Wall Street giants are rushing into the "on-chain financial ecosystem", with the tokenization track of $18 trillion RWA opening.

According to statistics, global traditional financial giants including JPMorgan Chase, Goldman Sachs, and others completed a total of 345 investments related to blockchain technology between 2020 and 2024. Among them, the Global Systemically Important Banks (G-SIBs) led more than 100 major transactions in areas such as tokenization, crypto asset custodial services, and blockchain payments. Based on the latest cryptocurrency research report jointly released by Ripple, CB Insights, and the UK Blockchain Technology Center, Citigroup, JPMorgan Chase, Goldman Sachs, and the Japanese financial giant SBI Group have become the most active forces in supporting blockchain startups in the traditional financial sector. According to predictions by Ripple and Boston Consulting Group, it is expected that the size of tokenized real-world assets (with RWAs as the core) will exceed $18 trillion by 2033, with a projected Compound Annual Growth Rate (CAGR) of 53% since 2025. The report states that global traditional banks participated in 345 investment projects for blockchain companies between 2020 and 2024, most of which were in the early stages of financing. Citigroup and Goldman Sachs each led with 18 major transactions among global traditional financial giants, followed closely by JPMorgan Chase and Mitsubishi UFJ, each completing 15 major investments. It is reported that "blockchain mega-financing" worth over one billion US dollars is the focus of the market. Over the four years, these traditional banking giants participated in 33 rounds of such funding, directing funds towards blockchain startups in areas such as cryptocurrency trading infrastructure, tokenized finance, custody, and payment solutions. Notable cases include CloudWalk from Brazil, which has received over $750 million in funding over two rounds, with investors including Ita Unibanco; and Germany's Solaris, which received over $100 million in funding from SBI Group, eventually becoming a target for its acquisition, serving as a significant entry point for the financial giant's blockchain financial layout. G-SIBs contribute to over a hundred blockchain-related financing transactions Global Systemically Important Banks (G-SIBs) have attracted market attention due to their huge size and the potential risk of triggering global financial turmoil in the event of collapse. The research report shows that G-SIBs completed a total of 106 transactions, with 14 of them being mega-blockchain financing transactions exceeding $100 million each. In terms of transaction volume, financial institutions from the US and Japan are far ahead, with financial giants from Singapore, France, and the UK also showing active performance. Overall, over 10,000 financing transactions for global blockchain startups were completed between 2020 and 2024, with total funding exceeding the super milestone of $100 billion. Research by Ripple on over 1,800 global financial leaders also shows that 90% of respondents believe that blockchain and digitization, tokenization of assets will have a "significant or huge" impact on the blockchain and cryptocurrency industry within three years. This trend is also receiving significant support from regulatory agencies, including the US National Stablecoin Innovation Guiding and Ensuring a Necessary Legal Facilitation (GENIUS) Act and the EU's Market in Crypto-Assets Regulation (MiCA), both providing clearer regulatory and financial support frameworks for digital asset operations. Traditional banks are betting on stablecoins, with tokenization as the next stop The unprecedented investment frenzy in supporting blockchain startups is driven by the demand for stablecoin trading and the increasing demand for real-world blockchain applications. Citigroup's report shows that the monthly trading volume of stablecoins in the first quarter of 2025 has reached $650-700 billion, with more and more traditional commercial banks planning to issue their own stablecoins to provide programmable currency that avoids volatility risks. Stablecoins are a special type of cryptocurrency that maintains a stable value ratio by anchoring core reserve assets such as the US dollar, euro, gold, etc. As key legislation to establish stablecoin regulatory frameworks accelerates through the US Congress, these price-stable cryptocurrencies are entering the mainstream asset domain of the global financial markets. Stablecoins are essentially the "on-chain dollar," backed by highly liquid dollar assets (cash, short-term US Treasury bonds) on a 1:1 basis. Stablecoins combine "dollars" with "blockchain," providing a new type of payment medium that is stable and efficient, and also allowing capital markets to see the commercial potential of "digital dollarization." It is undeniable that high interest rates and interest rate cycles allow these reserves to earn considerable interest, bringing near-banking level profits to stablecoin issuers (such as Circle, Tether), while also providing "quasi-money market" returns. Looking ahead at the future trends of digitalization and tokenization, tokenization is seen as the determining trend. Research by Boston Consulting Group and Ripple shows that the size of tokenized real assets expected to be achieved by 2033 will exceed $18 trillion, meaning that these two leading research institutions predict a Compound Annual Growth Rate of a potential 53% since 2025. The concept of "tokenization" focuses on Real-World Assets (RWAs) - including government bonds, loans, shares in funds, real estate, accounts receivable, carbon credits, etc., measurable value traditional financial/assets mapped onto the blockchain with programmable, transferable digital tokens. This year, stablecoins have successfully verified on-chain payment paths, with the research report showing a monthly stablecoin settlement volume of $650-700 billion, and even traditional banking giants planning to issue their own stablecoins. For banks, RWAs are more easily incorporated into current financial regulatory frameworks compared to "pure crypto" assets, as they have physical or legal rights backing. In addition, underlying assets such as bonds, loans come with cash flow, providing stable investment income sources for on-chain financial products, which align with the banking business model. Most research describes the concept of RWAs as representing ownership of tangible or off-chain assets through tokens issued by smart contracts on the blockchain. The World Economic Forum points out that tokenization allows these assets to have a unified shared ledger, real-time settlement and programmable attributes, reducing settlement risk and improving efficiency. For traditional banking giants, after stablecoins, the wave of RWA tokenization can significantly broaden revenue sources while exploring blockchain efficiency dividends further within a compliance framework.