The report notes that while mainstream cryptocurrencies like Bitcoin and Ethereum have underperformed over the past year, the RWA sector has grown against the trend, mainly driven by tokenized government bonds, stablecoins, and gold. Institutions such as BlackRock, JPMorgan Chase, Mastercard, and Robinhood are upgrading their financial infrastructure to support tokenized assets, with CoinShares CEO Jean-Marie Mognetti believing that RWA growth is driven by its financial utility rather than market cycles.