Tracking the Rise of Real-World Assets On-Chain

Published: July 10, 2025

The tokenized Real-World Asset (RWA) market surged to over $25 billion in Q2 2025, surging 245x during 2020-2025, driven by institutional demand for yield, transparency, and balance sheet efficiency.

Major regulatory advancements across key jurisdictions and increased adoption by central banks, governments, and digital exchanges signal tokenization's growing role as public financial infrastructure.

TL;DR - [Q2, 2025] Global Momentum

• Tokenized assets crossed $25 billion, led by private credit, treasuries and commodities.
• Major regulatory advancements occurred in key jurisdictions including the U.S. (GENIUS Act, SEC discussions), Singapore (CRS 2.0 implementation, tokenized MMFs), Hong Kong (securities issuance), and Dubai (real estate tokenization).
• Accelerated institutional adoption was evident across various asset classes, with central banks and governments increasingly treating tokenization as public financial infrastructure, while digital exchanges (kraken, Robinhood, Gemini, etc.) lead the tokenized equity wave.

Market Data Snapshot

Market Structure: Yield Bearing Assets Dominate

Tokenized Private Credit

Tokenized private credit makes up the largest asset class with $14.7B, led by Figure protocol ($10.6B), followed by Tradable (~$2B). Private credit has proven ideal for tokenization: yield-bearing, cash-flow predictable, and tradable via programmable debt tokens.

Tokenized U.S. Treasuries

With $7.5B AUM, tokenized U.S. Treasuries is the most “institutional” part of tokenized finance. BlackRock’s BUIDL fund alone holds $2.88B, highlighting how trusted wrappers are attracting conservative allocators.

Tokenized Stocks

Q2 also saw a new wave of tokenized stocks emerge, led by top digital trading platforms like Kraken, Robinhood, Coinbase, Gemini, and Bybit. This trend is potentially fueled by demand for faster, cheaper access to U.S. equities.

• $424M: Current tokenized stock market cap
• $1T+ forecasted: Projected growth, per TokenizeThis (NY, Apr 2025)
• $50T+: Total addressable market in U.S. equities

We wrote about “Tokenized Stocks and the Next Evolution of Capital Markets” in our latest article, you can read it here.

Stablecoin

$239B+ in circulating stablecoins still mostly sit idle. With 1,000+ wallets holding >3M USDC each (source: Etherscan), institutions are actively seeking yield solutions that don’t violate new legal boundaries.

Institutional Adoption Across Asset Classes

Q2 2025 saw initiatives across money market funds, real estate, equities, credit ratings, and institutional-grade infrastructure. From global asset managers to commodity traders and fintech startups, traditional finance players are moving beyond pilots into production-grade tokenization strategies.  

• Aethir’s $100M RWA Ecosystem Fund: Decentralized cloud platform Aethir launched Batch 6 of its $100 million ecosystem fund, targeting investments in RWA infrastructure and tokenization platforms. (read more) 
• BlackRock Files for $150B Fund to Go Digital: BlackRock has filed to list digital shares tracking a $150 million money market fund, leveraging blockchain technology. Read more
• Franklin Templeton Launches Tokenized MMF in Singapore: Franklin Templeton has unveiled a tokenized money market fund in Singapore - one of the first of its kind in Asia. Read more 
• JPMorgan to Offer Bitcoin Access to Clients: JPMorgan CEO Jamie Dimon announced that the bank will begin offering Bitcoin access to its clients, marking a major shift from previous skepticism. Full CNBC article 
• UAE’s Landmark Real Estate Tokenization Deal: MultiBank Group, MAG, and Mavryk have signed an agreement to tokenize $3 billion worth of UAE-based luxury real estate. Read more
• Galaxy Digital Engages SEC on Stock Tokenization: Galaxy Digital Holdings Ltd. is in discussions with the U.S. SEC about tokenizing traditional equities. This signals further interest from established financial players in bridging traditional and digital markets under compliant frameworks. Read more 
• Moody’s Ratings Brings Credit Rating to Solana: Moody’s Ratings and Alphaledger completed a trial embedding municipal bond credit ratings in tokenized securities on Solana- paving the way for real-time on-chain credit data.. Read more. 
• Davis Commodities’s $30M Fund: Singapore-based Davis Commodities Ltd. (NASDAQ:DTCK) announced a $30 million initiative to integrate Bitcoin reserves and RWA tokenization into its trading and infrastructure model. Read more. 
• Southeast Asia: Saison Capital, BRI Ventures, and Coinvestasi have jointly launched Tokenize Indonesia, a startup accelerator focused exclusively on RWA projects in Southeast Asia (full details)

