The market capitalization of tokenized real-world assets (RWAs) has surged past $51 billion, marking a 40% increase year-to-date. This growth trajectory is notable, especially when contrasted with a broader cryptocurrency market that has experienced a decline of approximately 20% during the same period. This divergence suggests a growing institutional appetite for asset tokenization that appears to be independent of general crypto market sentiment, according to a recent analysis by Bernstein.
Key Takeaways
- Tokenized RWAs have achieved a market cap exceeding $51 billion, reflecting a 40% year-to-date increase.
- This growth has occurred despite a broader crypto market downturn of roughly 20% in the same timeframe.
- The industry is developing two primary models for equity tokenization: trading infrastructure and settlement infrastructure.
- Private credit represents the largest segment within the tokenized RWA market, followed by U.S. Treasurys and commodities.
- Regulatory developments, particularly from the SEC, are crucial for the future expansion of tokenized securities.
Bernstein analysts highlighted that private credit constitutes the largest portion of the RWA market cap, accounting for approximately 47%. U.S. Treasurys follow at about 30%, with commodities making up around 9%. The analysis also indicated that Ethereum and Provenance are the dominant blockchain platforms for tokenized asset activity, hosting over 70% of it combined. The number of RWA asset holders has also seen significant growth, increasing by about 60% year-to-date to over 917,000.
Evolving Landscape of Equity Tokenization
The sector of equity tokenization is currently experiencing the most intense competitive activity. Bernstein data shows that tokenized equities have grown by 130% year-to-date, rising from $700 million to $1.6 billion. The industry appears to be consolidating around two distinct business models, which differ fundamentally in their approach to ownership and rights.
The first model, termed “trading infrastructure,” involves third-party sponsors who provide tokenized access to stocks. Under this framework, platforms like Robinhood offer tokenized U.S. stocks to European Union investors. These platforms typically purchase and custody the underlying shares. While the tokens enable 24/7 trading with real-time settlement and generate trading commissions, they do not confer shareholder rights. The sponsoring entity remains the registered shareholder, meaning dividend entitlements and voting rights are not transferred to the token holder.
The second model, focused on “settlement and exchange infrastructure,” utilizes blockchain technology as the primary ledger for company-issued shares. In this model, token holders possess full ownership rights and benefit from the protections afforded to traditional exchange-listed securities. Companies such as Figure, Bullish, and Securitize are building the necessary regulated infrastructure for this model, incorporating elements like SEC-registered transfer agents, Alternative Trading System (ATS) licenses, and regulated brokerage and custody solutions.
Figure has already launched its tokenized shares on its OPEN platform, with additional listings planned. Bullish’s acquisition of Equiniti positions it to manage a unified ledger for both traditional and tokenized securities, while also offering services for token design and liquidity. Securitize has partnered with the NYSE for its tokenized securities platform, with Computershare supporting tokenized share issuance for U.S. companies and Jump Trading developing on-chain trading capabilities for tokenized equities.
Coinbase is pursuing a distinct strategy that Bernstein categorizes as a multi-asset single exchange. The company has introduced tokenized equities, equity perpetuals, and pre-IPO perpetuals for non-U.S. investors, alongside a regulated cryptocurrency derivatives market for U.S. investors. Coinbase’s tokenized stocks are backed one-to-one by the underlying shares and include features such as automatic dividend payouts and programmatic on-chain utility. Furthermore, Coinbase is recognized as the sole CFTC-regulated futures commission merchant providing U.S. investors access to global crypto derivatives, a structural advantage contributing to its “everything exchange” vision.
Regulatory Framework and Future Growth
The long-term expansion of the tokenized asset industry is significantly contingent upon ongoing regulatory developments. The U.S. Securities and Exchange Commission (SEC) has proposed repealing rules 611 and 610(e), which could facilitate the trading of tokenized stocks on decentralized venues without requiring mandatory routing through traditional exchanges. In December 2025, the SEC issued a no-action letter to the Depository Trust & Clearing Corporation (DTC) for a tokenized equity pilot program and approved proposals from the NYSE and Nasdaq to permit tokenized securities trading on their respective exchanges.
A critical regulatory catalyst anticipated by Bernstein is the potential for an “innovation exemption” that could permit the onshore trading of tokenized U.S. stocks. Such a development is viewed as a key driver for the next phase of market growth.
Analysis of Regulatory Precedent
The current regulatory actions and proposals surrounding tokenized securities, particularly from the SEC, are setting a significant precedent for the integration of digital assets into traditional financial markets. The SEC’s consideration of rescinding certain trading rules, alongside approvals for pilot programs and exchange-based trading of tokenized securities, indicates a cautious but progressive approach. This evolving framework aims to balance investor protection and market integrity with the potential for increased efficiency and accessibility offered by blockchain technology. The potential for an “innovation exemption” could further define the boundaries and possibilities for tokenized U.S. equities, establishing a model that other jurisdictions might adapt or reference as they develop their own regulatory stances on digital securities.
Monthly transfer volumes for tokenized equities have shown a sharp increase, reaching an annualized rate of $5.3 billion in June, up from $3.6 billion in May and $500 million in September 2025. This represents a doubling of volumes in just two months since April. Among the leading tokenization platforms, Figure leads in assets under management with $18.9 billion, primarily from private credit. Securitize follows with $4.3 billion in Treasury and stock exposure, with Ondo, Circle, and Tether managing $3.8 billion, $3 billion, and $2.5 billion respectively.
Source: : www.theblock.co