In the second half of 2025, the tokenization of Real-World Assets (RWA) is rapidly evolving from an experimental concept into one of the core infrastructures in the financial sector. This trend is manifested in the interconnected fermentation across multiple aspects: capital market institutions are actively positioning themselves, blockchain platforms are accelerating upgrades, and underlying systems and regulatory frameworks are maturing. However, at the same time, market liquidity and legal structures still pose concerns.
Firstly, from the perspective of institutional participation, mainstream financial giants are no longer sitting on the sidelines. For example, Goldman Sachs and BNY Mellon have teamed up to promote a pilot for the tokenization of money market funds, utilizing blockchain technology to improve settlement efficiency and reduce transaction costs, with the hope of enabling fractional trading of shares and convenient collateral mechanisms. Meanwhile, the Stellar Development Foundation has invested in the UK platform Archax to launch tokenized money funds and RWA applications based on the Stellar network, further connecting traditional and on-chain finance.
Another clear mainline comes from market size and growth expectations. According to various research and news sources, the tokenized RWA market has currently reached a scale of several billion dollars and is predicted to leap to the trillion-dollar level by 2030 or even earlier. For instance, Bank of America points out that this is a "multi-year" journey of blockchain application, covering asset classes such as stocks, bonds, and real estate.
At the same time, Epic Chain will launch the REAL Token project based on the XRP Ledger, targeting the global real estate market, which could be as large as $228 trillion, and will upgrade the underlying protocol to support the security and efficiency needs of RWA applications.
Of course, the transformation to tokenization is not without challenges, particularly concentrated in market structure and liquidity. A clear dilemma is that while the cumulative on-chain asset scale continues to expand, overall trading activity and secondary market liquidity remain low. Recent research indicates that most RWA tokens suffer from low trading volumes, long holding periods, and few active addresses, with liquidity bottlenecks urgently needing resolution.
The construction of compliance and policy frameworks is also key to the industry's maturation. Securitize, as a leading platform in the industry, has become a highly compliant issuer in the U.S. regulatory landscape, managing several top tokenized products for firms like BlackRock and Apollo, capturing a significant market share. This demonstrates the substantial path of "compliance as competitiveness." Additionally, some regions are gradually introducing experimental rules, such as India's GIFT City and real estate tokenization tests, as well as the EU's Distributed Ledger Technology Pilot Regime, all providing forward-looking support for compliance pilots.
In the field of technical architecture, Redbelly Network is promoting the tokenization of assets such as private equity and carbon credits through compliant design at the protocol layer, while emphasizing identity verification and compliance processes, providing a technical model for the industry at the institutional level. Furthermore, some academics have proposed a "dual-token" architecture (Element Tokens and Everything Tokens) to represent complex project assets in a layered manner, enhancing price discovery and the flexibility of fractional trading, particularly suitable for large project asset structures in energy and infrastructure.
From a global perspective, the future of tokenization can be examined: on one hand, the vision of "fragmented ownership" and "always-on global accessible markets" is gradually becoming a reality, especially for retail investors, as the barriers to entry are significantly lowered. On the other hand, the lack of standardized valuation, cross-platform interoperability, and regulatory coordination mechanisms will determine whether this field can transcend the "hype" phase and form a true financial service infrastructure.
In summary and outlook: RWA tokenization is undergoing a critical transition from "cognitive heat" to "practical foundation." Institutional promotion and market pilots complement each other, while the core issues for ecological maturity include "compliance and legal credibility," "structural enhancement of market liquidity," and "standardization and interoperability of technical protocols." In the next two years, if these front and back offices can upgrade in sync, then tokenized assets will not just be "digital speculation," but may truly become a new framework for capital markets.
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Original: “Tokenization of Real-World Assets: The Next Disruption in Financial Infrastructure”
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