Real world assets (RWA) are on the rise in the cryptocurrency market. RWA coins are experiencing significant value growth as institutions explore new uses for on-chain assets. Here are the details…
RWA coins rose in the last week
According to CoinGecko data, the total market value of governance tokens of RWA protocols increased by 28% in 24 hours and 81% in the last week, reaching $8 billion. Six of the top 15 RWA tokens have more than tripled in value in the past week. Ondo (ONDO) is the leader with a 123% rally and a market value of $1.3 billion. This is followed by Polymesh (POLYX), which grew 211% and has a market capitalization of $643 million, and Mantra (OM), which fell 13% in a single week among the top 67 RWA assets. Last week, the second best performing sector was the RWA sector, according to CoinGecko data.
New usage areas are emerging
Behind this rise lies attempts by traditional financial institutions to move real-world assets on-chain. cryptokoin.com As we reported on March 19, Chainlink published the results of a pilot study conducted by Australia and New Zealand Bank (ANZ), one of Australia and New Zealand’s “big four” banks. In this study, tokenized assets were transferred between public networks using Chainlink’s cross-chain interoperability protocol (CCIP).
In the pilot program, an ANZ Digital Asset Services (DAS) user purchased New Zealand dollar-pegged stablecoins on the Avalanche network. He then exchanged these tokens on the Ethereum network for NFTs, which represent tokenized Australian natural resources denominated in Australian dollars. ANZ DAS also provided currency conversion between the two fiat currencies to complete the transaction. Ava Labs President John Wu said the following on the subject:
This ANZ project shows how innovative traditional financial services providers are preparing for a new version of capital markets enhanced by blockchain. In these tests, ANZ leads the way in on-chain value transfer, while the infrastructure created by Chainlink and Avalanche offers interoperability and customizability.
There is a groundbreaking development in Singapore
Chainlink noted that the CCIP protocol has generated $480,615 in revenue for Chainlink since its permissioned launch phase began in July, with 43% of that captured in March alone. DigiFT, the regulated exchange for on-chain RWAs licensed by the Monetary Authority of Singapore, launched the first tokenized depositary receipts (DR) on March 25, representing direct interest ownership of US Treasury Bills.
DigiFT stated that the tokens legally represent the direct interest of shareholders. It also makes on-chain settlement easier, he said. “The tokens represent an ownership in the underlying capital markets securities that allow investors to legally stake claims and directly benefit from the economic returns generated by the underlying assets,” the company said. He made a statement.
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