Blockchain Transforms $26B in Real-World Assets—But Liquidity Remains Elusive

The RWA (Real-World Asset) tokenization market, valued at $26.46 billion as of August 2025, is forecasted to reach $16 trillion by 2030, according to recent industry projections. This rapid growth is driven by a broadening range of asset classes being explored for tokenization, including private credit, real estate, commodities, and intellectual property. These categories, traditionally characterized by lower liquidity and complex pricing mechanisms, are being reimagined through blockchain technology to enhance transparency and accessibility for a wider group of investors.

Currently, the tokenization landscape is dominated by U.S. Treasury securities, institutional funds, and commodities. According to RWA.xyz, over $26.46 billion in tokenized assets has been recorded on public blockchains, with Ethereum leading the market with a total value of $7.5377 billion, representing 51.69% of the market share. Platforms such as BlackRock’s BUIDL, which tokenizes U.S. Treasuries, and Tether Gold (XAUT), which tokenizes physical gold, are some of the leading projects contributing to this growth. The tokenized U.S. Treasury debt alone commands approximately $2.4 billion in total value locked as of mid-2025, underscoring the increasing appetite for yield-bearing assets in the digital asset space.

Despite the momentum, secondary market liquidity remains a challenge. Most RWA tokens are held by institutions or issued in closed environments with limited trading access. Without broader exchange listings or robust DeFi integration, active trading remains difficult, hampering the ability of the market to mature. However, recent developments indicate progress. For instance, JPMorgan’s Kinexys platform has partnered with Chainlink to develop payment infrastructure for tokenized RWA transactions, while State Street has joined as the first third-party custodian for tokenized debt on JPMorgan’s blockchain platform. These moves suggest a growing alignment between traditional finance and blockchain-based solutions.

Central banks and public institutions are also playing a pivotal role in shaping the RWA tokenization landscape. Some are exploring tokenization to improve the mobility of collateral and enhance transparency in monetary operations. Public-sector involvement not only adds credibility to the market but also signals a potential boost in infrastructure development. Goldman Sachs, another major player, is advancing its own digital assets platform with plans to create marketplaces for tokenized RWAs, particularly in the U.S. fund and European debt markets.

Regulatory developments are further supporting this transition. The U.S. Genius Act and initiatives by global regulators are creating clearer legal frameworks for tokenized assets, encouraging major financial institutions to explore and adopt these tools. For example, BlackRock, Fidelity, and Apollo have all launched tokenized funds, with Securitize managing some of the largest offerings. These efforts are expected to accelerate the adoption of tokenization across traditional financial instruments and beyond, potentially reshaping the capital market architecture in the coming years.

Challenges remain, particularly in the areas of tax treatment and accounting for tokenized assets, which vary across jurisdictions. Investors and issuers must navigate evolving regulatory landscapes and consider valuation, reporting standards, and auditability. However, as the market continues to evolve, the integration of tokenization into mainstream financial systems appears increasingly inevitable.

Source:

[1] Skynet: RWA Tokenization Market to Reach $16T by 2030 (https://cryptonews.com/news/skynet-rwa-tokenization-market-16t-2030/)

[2] RWA.xyz | Analytics on Tokenized Real-World Assets (https://app.rwa.xyz/)

[3] Asset Tokenization Statistics 2025: Uncover Growth Trends (https://coinlaw.io/asset-tokenization-statistics/)

[4] State Street becomes first custodian on JPMorgan ... (https://cointelegraph.com/news/state-street-joins-jpmorgan-toknized-debt-platform-custodian)

[5] State Street Expands Custody to Tokenized Debt ... (https://www.coindesk.com/business/2025/08/21/state-street-expands-custody-to-tokenized-debt-on-jpmorgan-s-blockchain-platform)

[6] Goldman Sachs To Create Marketplaces for Tokenized ... (https://bravenewcoin.com/insights/goldman-sachs-to-create-marketplaces-for-tokenized-real-world-assets-rwas)