Framework Ventures and Better.com Launch Home Token: Is the era of RWA mortgage assets on the blockchain approaching?

Canada’s top venture capital firm Framework Ventures has reached an agreement to purchase approximately 10% of the publicly listed mortgage lender Better.com for about $45 million. This move not only signifies mainstream financial institutions’ recognition of crypto VC but also highlights Better.com’s plan to launch a new generation of tokens backed by $500 million in mortgage assets—the Home Token.

This article will delve into the strategic significance of RWA (Real-World Assets), market trends, and potential opportunities behind this event.

Framework’s DeFi Strategy: Why Focus on Better.com?

As one of the most influential venture capital firms in the crypto industry, Framework Ventures’ involvement is more than just a financial investment. According to disclosures, Framework is not only a shareholder but also a strategic partner of Better.com. Better.com is collaborating deeply with Sky Ecosystem (a key component of the former MakerDAO ecosystem), and Framework Ventures is one of Sky Ecosystem’s largest supporters, managing an ecosystem capital of $18 billion.

This partnership creates a closed-loop:

• Capital side: With Framework’s involvement, Sky Ecosystem will provide efficient on-chain liquidity for Better.com.
• Asset side: As a leading digital-first housing finance provider in the U.S., Better.com has a large mortgage asset pool and plans to tokenize some of its high-quality assets.

In-Depth Analysis of Home Token: How Does It Work?

The core product of this plan is the Home Token, a yield-bearing token backed by a basket of mortgage loans as underlying assets.

1. Product Mechanism

Similar to traditional securitization products, but leveraging blockchain’s transparency and programmability. Better.com plans to structure its held mortgage loans (including compliant government-standard loans) and issue tokens collateralized by them. Initially, these tokens will mainly be available to accredited investors, but Better.com founder Vishal Garg has stated their ultimate goal is to make these tokens accessible to a broader consumer base.

2. Cost Advantages

By removing intermediaries such as banks, custodians, and clearinghouses, Better.com expects to reduce financing costs by over 100 basis points annually. Garg said, “If we can finance at lower costs than any other mortgage institution in the market, we can offer consumers mortgages that are cheaper than anyone else’s.”

3. Scale and Potential

Currently, the U.S. government-backed compliant mortgage market exceeds $12 trillion. Better.com aims to use this capital to grow its monthly loan issuance from $500 million to over $1 billion. If the Home Token model proves successful, it could revolutionize liquidity supply in housing finance.

Macro Market Context: RWA Boom and Price Analysis

The launch of Home Token is not an isolated event but occurs within the macro backdrop of a RWA (Real-World Asset) tokenization boom. Traditional financial giants like BlackRock and Fidelity have already begun experimenting with tokenized Treasury funds. Data shows that by 2025, tokenized U.S. Treasury bond funds grew by 80%, reaching $7.4 billion. McKinsey estimates that by 2030, the tokenized market could reach $2 trillion.

Benchmark Performance of Digital Asset Markets

To better understand current risk appetite and capital flows, we need to observe core digital assets. As a macro indicator of RWA sector development, the price fluctuations of mainstream cryptocurrencies reflect overall market liquidity.

According to Gate.io data as of February 24, 2026:

• Bitcoin (BTC): Price at $63,583, 24-hour trading volume of $1.12 billion, market cap of $1.31 trillion, market share 55.37%. Price change in the past 24 hours: -2.04%.
• Ethereum (ETH): Price at $1,829.38, 24-hour trading volume of $434.81 million, market cap of $231.09 billion, market share 9.70%. Price change in the past 24 hours: -1.95%.

Despite short-term market corrections, the involvement of large institutions in on-chain asset deployment often signals the buildup of long-term incremental capital. Better.com’s current valuation is about $450 million, a significant drop from its $7.7 billion valuation at the 2021 IPO plan, but with Framework’s crypto-oriented transformation, this could mark the start of a revaluation.

Challenges and Future Outlook

While prospects are promising, Home Token still faces regulatory and implementation hurdles.

• Regulatory Compliance: How to define the security attributes of Home Token and how to open it to retail users within a compliant framework are key issues for Better.com.
• Market Acceptance: Although institutional interest in RWA is strong, mainstream consumers’ understanding of mortgage-backed tokens still needs time to develop.

However, with top VC firms like Framework involved and Sky Ecosystem providing underlying support, Better.com is building a new bridge from traditional mortgages to on-chain yields. For Gate users, closely monitoring the progress of Home Token could reveal the next high-potential asset in the RWA sector.