Key developments: Recently, Deutsche Bank's crypto custody service is about to launch in Germany and the bank plans to expand into Asian markets in 2027; BlackRock says tokenized funds are already being used as collateral in the digital asset market; Solana's on-chain RWA scale grew more than 600% in one year to $4.3 billion. The convergence between traditional finance and RWA tokenization is accelerating.
Deutsche Bank: Crypto custody about to launch in Germany
Deutsche Bank, a global systemically important bank, is about to launch its crypto custody service in Germany and has received MiCA authorization. According to the source material, the bank also plans to expand into Asian markets in 2027. Crypto custody is important infrastructure for institutions participating in digital asset markets, involving asset safekeeping, compliant operations and service capabilities. This move by Deutsche Bank means a large traditional bank is further deepening its presence in crypto asset infrastructure. Launching in Germany with MiCA authorization provides the regulatory precondition for offering crypto custody services. Expanding into Asian markets in 2027 shows that its crypto custody buildout is not limited to a single region. Going forward, attention should be paid to the progress of the Germany launch, the pace of Asian market expansion, and the actual application of the bank's crypto custody services.
BlackRock: Tokenized funds already used as collateral in digital asset markets
BlackRock pointed out that tokenized funds are accelerating their integration into Wall Street and have already been used as collateral in the digital asset market. BlackRock made clear that tokenized funds are shifting from asset digitization to changing how finance flows, which has bellwether significance for the integration of RWA and traditional finance. Tokenized funds were previously seen more as on-chain representations of traditional assets; using them as collateral means their use cases are further extending into collateral and transfer links in the digital asset market. The source material mentions accelerating integration into Wall Street, indicating that tokenized funds are no longer just product innovation within the crypto industry, but are beginning to connect with asset management and trading processes in traditional financial markets. As a major asset manager, BlackRock's statements on the use of tokenized funds provide a reference for observing how RWA enters the mainstream financial system. Going forward, the focus is whether the use of tokenized funds as collateral will expand, and how this model operates in practice in the digital asset market.
Solana: On-chain RWA scale grew more than 600% in one year
At the public blockchain level, Solana's on-chain RWA scale grew more than 600% in one year to $4.3 billion, while Ethereum grew only 7% over the same period. The source material also shows that Solana's RWA scale saw explosive growth, with application revenue ranking first among chains. This data contrast is stark and reflects structural changes in public blockchain competition and the RWA sector. Changes in on-chain RWA scale usually reflect a public blockchain's competitiveness in asset tokenization, application hosting and revenue generation. Solana achieved over 600% growth in one year and reached a scale of $4.3 billion, while its application revenue ranked first among chains, indicating a clear increase in its presence in the RWA sector. Ethereum grew only 7% over the same period; although its growth rate was lower, the source material does not disclose its absolute scale, so it is not appropriate to directly compare the overall size of the two. What can be confirmed is that RWA sector growth is concentrating in certain public blockchains, and competition among public blockchains is no longer only about transaction speed and fees, but also extends to RWA asset scale and application revenue. Going forward, attention should be paid to whether Solana's RWA growth is sustainable and to subsequent changes in Ethereum's RWA data.
Signals of convergence between traditional finance and RWA tokenization strengthen
Observing Deutsche Bank's crypto custody, BlackRock's use of tokenized funds as collateral, and Solana's on-chain RWA data within the same time window shows that the connection between traditional finance and RWA tokenization is strengthening. Deutsche Bank represents traditional bank infrastructure, BlackRock represents asset management product innovation, and Solana represents the public blockchain hosting layer. From the three dimensions of custody, collateral and on-chain scale, they present different aspects of the integration of crypto assets and traditional finance. In the source material, Deutsche Bank is about to launch in Germany and plans to expand into Asian markets in 2027; BlackRock says tokenized funds are accelerating integration into Wall Street and are already used as collateral; Solana shows the growth momentum of the RWA sector with data showing over 600% growth in one year to $4.3 billion and application revenue ranking first. Together, these pieces of information indicate that RWA tokenization is no longer just a narrative of a single project or a single chain, but is simultaneously appearing in banking, asset management institutions and public blockchain competition.
Areas to watch
Three developments can be watched going forward: First, the specific arrangements for Deutsche Bank's crypto custody service launch in Germany and the progress of its 2027 Asian market expansion; second, the progress of BlackRock's tokenized funds as collateral in the digital asset market and their demonstration effect on the integration of RWA and traditional finance; third, whether Solana's on-chain RWA scale and application revenue can maintain growth, and changes in Ethereum in the RWA sector. The above directions are based on disclosed facts and do not constitute market forecasts or investment advice.
