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The Value of Real-World Assets Continues to Rise
The value of real-world asset tokens has reached an all-time high, surpassing $3 billion. Despite the deepening influence of the cryptocurrency market, the realm of Real-World Assets (RWA) continues to experience significant growth. Moreover, the value of these tokenized assets has reached unprecedented levels and continues to rise.
On September 13th, financial analyst ‘Viktor DeFi’ predicted that the total value of tokenized real-world assets will exceed $10 billion by 2024.
Real-world assets refer to tangible assets existing in the physical world, which are recorded and transacted on the blockchain. According to Galaxy Research, the total value of all tokenized real-world assets reached a historic high of $3.1 billion in August.
These assets encompass various sectors such as precious metals, stocks, foreign exchange markets, carbon offsets, vaults, real estate, and private credit. Recent expansion in the RWA space has been driven by the on-chain demand for off-chain profit sources.
This expansion has resulted in a profit increase of $1.44 billion after strong interest rate hikes, accounting for 87% of the $1.66 billion added value for RWA this year.
Gold and precious metals account for approximately 37% of the total, with 23% in the foreign exchange market and 20% in tokenized vaults. Tokenized vaults have witnessed explosive growth this year, with a roughly 450% increase since the beginning of 2023. According to rwa.xyz, the total value of tokenized vaults is $630 million, although there has been minimal additional growth since mid-June.
Goldfinch and centrifuge assets have achieved an all-time high in the value of outstanding loans this week, leading to their association with the newly formed Tokenized Asset Coalition (TAC). The coalition was announced on September 7th and includes members such as Circle, Coinbase, Aave, and Goldfinch.
Furthermore, the coalition’s mission is to educate the industry, promote standardization, and support innovative companies, all while collectively building the necessary protocols and infrastructure for scalability.
>>> Blockchain Technology’s Holy Grail: Tokenizing Real World Assets
Chainlink and ANZ Test Cross-Chain Cryptocurrency Asset Transfers
In related news, one of Australia’s largest banks, ANZ, has tested cross-chain cryptocurrency asset transfers using Chainlink. The bank stated, “Cryptocurrency assets have changed the way banks operate, and this technology has the potential to do much more.”
The bank worked with the Cross-Chain Interoperability Protocol (CCIP) to simulate the purchase of cryptocurrency assets, facilitated by the use of ANZ’s digital Australian dollar (A$DC) and the Z-dollar stablecoin. Chainlink has noted that the trial introduces how financial institutions can use CCIP to enable seamless cross-chain transactions on both public and private blockchains.