Regulated Platforms Step Up

InvestaX launched two regulated fixed-income products on-chain:

• HYCB: Tokenized exposure to BlackRock’s $6.3B high-yield ETF.
• MMF Earn: On-chain access to U.S. Treasury Bills and Fidelity USD MMF, targeting 4–5% yield on USDC.

Together, these offer institutions a compliant way to access real yield with familiar underlying assets, critical as stablecoin regulation matures.

Digital Exchanges Lead Tokenized Equity Wave

Digital-native exchanges are moving to support tokenized versions of traditional assets like stocks and ETFs:

• Robinhood Launches Tokenized U.S. Stocks in Europe: Robinhood, the popular digital trading platform, plans to develop a blockchain-based platform to let European investors trade US securities. Read more. 
• Coinbase Plans To Offer Tokenized Equities: Coinbase is seeking a green light from the U.S. Securities and Exchange Commission to offer "tokenized equities" to its customers, said crypto exchange's chief legal officer. Read more.
• Gemini Rolls Out Tokenized Stocks in EU: The crypto exchange Gemini said it has launched tokenized U.S. stocks to EU customers, with first tokenized shares available are of Strategy (MSTR). Read more.
• Kraken Launches Tokenized Stocks Platform: Cryptocurrency exchange Kraken has introduced the xStocks platform, which enables users to trade tokenized stocks and ETFs. Read more. 

Central Banks and Governments Join the Table

From central banks to local governments, public and private institutions are testing real-world use cases for tokenized assets. This signals something deeper: tokenization is being treated as public financial infrastructure, not just private capital tooling.

• Central Banks Test Tokenized Monetary Tools: The New York Federal Reserve and BIS demonstrated that central banks can execute monetary policy effectively in a tokenized financial system. Read Reuters summary  
• Major Banks Advance Tokenized Equity and Bond Markets: Leading global banks are accelerating efforts to tokenize equities and fixed-income products, investing in systems to support scalable issuance, custody, and trading. Read more
• Bergen County to Tokenize $240B in Real Estate Deeds: Bergen County, New Jersey plans to tokenize ~$240B in real estate deeds using Avalanche, aiming to modernize land records with improved transparency and efficiency. Read more 
• Dubai’s First Licensed Tokenized Real Estate Project: Dubai has introduced the region’s first licensed tokenized real estate offering under VARA, enabling primary issuance and secondary trading on compliant rails. Read more 

Regulatory Infrastructure Is Maturing

Governments and regulators are advancing the legal frameworks required for tokenized finance, shaping standards across stablecoins, securities, and institutional blockchain adoption.

• SEC Held Roundtable on Tokenization: The SEC held a roundtable titled “Tokenization – Moving Assets Onchain”, featuring speakers from BlackRock, Fidelity, Nasdaq, and others. Commissioner Hester Peirce emphasized the need for innovation-friendly rules to support tokenized markets. Read the remarks
• SEC Proposes Exemption For Tokenization, DLT Securities: SEC is considering an exemption order that would allow firms to use distributed ledger technology (DLT) to issue, trade, and settle securities. Read more
• U.S. Regulators Give Banks the Green Light for Digital Asset Activities: Agencies including the FDIC and Federal Reserve lifted prior restrictions, enabling U.S. banks to offer custody, tokenization, and blockchain-based financial services. Read more
• Senate Passes GENIUS Act Stablecoin Legislation: The Senate passed the GENIUS Act, the first federal legislation to establish clear rules for stablecoins and allow private entities to issue regulated digital dollars. Read more 
• Singapore To Implement CRS 2.0: The IRAS has announced that Singapore will adopt CRS 2.0 (Common Reporting Standard) from January 1, 2027, with first reporting due in 2028, ensuring that "Relevant Crypto-Assets" are now part of international tax reporting. Read more.
• Hong Kong Reveals New Tokenized Bond Plans: Hong Kong updated its digital asset strategy regarding stablecoin licensing and tokenization of RWAs by introducing its LEAP framework for market growth. Read more.
• Dubai Clarifies Real-world Asset Tokenization Rules: Dubai’s Virtual Assets Regulatory Authority (VARA) issued new guidelines allowing licensed issuance and trading of tokenized real-world assets on secondary markets. Read more.

