1、Rise of Real-World AssetsFor information purposes only,not financial advice0Rise of Real-World AssetsFor information purposes only,not financial adviceThe Bridge between Real World Borrowers and on-Chain LoansTotal Active Loan Value of Top 7 Private Credit ProtocolsRegenerative Finance(ReFi)On-Chain

2、 Capital Products Issued by InstitutionsThe Perennial Permissioned vs Permissionless Blockchain DebateReal Estate and Tokenized GoodsPrice Returns of Selected Real-World Asset Governance Tokens PriceLooking Ahead1Table of ContentsAnalysts:Introduction to Real-World AssetsThe Current Real-World Asset

3、 LandscapeFiat-Backed Stablecoins and Commodity-Backed Stable AssetsMarket Cap of Fiat-backed StablecoinsMarket Cap of Commodity-backed TokensTokenized TreasuriesStructure of Tokenized TreasuriesMarket Cap of Tokenized TreasuriesOn-Chain Private Credit Protocols3Win WinShaun LeeZhongWeng Dee42515191

4、81614131211108769Rise of Real-World AssetsFor information purposes only,not financial advice2Introduction to Real-World AssetsReal-world assets allow traditional financial instruments to be represented on-chain as tokens,democratizing access to a wider userbase,albeit with regulation and KYC procedu

5、res.Tether issued the first USDT tokens on the Bitcoin blockchain.USDC was launched later in 2018 on the Ethereum blockchain.More recently,PayPal and First Digital have also released their own stablecoins.Beyond creating tokenized versions of fiat currencies,firms such as Paxos have also launched to

6、kenized versions of gold,where their value was pegged to the price of specific amounts.The tokenized gold is backed by actual physical gold stored in bank vaults and verified through monthly attestation reports.As T-bill rates in the US began to exceed DeFi yields towards the end of 2022,platforms s