"EVOLVE Builds Asia's Multi-Chain RWA Infrastructure" The emergence of the RWA narrative in 2023 has drawn attention to the potential integration between traditional finance and Crypto, but various compliance and operational complexities have hindered substantial progress along the way. Now, with the arrival of market compliance trends, RWA is gradually becoming one of the core narratives in Crypto finance. According to the latest data (as of October 2025), the total size of the RWA market has surpassed $4 billion, excluding stablecoin assets. Among these: - Private Credit accounts for the highest proportion, nearly 60%, becoming the core sector driving RWA growth. - US Treasury Debt and Corporate Bonds each account for about 20% and 10%, respectively. - Other categories such as Private Equity, Commodities, and Actively-Managed Strategies are also beginning to form growth curves. From a trend perspective, since 2023, the overall scale of RWA has shown exponential growth. Especially after mid-2024, RWA related to US Treasury bonds will reach saturation, and the market focus will gradually shift towards private credit, supply chain finance, and the tokenization of physical assets. This also marks the development of RWA entering the "second stage: diversification and practicality." From the earliest government bond yield products (such as MakerDAO's US Treasury pool and Ondo's short-term Treasury fund) to today's multi-asset tokenization practices, the logic of RWA is shifting from "on-chain financial assets" to "on-chain real economy." The core reason for this change is that single US Treasury bond assets cannot meet the real economic penetration needs of Web3 finance. US Treasury-based RWA provides a safe, low-risk income channel, but its essence remains limited to the repackaging of traditional finance; the next stage of RWA needs to achieve the native on-chain of assets, synchronizing on-chain value with offline economic activities. In this trend, the collaboration between Velo and EVOLVE has become a landmark event in the Asian market. It is no longer just an expansion of a stablecoin or payment network but attempts to build a "digital financial infrastructure layer" that combines IoT, blockchain, and real assets. EVOLVE's multi-asset RWA products ($EVPC, $EVMA) are a concrete attempt at this vision. EVOLVE is a multi-asset, multi-chain RWA platform initiated by Thailand's fintech group Mile Green, aiming to tokenize various types of assets in the real world in a verifiable, tradable, and settleable manner, creating a channel for institutional funds to enter the real economy. Its core architecture relies on the following three layers: ➣ Infrastructure Layer (Velo & Lightnet): Provides cross-border payment and settlement channels, enabling asset tokens to have real settlement capabilities. ➣ Data and Compliance Layer (Pangaea & Chainlink): Pangaea (a listed company) provides IoT and AIoT capabilities, allowing the underlying asset status to be tracked in real-time; Chainlink provides proof of reserves and data feeds, ensuring the authenticity of on-chain data and regulatory auditability. ➣ Asset Issuance Layer (EVOLVE): Responsible for asset design, structuring, token issuance, and profit distribution. Currently, two representative assets, $EVPC and $EVMA, have been launched. 1. $EVPC — Private Credit Asset Pool $EVPC (Evolve Private Credit) represents the first credit tokenization product launched by EVOLVE. It brings real assets such as corporate loans, trade financing, and supply chain receivables on-chain, allowing investors to directly share in the returns from corporate repayments. These returns come from real cash flows, not financial derivatives or secondary market operations. Therefore, the positioning of $EVPC is not as a "high-yield version of US Treasury bonds," but as an on-chain credit infrastructure aimed at real SMEs and supply chain ecosystems. This makes EVOLVE one of the few RWA models that forms a closed loop from corporate financing → on-chain assetization → investor returns. 2. $EVMA — Multi-Asset Portfolio (Electric Vehicle Infrastructure + Real Estate) $EVMA (Evolve Multi-Asset) is the second composite asset token launched by EVOLVE, focusing on industrial assets with long-term cash flows and physical collateral. The first batch of assets includes financing for electric vehicle charging stations and supporting facilities, real estate leasing, and commercial real estate mortgage assets. Unlike traditional RWA, the innovation of $EVMA lies in IoT-driven real-time asset monitoring. Through Pangaea's AIoT module, data such as charging equipment, usage frequency, and energy consumption can be recorded on-chain in real-time, making the asset's operational status and revenue capacity transparent. At the same time, these assets possess ESG and new energy attributes, making them a "green RWA" channel favored by Asian institutional funds. Overall, $EVPC and $EVMA constitute the "two wings" of EVOLVE, with the former focusing on cash flow-driven assets and the latter on physical assets + long-term value assets. Together, they outline the prototype of the multi-asset, multi-chain RWA financial system that EVOLVE aims to achieve. In the US Treasury-based RWA model, blockchain only serves custodial and distribution functions; in the EVOLVE model, on-chain data, IoT data, and the lifecycle of real assets are synchronized. This means that the existence, use, returns, and risks of assets can be verified in real-time on-chain. This is precisely the qualitative change of RWA from the "financial product stage" to the "digital infrastructure stage." Velo provides the key settlement layer, enabling these assets to have real capital flow capabilities; while Mile Green and Pangaea break down the boundaries between the real world and the on-chain world through IoT and compliance architecture. This is not only an innovation of an RWA product but also the next step in the digitalization of Asian finance: Let real-world data become assets in the financial world.