RWA's Accelerated Asset On-Chain Transformation: Analysis of the Beneficiary Paths for MNT and BST
TL;DR
As of December 10, 2025, the value of distributed assets in the RWA (Real Estate Tokenization) sector reached $18.17 billion. MNT and BST benefited through differentiated paths: Mantle (MNT) , as a modular L2 infrastructure, leverages its $18.512 billion RWA TVL and Bybit CeFi bridging advantage to position itself as an institutional-grade RWA settlement layer; Blocksquare (BST) focuses on the real estate tokenization vertical, having already on-chained $200 million worth of assets and achieving scaled expansion through its liquidity engine and $1 billion US real estate pipeline. Their benefit paths are complementary: MNT captures institutional funding inflows through network effects and ecosystem incentives, while BST directly links real estate tokenization growth to protocol usage fees and staking rewards.
RWA Track Acceleration Overview
Market size and growth
| Key Indicators | numerical values | growth trend | Data Time |
|---|---|---|---|
| Total value of distributed RWA | $18.17 billion | -3.05% (30 days) | 2025-12-05 |
| Number of holders | 556,828 | +5.42% (30 days) | 2025-12-05 |
| Representative Value | $391.62 billion | -8.17% (monthly) | 2025-12-05 |
| RWA category market capitalization | $56 billion | - | End of 2025 |
Ethereum holds a 65.73% market share, with US Treasury bonds dominating tokenization assets, including BlackRock's build TVL of $2.03-2.28 billion. Private lending is growing rapidly, such as Maple syrup USDC with a TVL of $1.44 billion, a 30-day increase of +16.5%.
Key drivers
Institutionalization trend : Figure launched the RWA Alliance on Solana (December 4, 2025), with monthly loan originations exceeding $1 billion; Kraken partnered with Deutsche Börse (end of November 2025) to bridge TradFi-digital marketplace, accelerating institutional entry.
Mature infrastructure : Chainlink oracles are widely used for RWA data integrity; Hedera is involved in the modernization of Georgia's land registry, realizing real estate tokenization; stablecoins worth $301.74 billion support the settlement layer.
Regulatory progress : The IMF calls for a regulatory framework for stablecoins and promotes compliant RWA product design; MiCAR-aligned EU tokenization standards lower the barriers to cross-border issuance.
MNT Benefit Path Analysis
Core positioning and product matrix
Infrastructure Advantages : As an Ethereum-compatible modular L2 layer, Mantle employs Optimistic Rollup and EigenDA for scalability, providing a high-throughput, low-cost settlement layer for RWA. As of the end of November 2025, Mantle custodied $185.12M of non-stablecoin RWA assets. Although this represents a 21.75% decrease from 30 days prior, the number of holders (2,798) still increased by 0.58%, demonstrating the resilience of its user base.
RWA Product Ecosystem :
| product | TVL/Asset Size | market share | Holders | Asset Classes |
|---|---|---|---|---|
| Mantle Index Four (MI4) | $156.4M | 82.16% | 7 | Institutional Funds |
| Ondo USDY | $28.8M | 15.12% | 2,791 | US Treasury yields |
| Agora AUSD | $5.2M | 2.72% | 32,730 | Stablecoins |
MI4 is issued by Securitize and is targeted at institutional clients (registered in the British Virgin Islands, Reg S exempt); USDY has been natively integrated since 2023, providing a rebasing mUSD variant as yield collateral for DeFi AMMs/lending/perpetual contracts.
TaaS platform (launching in October 2025): End-to-end tokenization services covering KYC, legal structure, smart contracts, auditing, and security monitoring, lowering the barrier to entry for institutional RWA issuance.
On-chain activity and rewards
As of December 10, 2025, the TVL of the RWA protocol on Mantle was $28,437,752 (primarily from Ondo Finance), with a 30-day transaction volume of $1,753,392 (2,345 transactions). The 30-day transaction volume of USDY was approximately $1.12 million (1,907 transactions), with a peak daily transaction volume of $310,172 (December 4); the transaction volume of AUSD was $633,392 (435 transactions).
