The market for tokenized real-world assets has surged by 40%: new records and structural shifts
Since the beginning of this year, the market for tokenized real-world assets (RWA) has shown impressive growth of 40%, reaching $51 billion. This rise occurs against the backdrop of a general correction in the cryptocurrency market, highlighting the resilience and growing interest in this segment.
The number of holders of tokenized assets has increased by 60%, exceeding 917,000 addresses. Leaders in terms of locked-in funds remain the Figure platform with $18.9 billion and Securitize, managing assets worth $4.3 billion. This concentration indicates the formation of clear market leaders setting standards for the entire industry.
Market Structure and Dynamics
Analysis of asset distribution shows that the largest share of RWA is occupied by private credit — 47%, followed by US Treasury bonds (30%) and precious metals (9%). Notably, the highest activity is concentrated in two blockchain networks: Provenance (39%) and Ethereum (33%).
Particular attention should be paid to the segment of tokenized stocks, which has shown explosive growth of 130% over the past six months, increasing to $1.6 billion. The monthly transaction volume in this segment reached $5.3 billion in June, whereas in September last year it was only $500 million — a growth of more than tenfold.
Three Tokenization Models
Three approaches to stock tokenization have clearly emerged in the market. The first is infrastructure-based, where brokers like Robinhood purchase stocks and issue tokens backed by them, enabling round-the-clock trading but without transferring voting rights to holders. The second is a 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 a hybrid model offered by Coinbase, which combines stock tokens, derivatives, and crypto assets for users outside the US.
Regulatory Prospects
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. A key stimulus could be the so-called "innovation exemption," which would legalize trading such assets within the US.
My analysis: The tokenized asset market is at a turning point. Growth of 40% amid a declining overall market signals that institutional investors are seriously considering RWA as a new asset class. However, regulatory clarity remains the key factor: without clear rules of the game in the US, scaling will be limited, which could slow growth rates in the second half of the year.