At the end of 2024, Shanghai Zuoan Xinhui Electronic Technology Co., Ltd. launched mainland China’s first agricultural industry RWA (Real World Asset) project-the “Malu Grape RWA”-and completed 10 million yuan in equity financing. As the first true RWA project in mainland China, “Malu Grape” has demonstrated to many previously hesitant companies the real possibility of RWA moving from a “concept” to practical implementation.

On August 28, 2024, the Hong Kong Monetary Authority announced progress in the Ensemble project, featuring Longshine Group and Ant Digital Technologies’ completion of mainland China’s first RWA tokenization of new energy assets in Hong Kong. By using blockchain and AIoT, charging pile data is uploaded in real time, ensuring transparency. Longshine’s XindianTu platform issues digital tokens backed by charging piles, with each token representing a share of revenue rights. This marks a breakthrough in asset digitalization and opens new financing channels for new energy assets.

Tether, the issuer of the world’s largest stablecoin USDT, has launched Hadron, a new platform that allows users to tokenize a wide range of real-world and digital assets-including stocks, bonds, commodities, stablecoins, loyalty points, real estate, art, and luxury items. The platform is designed for individuals, businesses, and governments, offering end-to-end asset management, multi-chain support, and robust compliance tools. This move represents Tether’s strategic diversification beyond stablecoins, aiming to make asset tokenization accessible, secure, and transparent, and to tap into the rapidly growing real-world asset tokenization market.

MakerDAO is a leading DeFi protocol that has integrated real-world assets (RWA) such as U.S. Treasury bonds and tokenized credit into its ecosystem, now generating about 80% of its fee revenue from these sources. With an RWA portfolio nearing $4 billion, MakerDAO uses these assets to back its DAI stablecoin, providing greater stability and diversification. The protocol continues to expand its RWA offerings, inviting new asset proposals and aiming to bridge traditional finance with blockchain, which strengthens both its revenue base and its role as an innovator in the DeFi space.

Ondo Finance is a prominent player in real-world asset (RWA) tokenization, focusing on bringing traditional assets like U.S. Treasuries and money market funds onto blockchains such as Ethereum and its own Ondo Chain. As the second-largest issuer of tokenized U.S. Treasuries, Ondo offers compliant, yield-bearing tokens like USDY and OUSG, making real-world yields accessible to crypto investors. The platform has also launched Ondo Global Markets for tokenizing stocks and bonds and partnered with major institutions to expand access and ensure regulatory compliance. Ondo’s innovations are helping bridge traditional finance and DeFi, making real-world assets more accessible, transparent, and efficient in the digital economy.