As we hustle for daily Transaction History, a quiet financial revolution is unfolding. RWA (Real World Asset tokenization), an emerging field that combines TradFi and Blockchain technology, is developing at an astonishing pace. Various rumors are circulating in the market, the most notable being about JPMorgan's actions. It is said that this global financial giant has tokenized a large amount of U.S. Treasury bonds it holds, and the collateral situation of these tokenized assets in the Decentralized Finance (DeFi) world is concerning and may trigger a 'liquidation spiral' crisis.

This scene seems like the plot of a financial thriller. As a rapidly emerging field with quarterly growth of 400%, RWA may hide serious compliance issues and asset gaps behind it, which could pose a threat to the entire financial system. However, we should not blindly believe rumors or fall into panic, but rather objectively analyze and use evidence and logic to explore the potential risks that may exist.

Let us first focus on the core of this turmoil: JPMorgan and the tokenization of U.S. Treasuries. The rapid development in the RWA sector is an undeniable fact. From 2023 to 2025, the scale of U.S. Treasury tokenization is experiencing explosive growth. Data shows that in just one year, the scale of tokenized U.S. Treasuries surged from $114 million at the beginning of 2023 to $831 million by the end of the year, an increase of over 600%. Entering 2024 and 2025, this trend becomes even more pronounced, with the total on-chain U.S. Treasuries exceeding $700 million.

This rapid growth has sparked a strong reaction in the market and has brought a series of questions: Is this growth sustainable? Where are the potential risks? How can regulation keep pace with this innovation? These are all questions we need to think deeply about.

The development of RWA represents the integration of traditional finance and blockchain technology, which is undoubtedly an important innovation. However, innovation often comes with risks. We need to embrace innovation while maintaining a clear mind, carefully assessing potential systemic risks to ensure the stability and security of the financial market.

As the RWA market continues to expand, regulators, market participants, and researchers need to closely monitor developments in this field and establish sound risk management mechanisms to address potential challenges. Only in this way can we truly unlock the potential of RWA, drive financial innovation, and protect the interests of investors and the entire financial system.