#代币化资产与RWA The RWA sector's TVL has surpassed 17 billion, surpassing DEX to become the fifth largest in DeFi, which is already a confirmed trend shift. This is no longer just a conceptual experiment; the data shows that real asset-liability sheet demand is driving this development.

Breaking down some key signals:

**Capital Flows**: Tokenized US Treasuries and private credit have become the optimal on-chain yield assets in a high-interest-rate environment. Behind this are genuine institutional allocation needs, not retail FOMO. Increased regulatory clarity directly reduces entry barriers, which is a prerequisite for liquidity release.

**On-Chain Structure**: Ethereum remains the dominant platform, but permissioned networks like Canton Network are gaining significant influence on the institutional side. This indicates a divergence in the evolution path of tokenized assets—public chains focus on retail liquidity, while permissioned chains cater to institutional settlement, each following their own trajectory.

**Sector Evolution**: Tokenized US Treasuries are the current core entry point, but tokenization of commodities like gold and silver is attracting incremental capital. If this trend continues, by 2026, RWA could evolve from a simple yield narrative into a macro-level asset allocation tool, fundamentally changing its nature.

Recently, focus should be on tracking the capital flows of RWA-related contracts and institutional wallet movements on mainstream public chains, as these will reflect industry developments earlier than hot topics and public opinion.