The 7-day RWA protocol fee is $14,486 (December 10, 2025), primarily from Ondo (global 7-day fee $859,624, 24-hour fee $72,920). Although Mantle accounts for approximately 2% of TVL, network fees and ecosystem incentives provide MNT holders with staking rewards and governance value accumulation.
Benefit path analysis
Path 1: Network effects drive TVL growth
The RWA protocol expansion directly increased the Mantle network's TVL (peaking at $2.2 billion, with a stablecoin supply of $750 million), boosting transaction volume and gas fee revenue, and indirectly increasing MNT staking yield and governance weight.
Path Two: CeFi-DeFi Bridging to Capture Institutional Liquidity
Bybit's core integration provides spot trading, institutional trading, and VIP access for MNT/RWA; Anchorage Digital custody (November 2025) supports MNT as an inventory asset for RWA participation. Institutions participate in on-chain RWA through CeFi deposits, increasing demand for MNT.
Path 3: Ecosystem Expansion to Secure Developer Resources
The RWA Scholars program (launching in November 2025, selecting 6 from 2,000+ applicants) and hackathons incentivize developers to build RWA dApps, expanding Mantle's distribution capture in the $26 billion RWA market (estimated to be trillions in size).
Path Four: Modular Infrastructure Premium
EigenLayer's first/largest L2 identity, Succinct Labs' ZK rollup upgrade, and OP-Succinct's security enhancements make Mantle a distribution layer for TradFi-DeFi compliant settlements, attracting high-profile collaborations from companies like World Liberty Financial (USD1 stablecoin deployment, announced in October 2025).
BST Benefit Path Analysis
Core positioning and technology stack
Vertical Focus : Blocksquare focuses on real estate tokenization (the world's largest asset class), using standardized protocols to convert property value/yield into on-chain BSPTs (Blocksquare Property Tokens), enabling fragmented ownership and global liquidity.
Compliance structure : MiCAR alignment, Luxembourg entity (January 2025), EU notarized tokenization; tokenization provides economic benefits (revenue/equity) rather than equity, simplifying regulatory processes.
Technical characteristics :
- Tokenization Protocol : Convert properties into 100,000 BSPTs via Ethereum/IPFS; supports any form of legal ownership.
- White Label SaaS : A no-code marketplace for operators to list properties and for KYC investors.
- Oceanpoint v2 (launched in 2025): React-based dApp, mobile UX, liquidity pools (BSPT/POINT/USDC), governance staking; POINT aggregator enables AMM swaps (Q2 2025).
Scale-up progress and pipeline
As of July 11, 2025, Blocksquare had completed a $200 million real estate tokenization , covering 66 properties in 29 countries, more than double the $100 million tokenization in May 2024. Core partnerships include:
Vera Capital Partnership (announced Q2 2025): A $1 billion U.S. real estate tokenization plan, with the first property being a $5.4 million commercial building in Fort Lauderdale (to be completed by mid-2025). Potentially adding $800 million+ in assets.
Haven1 Integration (July 9, 2025): Partnering with the L1 RWA blockchain to integrate tokenization real estate into a compliant EVM ecosystem, expanding cross-chain interoperability.
FractioneX Partnership (extended from October 2024 to 2025): Utilizing Blocksquare infrastructure to provide fragmented services to UK properties, activated through the Oceanpoint launchpad campaign.
On-chain data and market performance
TVL and Trading : RWA-specific TVL $200 million (July 2025), DeFiLlama protocol TVL $0 (non-standard DeFi tracking); BST token 24-hour trading volume $52,400 (December 9, 2025), approximately $300,000 in 7 days, and an average of $40,000-50,000 per day.
Holders and Price : Market capitalization of approximately $1.92 million, fully floated (64,270,724 BST); Price $0.0300 (December 9, 2025), up 29.64% from the all-time low of $0.022781 on December 7, a 7-day increase of +15.47%.
