The tokenized asset market surged by 40%: new records and a shift in capital structure
The tokenized real-world assets (RWA) sector is showing 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 a significant signal for investors, indicating structural demand rather than a speculative bubble.
The key driver is the explosive growth in the number of participants. The number of unique holders of tokenized assets has increased by 60%, exceeding 917,000. The leaders in terms of locked funds remain the platforms Figure ($18.9 billion) and Securitize ($4.3 billion), which essentially form the infrastructural backbone of the market.
Market Structure and Dynamics
Analysis of capital distribution shows a stable trend: 47% of the market is occupied by private credit, 30% by US Treasury bonds, and 9% by precious metals. At the same time, the tokenized stocks segment shows the highest dynamics, growing by 130% over the past six months to $1.6 billion. This indicates that institutional investors are beginning to view blockchain as a full-fledged alternative to traditional exchange instruments.
Activity remains concentrated in two networks: Provenance (39% of volume) and Ethereum (33%). However, competition from other blockchains is intensifying, which will contribute to diversification.
Three Tokenization Models: From Brokers to Hybrids
Three approaches to stock tokenization have clearly emerged in the market. The first is infrastructural, where brokers (e.g., Robinhood) buy assets and issue tokens backed by them, enabling 24/7 trading but without transferring voting rights. The second is the settlement layer, where blockchain replaces traditional accounting systems, and investors receive full ownership rights (Figure, Securitize). The third is the hybrid model proposed by Coinbase, which combines tokens for stocks, derivatives, and crypto assets for non-US users.
Regulation as the Main Catalyst
Further development of the sector directly depends on the SEC's position. The regulator has already given the green light to pilot projects by NYSE and Nasdaq for trading tokenized securities. In my opinion, the key stimulus will be the introduction of an "innovation exemption" that allows trading such assets within the US. Without this step, the market risks remaining in a gray area.
The monthly transaction volume in the tokenized stocks segment reached $5.3 billion in June — for comparison, in September last year it was only $500 million. This is not just growth, but exponential acceleration.
My comment: The current growth rates of the RWA sector indicate that we are witnessing the beginning of a mass migration of traditional assets to the blockchain. However, the key risk remains regulatory uncertainty in the US. If the SEC continues to approve pilot projects, the market capitalization could double by the end of 2025.