**R25, a real-world asset protocol incubated by Ant Financial, has officially launched its on-chain platform with Polygon as its first blockchain partner, introducing rcUSD+, a yield-bearing stablecoin backed by traditional financial instruments. **
The rcUSD+ token represents a departure from conventional stablecoins by offering holders direct exposure to yield generated from a professionally managed portfolio of conservative assets, including money market funds and structured notes. Unlike standard stablecoins that merely maintain their dollar peg, rcUSD+ is designed to generate consistent returns while preserving stability - delivering the type of modest, predictable income that large institutions traditionally use to safeguard capital.
Ant Financial, the fintech arm of Alibaba Group, has been expanding its blockchain footprint for years through initiatives ranging from cross-border remittances to supply chain finance. The company has developed proprietary blockchain infrastructure and verification systems that power R25's approach to asset-backed tokens. Ant's technology provides the foundation for verifying the operational and revenue data behind tokenized assets, ensuring transparency and trust in the underlying collateral.
The protocol incorporates multiple layers of credit enhancements designed to strengthen the stablecoin's creditworthiness, according to company statements. R25 expects the token to function as collateral, a yield-generating base asset, and a liquidity tool across Polygon's DeFi applications, potentially attracting institutional capital to the network.
Polygon co-founder Sandeep Nailwal said the collaboration aims to bring "institutional-quality real-world assets" on-chain, noting that R25's risk-managed structure "will provide immense value to both users and protocols building here." The partnership positions Polygon to capture a larger share of the rapidly expanding tokenized asset market.
Why Polygon Won the Launch
R25's selection of Polygon as its initial network partner reflects the Layer 2 blockchain's growing dominance in payments and real-world asset infrastructure. Polygon handles billions in stablecoin activity monthly, with the network's stablecoin supply reaching $2.94 billion in the third quarter of 2025, up 22% from the previous quarter. The network's low transaction costs - often fractions of a penny - and high throughput make it particularly suited for payment applications and tokenized financial products.
Recent infrastructure upgrades have further strengthened Polygon's position. The network now processes over 1,000 transactions per second, with plans to reach 5,000 TPS following the Rio upgrade. The Bhilai Hardfork and Heimdall v2 updates reduced finality times to approximately five seconds, enabling near-instant settlement for payment applications.
Polygon has also demonstrated traction in the RWA sector, with 23 real-world assets tokenized on the platform valued at over $531 million as of mid-2024. Third-quarter 2025 data showed RWA value on Polygon reaching $1.14 billion, driven by institutional launches from entities including Germany's NRW.BANK, the Philippines Department of Budget and Management, and various tokenized fund providers.
The Yield Gap and Market Opportunity
The launch comes as analysts note a significant disparity between yield generation in traditional finance and cryptocurrency markets. Only 8% to 11% of crypto assets currently generate yield, compared with 55% to 65% in traditional finance, according to RedStone analysts. However, that gap is narrowing rapidly as tokenized Treasuries and real-world assets proliferate across blockchain networks.
Standard Chartered projects the market for tokenized real-world assets, excluding stablecoins, will surge from approximately $35 billion today to $2 trillion by 2028 - a 56-fold increase over four years. The bank's head of digital assets research, Geoffrey Kendrick, estimates that tokenized money market funds and listed equities will each account for roughly $750 billion of that total, with the remaining $500 billion comprising less liquid assets such as private equity, corporate debt, real estate and commodities.
"Stablecoins have laid the groundwork via increased awareness, liquidity and lending/borrowing on-chain for other asset classes, from tokenized money market funds to tokenized equities, to move onchain at scale," Kendrick wrote in a recent report.
The projection aligns with growing institutional interest in blockchain-based financial products. By mid-2025, tokenized Treasuries surpassed $7.4 billion in assets under management, with major players including Goldman Sachs, BNY Mellon and Securitize actively allocating capital to these products for higher yield, instant settlement and flexible collateralization.
Composability and DeFi Integration
Unlike yield-bearing products that exist solely in traditional finance, rcUSD+ is designed to be fully composable within Polygon's DeFi ecosystem. The token can serve as collateral in lending protocols, provide liquidity in decentralized exchanges, and function as a stable medium of exchange for on-chain payments - all while continuing to generate yield for holders.
This composability represents a key differentiator from conventional money market funds or short-term notes, which remain siloed within traditional financial infrastructure. By bringing these yield-generating assets on-chain in token form, R25 enables developers to build new financial products and services that combine the stability of institutional-grade assets with the programmability and accessibility of decentralized finance.
Polygon's payments-focused applications processed $1.82 billion in transfer volume across more than 50 platforms in the third quarter of 2025, demonstrating the network's capacity to support significant financial activity. Major integrations from Stripe, Revolut, Nexo and other institutional players have further validated Polygon's infrastructure for payment and financial applications.
Broader RWA Momentum on Polygon
The rcUSD+ launch adds to Polygon's expanding portfolio of real-world asset projects. Recent initiatives include sovereign-backed stablecoin projects in India and regulated money market funds from providers like AlloyX. The network has also seen growth in tokenized collectibles through platforms like Courtyard, which digitizes physical assets including trading cards and memorabilia.
This growing ecosystem of tokenized assets creates network effects that benefit all participants. As more institutional-grade products launch on Polygon, the network's liquidity deepens, making it more attractive for additional issuers and users.
The presence of stable, yield-bearing assets like rcUSD+ provides a foundation for more sophisticated DeFi applications, including advanced lending markets, structured products and automated treasury management systems.
Final thougths
The success of tokenized RWAs depends significantly on regulatory clarity, particularly in major markets like the United States. Recent legislation including the GENIUS Act, which established a regulatory framework for stablecoins, has provided some certainty for market participants. Standard Chartered analysts expect additional clarity through proposed legislation such as the Digital Asset Market Clarity Act, potentially passing by late 2025 or early 2026.
For R25 and similar protocols, navigating regulatory requirements while maintaining the transparency and composability that make blockchain-based assets attractive will prove critical. The protocol's use of Ant Financial's verification technology and emphasis on institutional-grade risk management suggests an approach designed to meet compliance standards while delivering the benefits of decentralized infrastructure.
As the tokenized asset market matures, products like rcUSD+ represent an important test case for whether traditional financial yields can successfully migrate on-chain at scale. If successful, such offerings could accelerate institutional adoption of blockchain technology while providing retail users access to investment products previously available only to large institutions.