🌍 Top 6 Jurisdictions for Tokenized Real World Assets: 2025 Insights 

In our latest blog, we explore the top 6 jurisdictions leading the way in tokenized assets, including Singapore, UAE, HongKong, Switzerland, European Union (EU) and US. This analysis highlights key regulatory developments, market trends, and the role these jurisdictions play in shaping the future of asset tokenization. Read the blog.

Highlighted Industry Reports

Deloitte Forecasts $4 Trillion in Tokenized Real Estate by 2035

In its latest real estate tokenization forecast, Deloitte projects that $4 trillion worth of real estate assets could be tokenized by 2035.

Key drivers behind this forecast:

• Rising global demand for fractional ownership and greater liquidity in traditionally illiquid asset classes.
• The need for efficient cross-border access to real estate investments.
• Growing institutional and regulatory support for on-chain real estate solutions.

📊 Coinbase - RWA Tokenization Has Surged 245x During 2020-2025

Coinbase’s Q2 2025 State of Crypto outlook shows RWA tokenization has surged 245x in five years, from $85 million in April 2020 to over $21 billion by April 2025. Private credit dominates at 61% of total tokenized assets, followed by treasuries (30%), commodities (7%), and institutional funds (2%).

Corporate interest is rising sharply, too. Nearly 1 in 5 of F500 executives say onchain initiatives are a key part of their company’s strategy moving forward (up 47% YoY). 

Industry Outlook: What Comes Next?

1. The Shift Toward Asset-Backed Stablecoin Yields

The Senate just passed the GENIUS Act - the first federal legislation providing a comprehensive regulatory framework for stablecoins. Under the GENIUS Act, both domestic and international payment stablecoin issuers may not pay any form of interest or yield, whether in cash, tokens, or other consideration, to a holder of a payment stablecoin for merely holding it.

This reshapes how yield is delivered: not from the stablecoin itself, but from regulated, yield-generating assets like bonds and MMFs. 

Therefore, we expect growing demand for stablecoin-compatible fixed income products - especially tokenized instruments offering clear risk profiles and collateral transparency. 

Products like InvestaX’s HYCB and MMF Earn are examples of how stablecoins can access regulated yield backed by established Wall Street financial instruments like Blackrock’s ETF and Fidelity USD Money Market Fund. 

2. The Rise of RWA-Backed BTC Yield

Bitcoin is going institutional. With 220+ companies and governments adding BTC to their balance sheets, demand is rising for yield products that feel familiar to fixed income investors.

As institutional ownership of Bitcoin rises, structures like IXS BTC Real Yield, which allow institutions to earn 4–10% APY on BTC via non-recourse lending to tokenized fixed income portfolios, are emerging as the default path forward. 

Unlike DeFi, these models offer:

• Segregated custody and bankruptcy-remote SPVs
• Real collateral (T-bills, MMFs, corporate bonds)
• No smart contract risk or algorithmic yield design

This mirrors what institutions already understand: capital safety first, yield second.

Final notes

The tokenization space has evolved beyond experimentation. Regulatory frameworks are taking shape. Banks, rating agencies, and asset managers are integrating tokenized products into their core strategies.

At InvestaX, we see this as a signal. The future of yield, custody, and access lies in compliant, transparent, and institutional-grade tokenized infrastructure.

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