The market for tokenized assets surged by 40%: new records and structural shifts
The sector of tokenized real-world assets (RWA) is demonstrating impressive growth, despite the overall correction in the crypto market. Since the beginning of the year, the capitalization of this segment has increased by 40%, reaching $51 billion. These are not just numbers — they signal a fundamental shift in the structure of digital finance.
The key driver is the explosive growth in the number of participants. The number of holders of tokenized assets has surged by 60%, exceeding 917,000 unique addresses. The leaders in terms of locked funds remain the platforms Figure ($18.9 billion) and Securitize ($4.3 billion), which essentially form the backbone of the infrastructure.
Market Structure and Dynamics
An analysis of asset distribution shows that the RWA foundation consists of three major segments: private credit (47%), U.S. Treasury bonds (30%), and precious metals (9%). Interestingly, the highest activity is concentrated in two blockchain networks: Provenance (39%) and Ethereum (33%). This suggests that the industry has yet to find a unified standard, and competition between platforms is only intensifying.
The tokenized equities segment deserves special attention. Over the past six months, its volume has grown by 130% — to $1.6 billion. This is the fastest-growing sector, and the reasons are obvious: investors are seeking ways to trade traditional stocks 24/7 using DeFi liquidity. The monthly transaction volume in this segment reached $5.3 billion in June, compared to just $500 million in September last year. A tenfold increase in nine months is not just a trend but a tectonic shift.
Three Tokenization Models
Three main approaches to equity tokenization have emerged in the market. The first is the infrastructure model, where brokers (e.g., Robinhood) buy stocks and issue tokens backed by them. This enables round-the-clock trading, but holders do not receive voting rights. The second is the settlement layer, where blockchain replaces traditional accounting systems. Projects like Figure and Securitize create regulated stacks that guarantee full ownership rights. The third is Coinbase's hybrid model, which offers an "exchange for everything," combining tokens for stocks, derivatives, and crypto assets for users outside the U.S.
Regulatory Prospects
The further development of this 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 could be the so-called "innovation exemption," which would allow trading such assets within the U.S. If this happens, we will see a new wave of growth that could transition RWA from a niche to a mainstream segment.
My analysis: The tokenized assets market is at a tipping point. A 40% growth amid a Bitcoin correction is a strong bullish signal. However, the main risk is regulatory uncertainty in the U.S. If the SEC continues to soften its stance, we could see RWA capitalization double within a year. Otherwise, the market faces consolidation.