China BaaS Market Reaches 2.07B Yuan in 2025, Ant Digital Leads

The BaaS market milestone signals that enterprise blockchain infrastructure is maturing in China, with Ant Digital's leadership underscoring the competitive advantage of established tech ecosystems. The absence of RWA tokenization specifics in the report is notable, as it leaves unclear whether this growth is driven by general enterprise use cases or asset-backed digitalization. For market watchers, the key question is whether BaaS expansion will translate into broader regulatory acceptance and deeper integration with financial systems, or remain confined to supply chain and data management applications.