BlackRock, Ondo, and Superstate are the three companies that dominated the RWA field in the first quarter. The RWA market has shown amazing growth momentum during this period, thanks to the great interest of institutional investors in this field and the launch of innovative products. Among them, products such as BlackRock's US Dollar Institutional Digital Liquidity Fund, Superstate's Short-Term US Government Securities Fund, and Ondo's USDY Tokenized Treasury Bills achieved a 41% growth, with a total of nearly US$1.3 billion. In the RWA competition in this round of bull market, ONDO is clearly the leader, with good performance and may have the opportunity to further improve in the future. This development trend is eye-catching and deserves continued attention.