Tokenization refers to the conversion of ownership of traditional assets into digital tokens on the blockchain, endowing them with programmability, traceability, and tradability. This technology has gradually transitioned from the experimental stage to practical application since 2023, achieving significant progress particularly in areas such as government bonds, real estate, and commodities.
According to reports, by 2025, the total market value of tokenized real-world assets (RWA) has exceeded $33.9 billion, with the market size of tokenized U.S. Treasury products reaching $5.5 billion in April 2025.
Tokenized government bonds have become the focus of market attention due to their fast settlement speed and the ability to trade around the clock. The introduction of such products has led to significant changes in the trading models of traditional financial markets.
Real estate tokenization allows investors to participate in the real estate market with a lower barrier to entry by converting real estate assets into digital tokens. It is expected that by 2025, approximately 20% of real estate transactions will involve NFT (non-fungible token) technology.
Commodity tokenization is reshaping the global financial landscape. This trend not only enhances the efficiency of commodity trading but also provides investors with new investment channels.
In the wave of tokenization, financial institutions and technology companies are actively positioning themselves. For example, Robinhood has launched tokenized stock products in the European market, allowing investors to trade shares of private companies in the form of digital tokens.
However, the rapid development of tokenized products has also attracted the attention of regulatory agencies. Some experts point out that tokenized stocks may resemble derivatives rather than traditional stocks, lacking fundamental rights such as shareholder voting rights and dividend rights.
Despite the numerous innovations that tokenization technology brings to the financial market, it still faces a series of challenges. First, the technical standards and legal frameworks are not yet fully developed, which may lead to obstacles for market participants during operations. Second, issues regarding the security and transparency of smart contracts still need further resolution. Finally, the market's acceptance and trust in tokenized products are still in the cultivation stage.
Looking ahead, as technology matures and the regulatory environment improves, tokenization is expected to become an important component of the financial market. It will enhance asset liquidity, reduce transaction costs, and promote the efficient allocation of global capital. However, market participants need to remain cautious and pay attention to technological advancements and regulatory dynamics to address potential risks and challenges.
Related: Pave Bank secures $39 million in funding led by Accel and Tether to expand programmable banking services.
Original: “The Tokenization Wave of 2025: A Structural Transformation in Financial Markets”
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