The tokenized asset market has surged by 40%: what is driving the RWA boom?
The market for tokenized real-world assets (RWA) is showing impressive momentum despite the overall correction in the crypto market. Since the beginning of the year, the sector's market capitalization has increased by 40%, reaching $51 billion. This growth is accompanied by a significant influx of new participants: the number of RWA token holders has grown by 60%, exceeding 917,000 addresses.
Market Structure and Leaders
The current boom is underpinned by a clear distribution across asset categories. Private credit holds the largest share at 47% of the total volume. This is followed by U.S. Treasury bonds at 30% and precious metals at 9%. The Figure platform remains the undisputed leader in terms of tokenized asset volume, managing $18.9 billion. In second place is Securitize with $4.3 billion.
Infrastructure-wise, the market is concentrated in two main networks: Provenance handles 39% of all activity, while Ethereum accounts for 33%. The tokenized equities segment deserves special attention, having grown by 130% over the past six months to reach $1.6 billion. The monthly transaction volume in this segment was $5.3 billion in June, more than ten times the figure from September last year ($500 million).
Three Tokenization Models
An analysis of current market approaches reveals three key models for equity tokenization. The first is the infrastructure model, where brokers like Robinhood purchase shares and hold them as collateral for the issued tokens. This enables 24/7 trading but does not grant holders voting rights. The second model is the settlement layer, where blockchain completely replaces traditional accounting systems. Projects like Figure and Securitize create regulated stacks, providing investors with full ownership rights. The third, hybrid model, offered by Coinbase, represents an "exchange for everything," combining equity tokens, derivatives, and crypto assets for users outside the U.S.
The Role of Regulation
The future trajectory of the RWA sector directly depends on the stance of the U.S. regulator, the SEC. The Commission has already approved pilot projects by NYSE and Nasdaq for trading tokenized securities. In my opinion, the key catalyst will be the introduction of a so-called "innovation exemption," which would legalize the trading of such assets within the U.S. This would open the floodgates for institutional capital that is currently waiting on the sidelines.
My view: The 130% growth in the tokenized equities segment over six months is not just a statistic but a signal of a fundamental shift. We are witnessing a transition from speculative NFTs and memecoins to the real economy embedded in blockchain. If the SEC indeed eases regulations, we could see RWA market capitalization reach $80–100 billion by the end of the year. Investors should take a closer look at projects building regulated infrastructure, rather than just issuing tokens.