According to Wu, BlackRock, Ondo, and Superstate became the most influential companies in the RWA field in the first quarter. Driven by the huge interest of institutions and the launch of innovative products, the RWA market achieved rapid growth in the first quarter. Among them, tokenized treasury bills including BlackRock's US Dollar Institutional Digital Liquidity Fund, Superstate's Short-term US Government Securities Fund, and Ondo's USDY increased by 41%, totaling nearly US$1.3 billion.