-chain ecosystems gradually supplement low-cost and cross-border applications.
• Society / Users (T)
• Institutional and qualified investors' acceptance of "on-chain programmable yields" continues to rise.
• Retail investors are increasingly accessing through secondary product packaging and tiered compliance thresholds, gradually forming a "institution-driven + retail penetration" dual structure.

5. Ecosystem and Competitive Landscape

In the on-chain RWA ecosystem, different roles collaboratively build a complete value chain: first, institutional issuers (TradFi) such as BlackRock (BUIDL), Franklin Templeton (FOBXX/BENJI), and other large asset management companies primarily issue tokenized government bonds, money market funds, and fund shares. Their core advantages lie in funding and compliance capabilities, typically bringing traditional assets on-chain through SPVs (special purpose vehicles) or custodial mechanisms.
Secondly, native tokenization platforms such as Ondo Finance, Securitize, and other specialized teams focus on tokenizing US government bonds, short-term government bonds, and fund shares. Their key role is to provide one-stop support from issuance, custody to secondary trading and market-making, bridging traditional institutions and on-chain markets.
In terms of compliance and risk control, custodial, clearing, and auditing institutions (such as BNY Mellon and other bank custodians, the Big Four, and large law and audit firms) play a foundational role. For institutional investors, reliable custodial arrangements and legal frameworks are prerequisites for participating in RWA.
Meanwhile, data and oracle providers (such as RWA.xyz, Chainlink, and other valuation and reconciliation service providers) offer transparency and reliability through standardized data interfaces, multi-source valuation, and reconciliation mechanisms, directly affecting the valuation credibility and audit compliance of RWA products.
In the liquidity segment, secondary trading and market-making entities, including centralized exchanges, professional market makers, and decentralized trading protocols, determine the liquidity depth and redemption elasticity of tokenized assets, thereby influencing investors' willingness to participate.
Finally, regional promoters (such as local governments in the UAE and compliance agencies in Singapore) accelerate the tokenization pilots of real estate and fund-type assets through policy support and demonstration projects. The proactive promotion by these local governments significantly lowers the entry barriers and provides replicable compliance samples for the world.

In the RWA track, leading and emerging participants are mainly divided into three categories:
The first category is the core promoters of tokenized US government bonds and funds. BlackRock (BUIDL/sBUIDL), Franklin Templeton (Benji and tokenized money market fund products), and Ondo Finance (OUSG, USDY, and already expanded to multi-chains like XRPL and Sei) constitute the dominant force in this field. These products, based on low-risk, compliant, and replicable government bonds and money market funds, have become the main entry points for on-chain funds.
The second category is explorers in the credit and receivables track. Projects like Maple, Clearpool, Goldfinch, and TrueFi are working to build an on-chain private credit market. Their TVL and risk control frameworks are still evolving, attempting to address transparency and recovery issues of credit assets through whitelisting, risk layering, and diversified collateral mechanisms.
The third category is infrastructure platforms that provide underlying support. Representative projects include Centrifuge (integrated infrastructure covering issuance, management, and investment, with TVL exceeding $1 billion), Securitize (focusing on compliance issuance and KYC modules), and Chainlink (providing proof of reserves and data feeding services). These infrastructures provide indispensable support for asset tokenization, valuation reliability, and compliance implementation.
In the competitive landscape, the key points of the industry are mainly reflected in three aspects:

• Barriers to Entry: The design of legal structures (such as SPVs, trusts) and compliance issuance capabilities, as well as the closed-loop system of custody and clearing, constitute the basic threshold of the market.
• Threat of Substitutes: Traditional brokerages and asset management institutions are directly promoting digitization, which may siphon off potential market share from on-chain protocols.
• Bargaining Dynamics: A bilateral bargaining relationship forms between the upstream asset side (coupon rates and risk layering) and the downstream funding side (qualified investors and institutions), affecting the revenue distribution and market positioning of protocols.

Latest Project Launch Statistics:

6. Regional Distribution

In terms of regional distribution, North America dominates the global RWA market, accounting for about 45%. The core asset types in this region are government bonds and private credit. The scale of tokenized government bonds in the US continues to expand, while deep participation from institutions like Circle and Ondo further solidifies its leading advantage.
The European market accounts for about 25%, represented by carbon credits and real estate assets. Thanks to policies like the EU ETS (Emissions Trading System), on-chain carbon credit products are accelerating growth, becoming a major highlight of RWA in the region.
The Asia-Pacific region accounts for about 20%, with dominant asset types including real estate and private credit. Singapore and the UAE are becoming regional demonstration centers, with rapid expansion of on-chain real estate and loan businesses, attracting substantial compliant capital.
Latin America accounts for 7%, mainly focusing on the carbon credit market. Leveraging the Amazon rainforest carbon sink project, local on-chain carbon credit tokenization has made breakthroughs, forming a unique growth path.
Africa currently accounts for only 3%, with renewable energy bonds as the main pilot asset. Tokenization explorations of small-scale solar projects provide preliminary samples for the region, showcasing the potential of combining clean energy finance with blockchain, despite the limited scale. The specific distribution is shown in the table below:

