The tokenized assets (RWA) market surged by 40%: volume reached $51 billion, and the number of holders exceeded 917,000.
The market for tokenized real-world assets (RWA) is showing steady growth, despite the overall correction in the cryptocurrency market. Since the beginning of the year, its market capitalization has increased by 40%, reaching $51 billion. These are not just numbers — it is a signal of the sector's maturity and a transition from the experimental phase to real-world adoption.
The key growth driver is an explosive increase in the number of participants. The number of holders of tokenized assets has grown by 60% and exceeded 917,000. The leaders in terms of locked-in value remain platforms Figure ($18.9 billion) and Securitize ($4.3 billion), which are effectively forming the infrastructural backbone of the industry.
Market Structure: Private Credit Dominates
The asset distribution clearly shows a trend toward institutional instruments. Private credit accounts for 47% of the market, U.S. Treasury bonds — 30%, and precious metals — only 9%. At the same time, the highest activity is concentrated on the Provenance (39%) and Ethereum (33%) blockchains, highlighting the dominance of these networks in the RWA segment.
The tokenized equities segment deserves special attention. Over the past six months, it has grown by 130% and reached $1.6 billion. The monthly transaction volume in this segment in June was $5.3 billion — for comparison, in September last year, it was at $500 million. This is a tenfold increase, indicating enormous interest from both retail and institutional investors.
Three Tokenization Models: From Brokers to Hybrids
Analysts have identified three main approaches to equity tokenization. The first is trading infrastructure, where brokers (e.g., Robinhood) buy shares and hold them as collateral for tokens. This allows 24/7 trading but does not grant voting rights to the holder. The second is a settlement layer, where blockchain replaces traditional accounting systems. Projects like Figure and Securitize create regulated stacks that give investors full ownership rights. The third is the hybrid model offered by Coinbase: an "everything exchange" that combines tokens for stocks, derivatives, and crypto assets for users outside the U.S.
Regulation: A Key Factor for Future Growth
The further development of the industry directly depends on the SEC's stance. The regulator has already approved pilot projects by NYSE and Nasdaq for trading tokenized securities. However, according to experts, the key catalyst will be an "innovation exemption" that allows trading such assets within the U.S. Without clear rules of the game, scaling will be difficult.
My professional analysis: The 40% growth of RWA amid a correction is not a coincidence but a pattern. We are witnessing a fundamental shift in interest from speculative crypto assets to real, asset-backed ones. Tokenized equities are the fastest-growing segment, and if U.S. regulators give the green light, this market could multiply in the next 12 months. Investors should take a closer look at projects building regulated infrastructure, rather than just issuing tokens.