Foreign media reports that, excluding stablecoins, the market for tokenizing real-world assets has expanded to approximately $44.6 billion over the past three years, representing a growth of 18.1 times. The increasing demand from institutions for yield-based products on blockchain is considered the main driving force behind this expansion, which has also brought LINK, XLM, and ONDO – projects closely linked to this sector – back into the market spotlight.

U.S. Treasuries and yield products dominate

In terms of structure, the tokenization of U.S. Treasury bonds is currently the largest segment of the RWA market, with a scale of about $15.1 billion. Followed by active income strategies, which account for about $8.9 billion, and private credit funds, which amount to about $6.4 billion. The article argues that this round of growth is not just a competition among public blockchains; it also reflects the accelerating migration of traditional financial assets onto the blockchain.

Divided by the underlying network, Ethereum remains the primary settlement layer, accounting for about one-third of the tokenized asset market. Stellar and Avalanche have gradually become important channels for institutional funds to issue products. The article mentions that Ondo Finance is responsible for bringing income-producing assets such as US Treasury bonds onto the blockchain, Chainlink provides oracles, CCIP offers middleware such as reserve proofs, and Stellar undertakes the issuance and settlement of certain financial products.

Three types of tokens correspond to different stages.

The article argues that LINK, XLM, and ONDO have attracted attention not merely due to price fluctuations, but because they correspond to different infrastructure components within the RWA ecosystem. LINK is related to off-chain data integration and cross-chain communication, XLM is associated with asset issuance and settlement networks, while ONDO directly connects to the distribution of on-chain income-based assets.

However, the article also points out that market expansion of RWA does not necessarily mean that the prices of related tokens will rise accordingly. The entry of institutional funds into the tokenized asset market is first reflected in an increase in product scale, distribution channels, and on-chain settlement activities. Whether this can further translate into sustained demand for tokens still depends on the actual usage of the protocol and the market's capacity to absorb it.

Price performance remains to be verified by the market.

At the price level, the article states that after LINK rebounded from its important support area in August, it is approaching the 200-week moving average on the weekly chart, which is around $13.83. If it can hold above this level, market expectations for a medium-term recovery may increase; if it fails to break through, the price could return to lower support zones.

XLM This upward trend line has rebounded and tested the 200-day moving average in August, but it has not yet effectively broken through it. The article suggests that if the trend strengthens in the future, $0.30 and $0.50 will become important levels to watch. ONDO The pattern is relatively more fragile; the weekly upward support line maintained since February 2025 is considered a key position. If this support is lost, the adjustment could deepen further.