In terms of regional policies and infrastructure, different markets are exhibiting their own characteristics and development paths.
The US and Europe are promoting regulatory coordination for stock and fund tokenization. Due to the regulatory framework in the US regarding licensing and information disclosure not being fully clarified, some platforms choose to launch related products in Europe first, taking advantage of the relatively clear regulatory system of the EU to test the waters.
In the Middle East, especially the UAE, the government's open attitude has made it an important pilot for tokenization practices. The rapid progress of tokenization of real estate and fund-type assets is exemplified by the significant cooperation between DAMAC and MANTRA, covering integrated services of trading, clearing, and custody, driving the rapid formation of the regional ecosystem.
In Asia, Singapore continues to demonstrate its effects based on a well-established compliance infrastructure and deep institutional resources. Emerging platforms like OpenEden and collaborations with international banks like BNY further reinforce Singapore's position as a "compliance model" in the global development of RWA.

7. Investment and Financing Dynamics

Institutional participation is deepening. Traditional asset management companies and brokerages are continuously upgrading their tokenization tech stacks, while crypto-native funds are increasing their allocations to "RWA protocols + compliance infrastructure," gradually pushing the industry into a deeper institutionalization phase.
In terms of typical cases:

• Ondo Finance's TVL has exceeded $1.3 billion and is continuously expanding its multi-chain layout while actively exploring collaborations with compliance channels;
• Centrifuge's TVL has surpassed $1 billion and has partnered with index institutions to launch tokenized index products, primarily targeting professional investors;
• Maple not only expanded its TVL in 2025 but also enriched its product matrix, attempting to conduct institutional credit experiments using crypto-native assets as collateral.

These cases show that the RWA track is gradually transitioning from "asset tokenization" to a new stage of "compliance, scaling, and diversification."

8. Business Models and Profit Logic

In the business model of RWA protocols, the core value proposition lies in combining "holding yields, liquidity, and programmability," providing investors with both returns and flexibility while significantly reducing settlement and operational costs.
In terms of revenue structure, the main sources for the protocol include three parts:

• Issuance, redemption, and management fees ------ Similar to traditional asset management businesses, fees are charged around fund inflows and asset custody;
• Protocol fees ------ Charged for operations related to fund pool management, redemption, and re-staking;
• Interest margin income ------ Especially in credit fund pools, income is generated through asset-side pricing and risk layering.

In terms of tokens and governance, some protocols (especially credit projects) capture protocol fees and re-staking income through governance tokens, while also assigning roles to tokens in risk control and incentive mechanisms, making tokens not only tools for value capture but also important governance vehicles for protocol operation.

9. Technology and Infrastructure

On the technology front, the RWA track is showing several significant trends.
Firstly, multi-chain deployment and cross-chain interoperability have become the norm. Many products operate not only on Ethereum but also deploy on low-fee chains (such as Polygon, Solana) to balance compliance access and user costs. This trend requires issuers to plan for multi-chain custody, cross-chain exchange, and unified management of contract versions during the design phase.
Secondly, standardized token interfaces are gradually being adopted by the industry. Contract templates represented by the ERC-4626 fund share standard are becoming the mainstream choice for tokenized funds and yield-bearing products. Adopting such standards not only helps improve composability but also reduces friction costs in auditing and compliance.
In terms of valuation and pricing, multi-source oracles and valuation mechanisms have become important components of the infrastructure. The valuation of RWA products often relies on multiple data sources and requires off-chain reconciliation support. Therefore, the industry is gradually forming a combination model of "multi-source price aggregation + anomaly circuit breaker mechanism + manual review process" to ensure price transparency and stability.
Additionally, on-chain KYC and identity management are also key modules for compliant products. By using technologies like Polygon ID and zero-knowledge identities (ZK-ID), products can bind off-chain KYC reviews with on-chain access permissions during the design phase, avoiding compliance and technical costs arising from later separations.
Finally, auditable data interfaces are gradually becoming a core requirement for institutionalization. Institutional investors prefer a transparent model that combines "on-chain reconciliation + off-chain auditing." Therefore, project parties need to provide standardized data interfaces covering core indicators such as AUM, redemption scale, and number of holders, compatible with third-party tracking platforms like RWA.xyz, while also providing auditable reports.

