RWA Track Weekly Report (Issue 3 · Week 30, 2026)

01Track Updates This Week

As of July 21, 2026, the RWA sector has seen a parallel development of deep integration with traditional financial infrastructure and explosive growth in the derivatives market. Ondo has become the focus of this week, as it has strengthened its leadership position by integrating into the DTCC’s core custody system and partnering with European custodians to expand the supply of U.S. Treasury bonds. In terms of capital, thanks to its collaboration with BlackRock and a proposal to burn 10% of its tokens, Ondo leads the RWA sector with $2.5 billion in TVL, thereby reshaping the DeFi landscape. Although market attention was drawn to the transfer of $9.79 million in ONDO tokens to Coinbase from associated team addresses, the DTCC partnership still helped drive an 16% rebound in ONDO’s price, along with a surge in network activity.

In the derivatives market, RWA perpetual contracts reached a new high of $311 billion in the first half of 2026. Exchanges are shifting from focusing on meme assets to becoming distribution platforms for Wall Street assets, with tokenized assets becoming the largest category of new offerings. The overall performance of this sector was strong, with the RWA sector seeing a 24-hour gain of 6.40%, and ODO rising by nearly 16% in a single day, outperforming the broader market significantly. However, governance challenges and unlocking pressures remain potential risks. Ondo needs to implement a fee-sharing mechanism as soon as possible to address the long-term challenges that may arise after short-term fluctuations in its token price.

02Core protocol data

As of July 21, 2026, the core protocol in the RWA sector, ONDO, is trading at $0.3626, with a 24-hour increase of +5.1% and a 7-day increase of +17.9%. Its 24-hour trading volume reached $87.8M. Although sector strength indices show higher popularity for DEXs (6.6) and oracles (6.3), the RWA sector has managed to lead thanks to institutional-level collaborations, with ONDO’s daily gain once approaching 16%. At the protocol level, ONDO has integrated into DTCC’s core custody system, and its total value locked (TVL) surpassed $1 billion within 8 months, establishing it as a leader in this field. Additionally, a 10% token burn proposal, combined with partnerships like those with BlackRock, aims to reshape the DeFi landscape with a TVL of $2.5 billion. In terms of the market, the scale of RWA perpetual contracts has reached a new high of $311 billion, with exchanges accelerating their transformation into platforms for distributing Wall Street assets. Despite challenges such as unlocking pressures and the implementation of governance profit-sharing mechanisms, ONDO’s network activity has surged, and its technical indicators have crossed above the moving averages. However, breaking through the $0.37 resistance level is still necessary to confirm a long-term upward trend.

03Progress of ecological projects

2026-07-21

On July 15, Ondo Finance announced a partnership with a European custodian to expand the supply of U.S. Treasury bonds, helping push the ONDO price above its 200-day moving average support level. Subsequently, on July 17, thanks to cooperation with DTCC and a strategic alliance with SBI, Ondo saw a 16% rebound, accompanied by a significant increase in network activity. Although technical conditions have improved, the $0.37 resistance level has not yet been broken, and the long-term trend still needs to be confirmed.

In the derivatives market, the scale of RWA perpetual contracts reached a new high of $311 billion in the first half of 2026, as exchanges accelerated their transformation into asset distribution platforms for Wall Street. In terms of market sentiment, the RWA sector saw a 24-hour gain of 6.40% on July 16, while ONDO surged by nearly 16% in a single day, outperforming the overall cryptocurrency market.

04KOL Public Opinion and Narratives

Reference date: 2026-07-21

The current RWA sector lacks direct insights from influential KOLs, resulting in a clear “narrative vacuum” in public discourse. The main voices observed come from media accounts such as @Cointelegraph, whose content focuses on broader market trends rather than specific aspects of the RWA industry. For example, they cover topics like the London Stock Exchange’s plan to introduce round-the-clock trading in early 2027 to attract retail investors, as well as Grayscale’s application for a Worldcoin ETF.

