According to a report published by Binance Research, the market value of on-chain real-world assets (RWAs, excluding stablecoins) has exceeded $12 billion, indicating the continued interest of investors in the blockchaining of traditional assets. Among them, the tokenized US Treasury market is particularly prominent, and the market value has exceeded $2.20 billion. BlackRock's BUILD fund is worth $520 million, and Franklin Templeton's FBOXX fund is worth $434 million. The report notes that continued high interest rates in the United States have fueled rapid growth in the tokenized Treasury market, but with the Federal Reserve expected to cut rates in the coming months, the attractiveness of these yield products may be affected. In addition, the on-chain private credit, tokenized goods, and real estate markets are also growing, with the on-chain private credit market valued at $9 billion.