The market for tokenized assets surged by 40%: new records and a shift in the structure of RWA
The market for tokenized real-world assets (RWA) is showing impressive growth: since the beginning of the year, its capitalization has increased by 40%, reaching the $51 billion mark. This rise occurs against the backdrop of a general correction in the cryptocurrency market, highlighting the sustained interest of institutional and retail investors in the tokenization of traditional financial instruments.
The number of RWA token holders has soared by 60%, exceeding 917,000 unique addresses. The leaders in terms of locked asset volume remain the platforms Figure ($18.9 billion) and Securitize ($4.3 billion), which effectively form the backbone of the sector's infrastructure.
Market Structure: Dominance of Lending and Explosive Growth of Stocks
An analysis of capital distribution shows that the foundation of the RWA market is still private lending — 47% of the total volume. In second place are U.S. Treasury bonds (30%), followed by precious metals (9%). However, the most dynamic segment turned out to be tokenized stocks: their volume grew by 130% over the past six months, reaching $1.6 billion.
From a blockchain infrastructure perspective, activity is concentrated in two networks: Provenance (39% of transactions) and Ethereum (33%). This indicates that institutional players prefer proven and regulated platforms over experimental solutions.
Three Approaches to Tokenization: From Brokerage Schemes to Hybrid Exchanges
Analysts identify three key models of stock tokenization that are shaping the industry's development:
- Trading Infrastructure. Brokers, such as Robinhood, purchase stocks and hold them as collateral for tokens. This allows for 24/7 trading, but token holders do not receive voting rights.
- Settlement Layer. Blockchain replaces traditional accounting systems. Projects like Figure and Securitize create regulated stacks where investors receive full ownership rights.
- Hybrid Model. Coinbase offers an "exchange for everything," combining tokens for stocks, derivatives, and crypto assets for users outside the U.S.
Regulation: Key Catalyst or Barrier?
The further growth of the sector directly depends on the SEC's stance. The regulator has already approved pilot projects by NYSE and Nasdaq for trading tokenized securities, creating a precedent for legalization. The key driver will be the so-called "innovation exemption," which would allow trading such assets within the U.S. The monthly transaction volume in the tokenized stock segment reached $5.3 billion in June — for comparison, in September of last year, it was only $500 million.
My expert commentary: The 40% growth of the RWA market amid a general cryptocurrency correction is a signal of the sector's maturity. The tokenization of real-world assets is ceasing to be a niche experiment and is becoming a full-fledged bridge between TradFi and DeFi. However, the key risk is regulatory uncertainty in the U.S. If the SEC fails to develop clear rules, we risk seeing capital outflows to jurisdictions with more favorable regulations, such as Singapore or the UAE.