10. Investment Logic and Valuation Framework

In terms of investment logic and valuation framework, the core support points of the RWA track are mainly reflected in three aspects: first, the large scale of assets such as bonds, credit, and commodities in traditional markets provides a huge "on-chain migration" space; second, in a macro high-interest rate environment, the market's demand for assets that combine "yield and liquidity" is stronger; third, as regulations and infrastructure mature, institutional willingness and participation have significantly increased, providing a solid foundation for market development.
In terms of valuation approaches, the main paths include:

• Predicting based on the protocol revenue model (such as management fees, protocol fees) combined with growth rate assumptions;
• Using horizontal comparable analysis to benchmark TVL, revenue, and user levels against industry representative projects (such as Ondo, Centrifuge, Maple);
• Starting from the token value capture mechanism, examining how protocol fees flow to the treasury or buybacks, and whether value is realized through staking/ve models.

In terms of investment and financing trends, capital overall prefers "low-risk, dollar-pegged, auditable short-term fixed-income RWA," such as tokenized government bonds and money market funds. These assets have high compliance and controllable risks, making them the first choice for institutional investors. For private credit and real estate assets, while there is market interest, investment relies more on strict due diligence and compliance guarantees.
Based on this, this report recommends highlighting three aspects in fundraising and promotional materials:

• Compliance Path ------ Including SPV structures, custodial arrangements, and legal opinions;
• Verifiable AUM Interfaces ------ Enhancing transparency through standardized data disclosure and third-party tracking;
• Liquidity Assurance Measures ------ Such as market-making, repurchase, and redemption window mechanisms to reduce investor concerns.

11. Risk Factors

In the process of RWA development, several types of risks still need to be closely monitored:
First is regulatory uncertainty. The significant differences in regulatory requirements across jurisdictions and compliance costs remain substantial, especially as the regulatory paths for stablecoins and tokenized securities are still evolving. This means that the pace of institutional progress in different markets may vary, potentially hindering the cross-border issuance and compliance implementation of products.
Second is execution and risk control risks. The underlying assets of RWA mostly come from off-chain, making their authenticity, default rates, recovery capabilities, and information disclosure quality crucial. Especially in private credit and receivables products, a lack of transparency and effective risk control frameworks will directly impact investor trust and fund safety.
Third is market and liquidity risks. Fluctuations in the secondary market may transmit price discounts to investors through redemption prices, compounded by liquidity pressures in the clearing process, which can amplify market risks and weaken product stability.
Finally, there is competitive pressure. Traditional large financial institutions and brokerages are accelerating their digitization and asset tokenization processes. This trend of "endogenous digitization" may compress the spillover market space for on-chain protocols and pose ongoing challenges to native RWA protocols.

12. Industry Trends and Outlook

12.1 Current Trends

Currently, the RWA market is showing several significant trends.
First, institutional capital is accelerating its entry. The BIS (Q2 2025 quarterly report) and IMF digital asset research reports both indicate that the tokenization of government bonds and cash-like assets has become the preferred channel for financial institutions to enter on-chain. According to RWA.xyz data, as of August 2025, the total scale of on-chain RWA has reached $26.6B, with government bonds and money market fund assets accounting for over 28%.
Second, the integration of carbon credits and RWA is becoming an emerging direction. The World Bank's "Carbon Credit Annual Report" (2024) shows that the global carbon market has exceeded $90 billion, with approximately 15% achieved through digital or tokenized transactions for transparency. The traceability and verifiability of blockchain make carbon credit assets naturally suitable for tokenization applications.
Third, multi-chain deployment has become the norm. According to reports from DeFiLlama and CoinDesk Research, approximately 65% of RWA products are deployed on both Ethereum and low-cost chains (such as Polygon, Solana, BNB Chain) in 2025, balancing compliance access and user transaction costs.
Finally, compliance is gradually becoming a key threshold. The EU's MiCA has entered the implementation phase for stablecoin and asset service provider licensing; the Hong Kong Monetary Authority (HKMA) has cumulatively issued over HKD 6 billion in tokenized bonds, becoming a model in Asia; while Singapore's MAS has clearly stated in the "Financial Market Tokenization Framework" that compliance and transparency are conditions for institutional investors' entry.

