The RWA market surged by 40%: $51 billion and a new record in the number of holders
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. This is direct evidence that institutional investors and retail traders are increasingly moving toward on-chain representation of traditional financial instruments.
The dynamics of participant numbers are particularly impressive: the number of RWA token holders has grown by 60%, exceeding 917,000. The platforms Figure ($18.9 billion) and Securitize ($4.3 billion) maintain leadership in asset volume, confirming their dominance in the regulated tokenization segment.
Market Structure: Lending, Bonds, and Metals
The foundation of the RWA market is private lending, accounting for 47% of total capitalization. In second place are U.S. Treasury bonds (30%), followed by precious metals (9%). This structure reflects conservative demand for instruments with fixed yields and low risk.
Activity is concentrated on two blockchains: Provenance (39%) and Ethereum (33%). However, the fastest growth is seen in the tokenized equities segment, which has surged 130% over six months, reaching $1.6 billion. The monthly transaction volume in this segment was $5.3 billion in June, compared to just $500 million in September last year. This represents a tenfold increase in nine months.
Three Approaches to Tokenization: From Brokers to Hybrids
Analysts have identified three key models for equity tokenization. The first is trading infrastructure (e.g., Robinhood): brokers buy shares and issue tokens backed by them, enabling 24/7 trading but without transferring voting rights. The second is a settlement layer (Figure, Securitize): blockchain replaces traditional accounting systems, and investors receive full ownership rights. The third is a hybrid model (Coinbase): an "everything exchange" combining tokens for equities, derivatives, and crypto assets for users outside the U.S.
Regulatory Factor
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. A key driver could be the so-called "innovation exemption," which would allow trading such assets within the U.S. Without this step, segment growth may slow down.
In my assessment, the current surge in RWA is just the beginning. Institutions are seeking ways to integrate blockchain into traditional finance, and equity tokenization is becoming the most logical bridge. If regulators in the U.S. and Europe continue to ease rules, we could see a market capitalization of $70–80 billion by the end of the year. But without a clear legal framework, risks remain high.