The tokenized real-world assets (RWA) market has surpassed the $51 billion mark: a 40% increase since the beginning of the year
The tokenized real-world assets (RWA) sector is showing steady growth despite the overall correction in the cryptocurrency 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 reflect a fundamental shift in the perception of blockchain as a tool for traditional finance.
A key indicator of market health—the number of unique holders of tokenized assets—has grown by 60%, exceeding 917,000 addresses. The leaders in terms of locked funds remain platforms Figure ($18.9 billion) and Securitize ($4.3 billion), which are essentially forming the infrastructural backbone of this direction.
Market Structure and Dynamics
The majority of RWA is comprised of three segments: private credit (47%), U.S. Treasury bonds (30%), and precious metals (9%). Interestingly, most activity is concentrated in just two networks: Provenance (39%) and Ethereum (33%). This indicates that the market remains narrow and dependent on specific protocols.
The most impressive growth is seen in the tokenized equities segment—it has increased by 130% over six months, reaching $1.6 billion. The monthly transaction volume in this segment reached $5.3 billion in June, compared to just $500 million in September last year. A more than tenfold increase in nine months signals that institutional investors are beginning to seriously consider tokenization as an alternative to traditional exchange instruments.
Three Tokenization Models: From Brokers to Hybrids
Analysts identify three main approaches to equity tokenization. The first is infrastructural, where brokers (e.g., Robinhood) buy shares and issue tokens backed by them, enabling round-the-clock trading but without transferring voting rights to holders. The second is the settlement layer, where blockchain replaces traditional accounting systems, and projects like Figure and Securitize create regulated stacks with full ownership rights for investors. The third is the hybrid model proposed by Coinbase: an "exchange for everything," combining tokens for stocks, derivatives, and crypto assets for users outside the U.S.
Regulation: A Key Catalyst
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. However, in my opinion, a real breakthrough will only occur after the introduction of a so-called "innovation exemption," which would allow trading such assets within the U.S. without excessive bureaucratic barriers. For now, the market is largely growing due to offshore activity and pilot projects.
My view: The current growth of RWA is not just a speculative wave but the beginning of a structural transformation of the financial system. Tokenization reduces costs, increases liquidity, and makes markets accessible 24/7. However, without clear regulation and standardization, this segment risks remaining niche. If the SEC makes concessions, we could see explosive growth comparable to the DeFi boom of 2020. For now, we watch the leaders and wait for signals from the regulator.