RWA (Real-World Asset) tokenization refers to the process of converting real-world assets (such as real estate, government bonds, private credit, etc.) into tradable digital tokens through blockchain technology, achieving asset fragmentation and tokenization. From 2022 to 2025, the market size has surged from less than $500 million to approximately $24 billion, with a three-year growth rate of 380%. The market expects to reach levels in the trillions of dollars over the next decade.
This trend is not coincidental. RWA tokenization provides investors with high liquidity, round-the-clock trading, low entry barriers, and the possibility of global asset allocation, while attracting significant attention from sovereign funds, asset managers, and even some governments.
Advantages include:
Lowering entry barriers and enhancing liquidity: High-value assets can be split into smaller tokens, allowing ordinary investors to participate in their returns and trading.
Expanding asset types and global accessibility: The coverage of RWA is rapidly expanding, from sovereign bonds to private credit, real estate, intellectual property, and more.
Promoting modernization of market infrastructure: Utilizing NFTs, smart contracts, and on-chain identities to create programmable, transparent, and auditable financial structures.
However, challenges cannot be overlooked:
Insufficient liquidity: Many RWA tokenization projects have low trading frequency and limited investor participation, far from achieving their "24/7 global liquidity" promise.
Regulatory uncertainty: There is a lack of a unified regulatory framework globally, with different jurisdictions having varying legal recognitions and transparency requirements for RWA.
Technical complexity and security risks: Ensuring consistency between on-chain and off-chain data relies on trusted oracle systems to connect real assets.
Trust and compliance issues: Investors must confirm the real existence, traceability, and compliance of the assets behind the tokens.
Multiple institutions and platforms are accelerating their layouts:
Centrifuge: Its platform's RWA TVL (Total Value Locked) has exceeded $1 billion, reflecting active participation from institutional investors in this ecosystem.
Polkadot Capital Group is promoting the connection between traditional financial metrics and the blockchain ecosystem, exploring tokenization pathways.
OpenEden has launched tokenized U.S. Treasury products, with BNY serving as the custodian, promoting compliance and transparency.
Epic Chain (supported by Ripple): Building an RWA tokenization platform based on XRP, targeting real estate, credit, and other fields, aiming to enhance global asset liquidity.
Securitize: As a leading platform, its managed tokenized U.S. Treasury scale has reached $2.8 billion, collaborating with several top asset management institutions to promote compliance and institutional development.
For RWA tokenization to become mainstream in finance, it requires a dual-track approach: first, improving the institutional foundation, and second, enhancing technical barriers.
Institutional development: For example, Hong Kong has launched the LEAP framework to support RWA tokenization, and Dubai's VARA has clarified issuance and trading rules, with future references to EU MiCA or U.S. SEC actions.
Technical optimization: Employing hybrid compliance structures, combining on-chain and off-chain, cross-chain, and structured tokens (such as the Two-Tier architecture Element/Everything mechanism) can enhance transparency and liquidity.
Industry integration: Institutional-grade custody, compliance platforms, market makers, and technology providers should form an ecological collaboration to jointly enhance the tradability of RWA.
RWA tokenization is rapidly moving from concept to market realization, becoming the most promising intersection of traditional finance and the Web3 world. However, during this process of sifting through the sands, only platforms built on compliance, transparency, liquidity, and a solid technical foundation can truly transform the potential of tokenization into widespread value.
The industry should focus on promoting institutional standardization, enhancing technical credibility, and driving institutional participation to turn the dream of "real assets on-chain" into a driving force for sustainable development in the financial market.
Related: Bitwise: Inclusion of cryptocurrency in U.S. 401(k) retirement plans could drive Bitcoin (BTC) to $200,000 within the year.
Original text: “The Rise of RWA Tokenization: Opportunities and Challenges of Real Assets on the Blockchain”
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