The RWA market surged by 40%: tokenized assets reached $51 billion, and the number of holders increased by 60%.
The tokenized real-world assets (RWA) sector is demonstrating steady 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. This is one of the most prominent trends of 2025, confirming the growing interest of institutional and retail investors in blockchain solutions for traditional finance.
The number of holders of tokenized assets over the same period has soared by 60%, exceeding 917,000 unique addresses. The leaders in terms of locked funds remain the Figure platform with $18.9 billion and Securitize with $4.3 billion. These projects are effectively setting the standards for the entire industry, combining regulated infrastructure with high liquidity.
Market Structure: Lending, Treasury Bonds, and Metals
The foundation of the RWA market is private lending, which accounts for 47% of total capitalization. In second place are tokenized U.S. Treasury bonds (30%), and the top three are rounded out by precious metals with a 9% share. Interestingly, the tokenized equity segment has shown explosive growth of 130% over the past six months, reaching $1.6 billion. This indicates that the market is gradually transitioning from simple instruments to more complex and highly liquid assets.
Activity is concentrated on two main blockchains: Provenance (39% of the market) and Ethereum (33%). Ethereum, as the most mature smart contract protocol, remains the base for most projects, but Provenance, which specializes in RWAs, demonstrates an impressive share due to deep integration with traditional finance.
Three Tokenization Models: From Brokerage Accounts to Full Ownership
Analysts identify three key approaches to equity tokenization. The first is the infrastructure model, where brokers like Robinhood purchase shares and issue tokens backed by them. This allows for 24/7 trading but does not grant the holder voting rights. The second is the settlement layer, where the blockchain completely replaces traditional accounting systems. Projects like Figure and Securitize are already creating regulated stacks that provide full ownership rights for investors. The third is the hybrid model proposed by Coinbase, which combines stocks, derivatives, and crypto assets into a single "exchange of everything" for users outside the U.S.
Regulation: A Key Growth Factor
The further development of the sector directly depends on the SEC's stance. The regulator has already approved pilot projects by NYSE and Nasdaq for trading tokenized securities, which is an important signal. Bernstein predicts that the key catalyst will be an "innovation exemption" that allows trading such assets within the U.S. The monthly transaction volume in the tokenized equity segment reached $5.3 billion in June — for comparison, in September of last year, this figure was only $500 million. This is a tenfold increase in nine months.
My opinion: RWA tokenization is not just a passing trend but a fundamental shift in how we perceive liquidity and ownership. A 40% growth in six months amid a Bitcoin correction is a clear signal that institutions are betting on real assets. However, the key risk remains regulatory: if the SEC does not give the green light, the market could face a significant cooldown. Keep an eye on news from Washington — it will determine the trajectory of this segment over the next 12 months.