The market for tokenized assets (RWA) surged by 40%: a new record of $51 billion and a shift in capital structure
The tokenized real-world assets (RWA) sector is showing impressive momentum: since the beginning of the year, its total market capitalization has grown by 40%, reaching $51 billion. This growth occurs against the backdrop of a general correction in the cryptocurrency market, indicating structural demand rather than a speculative bubble.
The key driver is a sharp expansion of the investor base. The number of RWA token holders increased by 60% over the same period, exceeding 917,000 unique addresses. The leaders in terms of locked asset volume remain Figure ($18.9 billion) and Securitize ($4.3 billion), which are effectively forming the infrastructural backbone of the new market.
Structure and Geographic Distribution
An analysis of the market structure shows that the largest share is occupied by private credit — 47% of the total volume. In second place are tokenized U.S. Treasury bonds (30%), and in third place are precious metals (9%). At the same time, the most dynamic segment has been tokenized equities: their volume grew by 130% over the past six months, reaching $1.6 billion.
Interestingly, activity is concentrated in just two ecosystems: the Provenance blockchain (39% of all RWAs) and Ethereum (33%). This suggests that the market is not yet fragmented, and key protocols are competing for standard status.
Three Tokenization Models: From Trading to Full Ownership
The analysis identifies three fundamentally different approaches to tokenizing equities:
- Trading Infrastructure. Brokers (e.g., Robinhood) purchase shares and hold them as collateral for issued tokens. This enables round-the-clock trading but does not grant the holder voting rights — the token acts merely as a unit of account.
- Settlement Layer. Blockchain replaces traditional accounting systems. Projects like Figure and Securitize build regulated stacks where investors receive full ownership rights to the underlying asset.
- Hybrid Model. Coinbase offers an "exchange for everything," combining tokens for equities, derivatives, and crypto assets for users outside the U.S., creating a unified liquidity pool.
Regulatory Landscape and Forecast
The further development 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. A key catalyst will be the so-called "innovation exemption," which would allow full-fledged trading of such assets within the U.S.
Transaction dynamics confirm explosive interest: the monthly volume of operations in the tokenized equities segment reached $5.3 billion in June, compared to just $500 million in September last year. This is a tenfold increase over nine months.
My comment: The 40% growth of RWAs amid a general market correction signals that institutional money is flowing from speculative crypto assets into more conservative yet tokenized instruments. If the SEC indeed moves toward easing regulations, we will see not just a rise in market capitalization but a fundamental shift in the structure of the global capital market. Tokenized equities are the next step toward full liquidity for all asset classes.