The tokenized asset market has surged by 40%: structure, leaders, and the future of the sector
The sector of tokenized real-world assets (RWA) is showing impressive growth: since the beginning of the year, its market capitalization has increased by 40%, reaching $51 billion. This rise comes amid a broader correction in the crypto market, indicating sustained interest from institutional and retail investors in the digitization of traditional assets.
The number of RWA token holders has surged by 60% over the same period, exceeding 917,000 unique addresses. The leaders in terms of attracted assets remain the Figure platform with $18.9 billion and Securitize, managing $4.3 billion. These projects are building the infrastructure for a new class of digital instruments.
Market Structure and Key Trends
An analysis of capital distribution within the sector shows that private lending holds a dominant position — 47% of the total volume. In second place are tokenized US Treasury bonds (30%), and precious metals round out the top three with a 9% share. Activity is primarily concentrated in two blockchain networks: Provenance (39% of volume) and Ethereum (33%).
The segment of tokenized stocks deserves special attention. Over the past six months, it has grown by 130%, reaching $1.6 billion. In June, the monthly transaction volume in this segment amounted to $5.3 billion — for comparison, in September of last year, it was at $500 million. This indicates explosive demand for liquidity and round-the-clock trading.
Three Tokenization Models
Three key approaches to issuing digital stocks have emerged in the market. The first is the infrastructure model, where brokers like Robinhood buy stocks and issue tokens backed by them. This scheme provides access to 24/7 trading but does not grant holders voting rights.
The second approach is the settlement layer, where blockchain completely replaces traditional accounting systems. Projects Figure and Securitize are building regulated stacks, providing investors with full ownership rights. The third is the hybrid model, promoted by Coinbase, offering an "exchange for everything" for non-US users, combining stocks, derivatives, and crypto assets.
Regulatory Context
The further development of the industry directly depends on the SEC's stance. The agency 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 US without violating existing regulations.
My comment: The sector's growth of 40% in six months is just the beginning. Tokenization of stocks and bonds opens access to 24/7 liquidity and reduces costs, which will inevitably attract large institutional players. However, without clear regulation in the US, this market risks remaining niche. The success of Figure and Securitize shows that investors are willing to pay for transparency and speed, but regulatory uncertainty is holding back mass adoption. If the SEC gives the green light, we could see explosive growth to $100 billion by the end of the year.