The wave of on-chain real-world assets (RWA) is truly here. Nearly $20 billion of traditional assets are being tokenized on the blockchain, with the process of tokenizing government bonds, private credit, and stock ETFs accelerating — this is no longer speculative hype but a real migration in institutional finance.

Why are institutions betting on this? The numbers are straightforward: on-chain government bond yields remain at around 5%, while offering 24/7 trading liquidity that traditional markets cannot provide. Private credit offers even higher returns, and combined with the efficiency advantages of on-chain clearing, traditional finance cannot compete at all.

Current mainstream infrastructure has different focuses, forming an ecosystem division of labor:

· Rayls Labs focuses on breakthroughs in privacy layers, providing encryption solutions for institutions.
· Ondo Finance is the fastest in tokenizing high-yield assets, quickly bringing US stock ETFs, bonds, and other assets on-chain, attracting both retail and institutional participation.
· Centrifuge specializes in large-scale private credit scenarios, structuring the on-chain tokenization of assets worth billions.
· Canton Network, built by traditional financial giants, is designed for compliance in settlement of large transactions.
· Polymesh embeds compliance logic at the protocol layer, making it the preferred choice for securities issuers.

These projects are not competing with each other but are instead complementary, each targeting different segments of the trillion-dollar asset cake.

Two key milestones to watch in 2026: Ondo plans to promote tokenized stock products within the Solana ecosystem, and Canton Network is expected to reach settlement project implementation with DTCC. Once these two links are in place, the large-scale on-chain wave in traditional finance will follow. Capital’s intuition is more敏感 than we imagine — infrastructure is in place, and trillions of liquidity are within reach.