{"id":271828,"date":"2024-03-26T17:18:46","date_gmt":"2024-03-26T11:48:46","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=271828"},"modified":"2024-03-26T17:18:46","modified_gmt":"2024-03-26T11:48:46","slug":"rwa-tokens-rally-81-in-one-week-as-institutions-dive-deeper-into-on-chain-finance-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/rwa-tokens-rally-81-in-one-week-as-institutions-dive-deeper-into-on-chain-finance-crypto-news\/","title":{"rendered":"RWA Tokens Rally 81% In One Week As Institutions Dive Deeper Into On-Chain Finance – Crypto News"},"content":{"rendered":"
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Real-world assets (RWAs) are on fire, with RWA governance tokens surging as institutions explore new use cases for on-chain finance.<\/p>\n

The combined capitalization of RWA protocols\u2019 governance tokens jumped 28% in 24 hours and 81% over the past seven days to tag $8 billion, according to\u00a0CoinGecko<\/a>.<\/p>\n

Six of the top 15 RWA tokens posted triple-digit gains in the past week. Ondo (OND) is the leading RWA token with a 123% rally and $1.3 billion market cap, followed by Polymesh (POLYX) with $643 million after growing 211%, and Mantra (OM) at $586 million after posting the sole weekly loss among the top 67 RWA assets with a 13% pullback.<\/p>\n

The sector ranks as the second-strongest performing category on CoinGecko for the past week.<\/p>\n

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New use cases for RWAs<\/h2>\n

The bullish market momentum comes as legacy financial institutions continue to explore bringing real-world assets on-chain.<\/p>\n

On March 19, Chainlink\u00a0released<\/a>\u00a0its findings from a pilot conducted by Australia and New Zealand Bank (ANZ), a \u201cbig four\u201d bank in both Australasian nations, transferring tokenized assets between public networks by leveraging Chainlink\u2019s cross-chain interoperability protocol (CCIP). <\/p>\n

The initiative encompassed an ANZ Digital Asset Services (DAS) user purchasing New Zealand dollar stables on Avalanche, before trading the tokens for NFTs representing tokenized Australian natural resources denominated in Australian dollars on Ethereum. The ANZ DAS also facilitated foreign exchange conversion between the two fiat currencies to complete the trade.<\/p>\n

\u201cThis ANZ project illustrates how innovative traditional financial service providers are preparing for a new version of capital markets enhanced by blockchain,\u201d\u00a0said<\/a>\u00a0John Wu, president of Ava Labs. \u201cIn these tests, ANZ is pioneering on-chain value transfer, while the infrastructure created by Chainlink and Avalanche offer interoperability and customizability.\u201d<\/p>\n

Chainlink noted that ANZ joins a growing list of tradfi institutions exploring how its CCIP protocol can underpin applications for RWAs on-chain. Other institutions that have piloted CCIP include major financial institutions in the United States, Europe, and the United Kingdom, such as BNY Mellon, Citi<\/a>, BNP Paribas, Euroclear, Lloyds Banking Group, and SIX Digital Exchange.<\/p>\n

According to Dune Analytics, CCIP has generated\u00a0$480,615<\/a>\u00a0in fees for Chainlink since its permissioned launch phase began in July, 43% of which was captured during March alone.<\/p>\n

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