Concept
Tokenization of real-world assets (RWA) is the issuance of digital tokens representing rights to real assets: treasury bonds, fund shares, real estate, private credit. Ownership records are transferred to the blockchain, enabling 24/7 settlement, fractional ownership, and programmability. For private capital, this is a new way to hold familiar assets in a digital wrapper.
History
The idea grew out of the crypto market, but in 2024–2025 it was adopted by traditional finance. The launch of BlackRock's BUIDL fund in March 2024 showed that the largest asset managers are ready to issue tokenized products; Franklin Templeton, Ondo, and others followed.
Market Size
By the end of 2025, the value of tokenized RWA on blockchain, excluding stablecoins, was estimated at approximately $30 billion and more—a multiple-fold increase over a couple of years. The largest segments are private credit and tokenized US treasuries (around $7–8 billion); the BUIDL fund became the leading treasury product with assets of approximately $2.5–3 billion. These are 2025 estimates; the figures change rapidly.
Stablecoins
A separate and most mature class is stablecoins, tokens pegged to fiat currency. Their total capitalization exceeded $290 billion by 2025: USDT dominates (around 60% of the market) and USDC (about a quarter). For settlement and liquidity storage, they have become the infrastructure on which tokenization of other assets is built.
⚙️ Tokenization changes the packaging and infrastructure of an asset but does not eliminate its nature: a treasury bond token carries the same credit and interest rate risk as the bond itself, plus the technological risk of the blockchain and the counterparty risk of the token issuer.
Regulation
Regulators caught up with the market in 2024–2025. In the EU, MiCA is in effect, which divides stablecoins into e-money tokens (EMT) and asset-referenced tokens (ART) and sets rules for issuance and supervision. In the US, the GENIUS Act was passed in July 2025—the first federal law on payment stablecoins: it requires 1:1 backing with cash and short-term US Treasuries and defines the circle of permitted issuers. In parallel, the OECD is introducing automatic exchange of tax information on crypto assets through CARF.
Application for Private Capital
🔗 Related
Crypto for Private Wealth · Crypto-friendly Jurisdictions · Crypto Inheritance · CRS — Overview · Euroclear and Clearstream
For high-net-worth clients, tokenization opens access to institutional products in digital form, to settlement without weekends, and to fractional ownership of large assets. At the same time, the previous questions remain: issuer jurisdiction, key custody, tax status, and reporting.
🍓 Tokenization transfers familiar assets to the blockchain, adding speed and fractionality but not removing basic risks. With the arrival of MiCA, the GENIUS Act, and CARF, this is an increasingly regulated segment, not a gray zone.
This material is for informational purposes only and does not constitute individual advice.
Key factual claims
- The idea grew out of the crypto market, but in 2024–2025 it was adopted by traditional finance.
- By the end of 2025, the value of tokenized RWA on blockchain, excluding stablecoins, was estimated at approximately $30 billion and more—a multiple-fold increase over a couple of years.
- Regulators caught up with the market in 2024–2025.
- Related links: Crypto for Private Wealth · Crypto-friendly Jurisdictions · Crypto Inheritance · CRS — Overview · Euroclear and Clearstream · MiCA (Regulation (EU) 2023/1114, EUR-Lex) · World Economic Forum: GENIUS Act.