The market for tokenized real-world assets (RWA) has surged by 40%: an analysis of the current state and prospects
Since the beginning of this year, the market for tokenized real-world assets (RWA) has shown steady growth of 40%, reaching $51 billion. This impressive increase comes amid a general correction in the cryptocurrency market, indicating growing institutional interest in the tokenization of traditional assets.
The key driver of growth has been a 60% increase in the number of RWA token holders — now exceeding 917,000. Leaders in asset volume remain the Figure platform with $18.9 billion and Securitize, managing $4.3 billion in assets. These figures confirm that tokenization is moving from the experimental stage to large-scale implementation.
Market Structure and Dynamics
The majority of RWA is occupied by three segments: private credit (47%), U.S. Treasury bonds (30%), and precious metals (9%). Notably, the highest activity is concentrated in two blockchain networks: Provenance (39%) and Ethereum (33%). However, the fastest growth is shown by the tokenized equities segment — it has increased by 130% over the past six months, reaching $1.6 billion.
My analysis shows that tokenization of equities will be the next big breakthrough, as it opens access to global capital markets for retail investors. In June, the monthly transaction volume in this segment reached $5.3 billion — compared to just $500 million in September last year.
Three Tokenization Models
Three main approaches to equity tokenization have emerged in the market. The first is infrastructure-based, where brokers (e.g., Robinhood) buy shares and issue tokens backed by them. This enables round-the-clock trading but does not grant holders voting rights. The second approach replaces traditional accounting systems with blockchain, as done by Figure and Securitize, providing investors with full ownership rights. The third is Coinbase's hybrid model, which creates a "exchange for everything," combining tokens for equities, derivatives, and crypto assets for users outside the U.S.
Regulatory Prospects
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. The key stimulus, in my assessment, will be the so-called "innovation exemption," which would allow trading such assets within the U.S. If this happens, we will see explosive market growth comparable to the ICO boom of 2017.
My opinion: The current growth of RWA is just the tip of the iceberg. Tokenization of real-world assets is fundamentally changing the structure of global finance, and those who enter this market now will gain a significant advantage in the long term. However, without clear regulation from the SEC, we risk repeating the scenario of uncertainty we saw in 2018-2019.