The tokenized asset market surged by 40%, reaching $51 billion.
The sector of tokenized real-world assets (RWA) continues its 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. The key driver has been the expansion of the holder base: their number grew by 60%, exceeding 917,000 addresses.
Market Structure and Leaders
The RWA market is based on three main asset classes. Private lending accounts for 47% of the total volume, U.S. Treasury bonds — 30%, and precious metals — 9%. Among platforms, Figure remains the undisputed leader with assets of $18.9 billion, followed by Securitize, managing $4.3 billion.
Activity is distributed between two main blockchains: Provenance accounts for 39% of transactions, and Ethereum — 33%. However, the most impressive growth is shown by the segment of tokenized equities. Over the past six months, it has grown by 130%, reaching $1.6 billion.
Three Tokenization Models
Analysts identify three approaches to equity tokenization. The first is the infrastructure model, where brokers like Robinhood buy shares and issue tokens backed by them. This enables 24/7 trading but deprives holders of voting rights. The second approach is the settlement layer, where blockchain replaces traditional accounting systems. Projects like Figure and Securitize create regulated stacks, granting investors full ownership rights. The third is the hybrid model, offered by Coinbase. This is an "everything exchange" that combines tokens for equities, derivatives, and crypto assets for users outside the U.S.
Regulatory Outlook
Further growth 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. According to experts, the key catalyst will be an "innovation exemption" that allows trading such assets within the U.S.
The dynamics are impressive: the monthly transaction volume in the tokenized equities segment reached $5.3 billion in June, compared to just $500 million in September last year. This is a tenfold increase in less than a year.
My expert commentary: The RWA market is on the verge of institutional recognition. The 130% growth in the tokenized equities segment is not a speculative bubble but a structural shift. Traditional finance is gradually realizing that blockchain can reduce costs and increase liquidity. However, without clear regulation from the SEC, this trend risks remaining niche. Investors should closely monitor the development of hybrid models — they could become the bridge between the crypto world and traditional capital markets.