Benefit path analysis
Path 1: Direct capture of protocol usage fees
As a medium for paying platform transaction fees, BST's tokenization and secondary market trading growth directly increase BST burning/distribution, driving token value accumulation.
Path Two: Staking Incentives Binding TVL Expansion <br /> Stake BST in the Oceanpoint governance pool to earn sBST voting rights and passive BST rewards (40% of the supply is used for liquidity mining, approximately 500,000 BST per month); provide BSPT liquidity/staking to earn BST incentives from the issuer/community/marketplace.
Path 3: SaaS Discounts Lock in B-End Demand <br /> Partners who stake BST enjoy discounts on white-label marketplace fees, incentivizing operators to adopt the Blocksquare technology stack and expand the tokenization base.
Path Four: Capturing the Blue Ocean of Real Estate RWA <br /> As the largest undeveloped tokenized asset class globally, real estate, with its $200 million first-mover advantage and $1 billion pipeline, is positioned by Blocksquare to capture the long-term growth dividends of the real estate RWA sub-segment (the overall RWA market of $18.17 billion represents only a small fraction of the global asset market).
Comparative analysis
| Dimension | Mantle (MNT) | Blocksquare (BST) |
|---|---|---|
| position | Modular L2 infrastructure | Real Estate Tokenization Vertical Protocol |
| RWA TVL/Assets | $185.12M (L2 Hosting) | $200M (tokenized real estate) |
| Asset Classes | Treasury bonds, private lending, stocks, stablecoins | Real estate (commercial, residential, sustainability) |
| Benefit mechanism | Network fees, staking rewards, ecosystem incentives | Protocol fees, staking mining, governance discounts |
| Growth Driver | Institutional CeFi bridging, TaaS platform, modular premium | B2B SaaS expansion, $1 billion pipeline, blue ocean real estate market |
| Market capitalization | - | $1.92 million (fully circulating) |
| Recent gains | - | +29.64% (from the low on December 7) |
| Partners | Bybit, Ondo, Securitize, Anchorage, WLFI | Vera Capital, Haven1, FractioneX, EU Notary Public |
| On-chain activity | $1.75 million in transfers within 30 days (2,345 transactions) | 24-hour trading volume of $52,400 |
Complementarity : MNT provides a high-throughput settlement layer, while BST can deploy real estate BSPT to Mantle through cross-chain integration, enjoying low gas fees and Bybit liquidity; both benefit from the growth of RWA holders (+5.42% monthly) and the institutionalization trend.
Differentiation risks : MNT relies on a diversified RWA ecosystem, but there is a risk of concentration due to a single protocol (MI4 accounts for 82%); BST focuses on real estate and is more affected by real estate market cycles and regulatory changes, but its vertical depth provides a defensive moat.
in conclusion
The accelerated on-chaining of RWA assets creates differentiated value capture paths for MNT and BST. Mantle, leveraging its L2 infrastructure positioning and CeFi-DeFi bridging advantages , benefits from network effects and ecosystem expansion driven by institutional funding inflows, with RWA TVL growth directly translating into MNT staking rewards and governance value. Blocksquare, with its vertical integration of real estate tokenization and a $1 billion US real estate pipeline , binds assets to the blockchain through protocol fees and staking incentives, securing its position in the world's largest RWA segment.
In the short term (Q4 2025 - Q1 2026), Mantle needs to leverage its TaaS platform and RWA Scholars program to expand issuance and capture more, breaking free from its reliance on a single protocol. Blocksquare needs to accelerate the rollout of its Vera Capital pipeline and the cross-chain integration of Haven1 to elevate its $200 million asset size to a significant level in the industry. In the medium to long term, both will benefit from the structural opportunity of the RWA sector's expansion from $18.17 billion to trillions, forming moats at the infrastructure and application layers, respectively. Investors can allocate positions based on their risk appetite (MNT diversification vs. BST vertical depth) and return model (network staking vs. protocol usage fees).