The tokenized assets market (RWA) has surged by 40%: new frontiers and models
The tokenized real-world assets (RWA) sector is showing impressive momentum: since the beginning of the year, its market capitalization has increased by 40%, reaching $51 billion. This growth occurs against the backdrop of a broader correction in the cryptocurrency market, highlighting fundamental investor interest in on-chain representations of traditional assets.
A key metric reflecting the scale of expansion is the number of RWA token holders. It surged by 60%, exceeding 917,000 unique addresses. The undisputed leaders in terms of attracted assets remain platforms Figure ($18.9 billion) and Securitize ($4.3 billion). These projects set standards for the entire sector, demonstrating institutional-grade infrastructure.
Market Structure and Drivers
Capital allocation analysis shows that the RWA foundation still rests on three pillars: private credit (47% of total volume), tokenized US Treasury bonds (30%), and precious metals (9%). However, a true breakthrough occurred in the tokenized equities segment. Over six months, this sector grew by 130%, reaching $1.6 billion. The lion's share of all activity is concentrated in two networks: Provenance (39%) and Ethereum (33%), confirming their role as base layers for institutional DeFi.
Three Tokenization Models: From Trading to Full Ownership
Experts identify three fundamentally different approaches to equity tokenization. The first is infrastructure-based, where brokers (e.g., Robinhood) acquire shares and hold them as collateral for issued tokens. This enables 24/7 trading but does not grant holders real voting rights. The second is the settlement layer, where blockchain fully replaces traditional accounting systems. Here, projects like Figure and Securitize build regulated stacks, providing investors with full ownership rights. The third is the hybrid model from Coinbase, which offers a universal "exchange for everything," combining equity tokens, derivatives, and crypto assets for users outside the US.
Regulatory Crossroads and Explosive Volume Growth
The sector's further development directly depends on the SEC's stance. The regulator has already greenlit pilot projects by NYSE and Nasdaq for trading tokenized securities. A key catalyst, according to analysts, will be the so-called "innovation exemption," which would legalize trading such assets within the US. Evidence of the segment's maturity is the monthly transaction volume: in June, it reached $5.3 billion, more than ten times the September last year figure ($500 million).
My professional commentary: A 40% growth amid a correction is a strong bullish signal, indicating structural rather than speculative demand. Particularly telling is the surge in tokenized equities (+130%). This suggests investors are seeking not just yield, but a legitimate bridge between TradFi and DeFi. However, the success of this bridge will entirely depend on the SEC's willingness to establish clear "rules of the game." Without them, we risk not a unified market, but fragmented jurisdictions.