12.2 Future Development Forecast

• Short-term (1-2 years): Stablecoins and RWA products will form a high degree of coupling, building a standardized combination of "tokenized funds/bills + whitelisted wallets + bank-grade custody." With improved multi-chain connectivity, the on-chain RWA market is expected to maintain an annual growth rate of 20-30%.
• Medium-term (3-5 years): According to OECD (2025) forecasts, the category of tokenized assets will further expand to carbon credits, insurance, and real estate income rights. During this phase, the secondary market and collateral ecosystem will gradually mature, and indexed and structured RWA products will enter a development phase.
• Long-term (5 years+): The BIS Innovation Hub's cross-border settlement experiments (such as Project mBridge, Project Guardian) indicate that the application of RWA in cross-border payments and bond markets is gradually normalizing. In the future, RWA is expected to become the core foundational asset and liquidity anchor of on-chain capital markets.

12.3 Track Structure Observation

• Government bonds and money market funds: RWA.xyz data shows that this type of asset has the highest proportion (approximately 28-30%) and the fastest growth. Its low risk, stable returns, and clear compliance path make it the most replicable.
• Private credit and receivables: The IMF's "Financial Stability Report" (2025) indicates that the scale of these products has grown over three times since 2023, but their information disclosure quality and secondary market liquidity remain major bottlenecks.
• Real estate: A joint report by Dubai DIFC and Singapore MAS (2024) shows that the Middle East has formed a "government-enterprise collaboration" demonstration effect in real estate tokenization; while North America and the Asia-Pacific region are steadily advancing REIT and real estate income rights tokenization through qualified investor private pilots.
• Securities and equity: The European Commission's "Securities Tokenization Research" (2025) indicates that equity tokenization in the US and Europe is entering a "regulatory alignment phase," with more regions expected to gradually open pilot programs for qualified investors.

13. Synbo Labs Perspective

• Advantages Summary

RWA has reached a turning point in institutional adoption. As regulatory rules gradually take effect, compliance infrastructure and on-chain technologies (custody, KYC, oracles, cross-chain composability, etc.) are forming a synergy, providing a solid foundation for the continuous expansion of the market. At this stage, tokenized assets such as government bonds and money market funds have become the main entry points for capital inflows; meanwhile, emerging asset types such as credit, equity, and carbon credits possess higher growth elasticity, which will bring structural upside potential to the market in the future.

• Risk Observations
• Cross-jurisdictional regulatory differences: Significant differences in regulatory requirements across different jurisdictions increase compliance costs and legal uncertainties.
• Authenticity of off-chain assets: Due diligence and custody verification of underlying assets rely on off-chain processes, with insufficient information transparency and operational complexity remaining major challenges.
• Credit and redemption mechanisms: Under extreme market fluctuations, default rates, redemption stability, and liquidity gaps need long-term verification.
• Comprehensive Judgment

Overall, RWA belongs to a mid-to-high growth track: the certain foundational base: government bonds and money market fund products provide stable returns in a high-interest rate cycle, making them the most certain underlying assets; structural extension: emerging asset categories such as credit, equity, real estate, and carbon credits possess potential growth space and will become the expansion direction in the next phase.
Therefore, it is recommended that institutional investors adopt a "core + satellite" strategy in their allocations: using low-risk assets as core positions and gradually expanding into higher-risk but potentially higher-return asset types under the assurance of compliance and risk control mechanisms.

• Strategic Significance

The value of RWA lies not only in "asset digitization" but also in reconstructing the entire link process from issuance, custody, settlement, collateralization, to clearing and re-collateralization through compliance modules + programmable finance. As regulations, custody, identity verification, and on-chain data interfaces mature, RWA is expected to become the foundational liquidity anchor of on-chain capital markets.

• Methodology and Implementation Recommendations
• Product Side: Prioritize the development of government bond and money market fund products, then gradually expand to credit, real estate, and other income rights assets; establish dedicated risk control and due diligence templates for different asset categories.
• Compliance Side: Solidify SPV documentation, custodial agreements, transfer agents, KYC/AML controls during the product design phase, and pair with audits and legal opinions to reduce institutional entry friction.
• Liquidity Side: Promote multi-chain issuance and secondary trading support, combined with market-making mechanisms and valuation oracles; prioritize products linked to dollar cash equivalents to ensure stable liquidity.
• Data Side: Standardize data interface access to ensure the traceability and auditability of core indicators such as AUM, redemption scale, and number of holders, meeting institutional investors' requirements for transparency and compliance.

About Synbo Protocol

Synbo Protocol is a decentralized capital underlying protocol and a leader in the next generation of open on-chain capital markets. It activates idle on-chain assets based on liquidity principles and achieves secure and efficient fund circulation through verifiable position proof mechanisms. Currently, it focuses on Alpha-level risk investment and financing and RWA solutions for on-chain capital markets, such as building transparent on-chain capital connections for early-stage quality projects and investors.
Disclaimer: This report is for reference only and does not constitute investment advice. Investing in digital assets carries high risks and may result in the loss of principal.