The scale of on-chain real world assets (RWA) has surged approximately tenfold over the past two years, now exceeding $30 billion, according to a16z crypto. Nearly half of this value is attributed to U.S. Treasury-related assets. This growth indicates a rapid institutional shift towards tokenizing traditional financial assets such as government bonds, commodities, stocks, and private credit, and migrating them onto blockchain platforms. Besides U.S. Treasuries, other asset categories have also seen a rising share in recent quarters.