Despite the silence among KOLs, trending discussions indicate that market attention is shifting toward “the RWA tokenization trend gaining validation from traditional financial giants,” suggesting that institutional endorsement remains a key driving force. Meanwhile, “capital flows of Whales” and “macroeconomic data influencing crypto markets” have become highly discussed topics, reflecting investors’ greater focus on capital dynamics and the indirect impact of macro environments on RWA assets, rather than technological advancements within specific projects.

The prevailing narratives are currently divided: on one hand, progress in traditional financial infrastructure (such as reforms at the LSE) is seen as evidence supporting the long-term legitimacy of RWA; on the other hand, due to the lack of KOL endorsements for specific projects, market sentiment is largely influenced by broader market fluctuations, such as Bitcoin falling below $55,000. Overall, the RWA sector is in a period of disalignment between “institutional validation” and “KOL silence,” with the focus shifting from project promotion to the dynamics between macro liquidity and regulatory expectations.

05Track Outlook

Benchmark Date: 2026-07-21

In the next 1–4 weeks, the core logic behind the RWA sector will shift from “narrative-driven” approaches to “infrastructure validation and capital injection.” As exchanges establish tokenized assets as their top category for new listings, the scale of RWA perpetual contracts reached a new high of $311 billion, indicating that traditional financial distribution channels are accelerating their transition to blockchain-based systems.

• Optimistic Scenario: Accelerated financing by leading institutions. Both Securitize and Ionic Digital have raised $400 million each, providing sufficient liquidity support for the tokenization of underlying assets. If Ondo’s governance reward mechanism is implemented as planned, coupled with the compliance backing from DTCC’s integration, ONDO is expected to break through the $0.37 resistance level and move toward the next key resistance zone above.
• Neutral Scenario: The market remains volatile and consolidating. Although the RWA sector has performed well recently, ONDO faces challenges related to token unlocking pressures and unresolved governance issues. The price may fluctuate around the current level of $0.3626, testing support levels while waiting for more data from institutional-level platforms to confirm trends.
• Pessimistic Scenario: Selloffs lead to price corrections. Addresses associated with the Ondo team transferred approximately $9.79 million worth of ONDO to Coinbase. If large-scale selling continues, it could push the price below the 200-day moving average, forcing it back toward lower support levels.

! Key Risks:

1. Governance and Unlocking Pressures: Although Ondo’s Total Value Locked (TVL) exceeds $1 billion, token unlocking pressures and the governance reward mechanism have not yet been fully implemented, leaving short-term supply-demand imbalances possible.
2. Large-Scale Transfer Selloffs: The large transfers of ONDO from team-associated addresses to exchanges ($9.79 million) require close monitoring. If these are followed by concentrated sales, it could dampen market sentiment in the sector.
3. Unbroken Technical Resistance: Despite technical indicators suggesting an upward trend, the $0.37 resistance level has not been effectively broken yet. A sustained upward trend still needs confirmation through increased trading volume.

Key Watchpoints (within 1 month):

1. The progress of Ondo’s fee distribution mechanism and the results of governance proposal votes.
2. How the funds raised by Securitize and Ionic Digital are utilized in the tokenization of underlying assets.
3. Whether RWA perpetual contract trading volume can maintain its high level of $311 billion to validate the success of exchange-based distribution platforms.

06Related Reading

1. “Connecting to 114 Trillion DTCC: Can Ondo End the Governance Crisis?”
2. “Why Did Ondo Spark Attention in 2026? Unveiling BlackRock’s Collaboration and Token Destruction”
3. “DTCC Partnership Drives Ondo’s Rally: Analysis of Key Levels After a 16% Gain”
4. “RWA Contracts Break Through $311 Billion: Exchanges Abandon Memes for Wall Street”
5. “RWA Sector Surges 6.40% in 24 Hours, While BTC Shows Slight Increase”
6. “Ondo Finance Partners with European Custodians to Expand U.S. Debt Supply”
7. “Ondo Team’s Associated Addresses Transfer $9.79 Million in ONDO to Coinbase”