R25, a protocol focused on stablecoins and real-world assets (RWAs), launched its onchain platform with Polygon as its first blockchain partner. The protocol’s debut token, rcUSD+, combines stablecoin features with yield drawn from traditional financial assets.
According to Polygone's announcement, rcUSD+ is designed to maintain a one-to-one value with the U.S. dollar while paying returns generated by a portfolio that includes money market funds and structured notes. These instruments are managed by institutional custodians and structured to preserve capital while providing modest yield.
The integration allows R25 to deploy rcUSD+ across Polygon’s decentralized finance ecosystem. Developers can use the token as a component for collateral, liquidity pools, and lending protocols. Polygon users can hold rcUSD+ within self-custody wallets while automatically participating in yield generation through onchain distribution.
Details of rcUSD+ and its asset backing
R25 said its underlying portfolio includes several layers of credit enhancement mechanisms, which aim to improve the credit profile of the assets supporting rcUSD+. The yields are derived from income generated by the base portfolio after management and operating costs are deducted.
Unlike conventional stablecoins that earn returns only through centralized issuers or reserve managers, rcUSD+ sends yield directly to token holders. This is based on measured returns from short‑term, liquid traditional financial instruments rather than speculative crypto assets.
The firm describes rcUSD+ as an attempt to apply institutional portfolio management practices to an open blockchain network. The offering aligns with a developing category of tokenized financial products that use blockchain rails while maintaining connections to regulated asset classes.
Polygon’s role in powering tokenized assets
Polygon has developed an ecosystem that includes payments, digital identity infrastructure, and RWA integrations. Several major stablecoins already operate on its network, contributing to activity in decentralized lending and trading.
Polygon co‑founder Sandeep Nailwal said the collaboration aims to bring “institutional‑quality real‑world assets” onchain. He added that R25’s structure “will provide immense value to both users and protocols building here.”
For Polygon, the addition of rcUSD+ introduces another product category that can connect blockchain users to standardized, lower‑risk assets similar to those used in traditional markets. For R25, Polygon’s scaling technology allows the protocol to issue and settle transactions with lower fees while maintaining compatibility with the wider Ethereum ecosystem.
Institutional interest in tokenized RWAs
The R25 launch comes amid growing interest in onchain representations of off-chain financial assets. A Standard Chartered analysis estimates the value of tokenized RWAs could reach about $2 trillion by 2028, compared with roughly $35 billion currently. The bank expects Ethereum to capture most of this activity, though Layer 2 platforms such as Polygon are starting to provide an alternative route for tokenized issuance.
Analysts from RedStone observed that adoption of tokenized RWAs and yield-bearing stablecoins is “narrowing the yield gap between traditional finance and crypto.” They note that only about 8% to 11% of crypto assets currently generate yield, compared with 55% to 65% in conventional financial markets. This difference, according to analysts, is beginning to shrink as more tokenized securities, treasury funds, and stable yield instruments reach public blockchains.
Outlook and potential challenges
Bringing institutional-grade assets onchain involves regulatory, liquidity, and transparency considerations. While rcUSD+ is designed to address these through audited holdings and clear asset disclosures, the market will need to assess how consistently yields track real-world benchmarks and whether liquidity can sustain composability across DeFi platforms.
If adoption grows, rcUSD+ could support broader experiments in onchain collateral and payments denominated in stable, yield-producing assets. Developers may use the token in lending or staking protocols, but success will depend on the reliability of underlying returns and continued oversight over asset management processes.
Rather than signaling a guaranteed shift in the market, the release of rcUSD+ highlights the ongoing effort to connect blockchain finance with established, regulated instruments. The initiative will test investor appetite for tokenized yields that stem from traditional credit and money market vehicles, not speculative DeFi incentives.
Tanya Petrusenko
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