RWA Report 2025

Key Takeaways

U.S. Treasuries proved product-market fit

They weren’t the first tokenized assets, but they were the first to achieve scale. Treasuries remain the largest tokenized asset category and provide the credibility and liquidity base for everything that follows.

Onchain investors move up the yield curve

After Treasuries, capital is flowing into longer-duration bonds, private credit, and equities, reflecting investor demand for higher returns.

Integration with DeFi is accelerating

The real breakthrough of tokenization is composability, turning assets into collateral, yield primitives, and trading instruments that serve as programmable building blocks for onchain finance.

Accessibility is expanding

Early adoption was led by large institutions, but permissionless formats, DeFi interoperability, and higher-yielding products are attracting a wider and more diverse investor base.

Why This Report Exists

Real-world asset tokenization remains a critical but often misunderstood component of crypto adoption. Despite its importance, many projects and investors make decisions with limited visibility into how RWA protocols actually behave and what drives successful tokenization strategies.

This independent report draws on analysis of over $30 billion in tokenized assets across major RWA protocols, alongside insights from leading tokenization platforms, institutional adopters, and regulatory experts.

It maps out the mechanics, patterns, and behaviors shaping real-world asset tokenization in 2025, and highlights the data points where significant opportunities and regulatory clarity emerge.

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At some point nobody will ask whether a product is tokenized. It will just be embedded… Over time the two areas will merge.

Key Insights

• Jürgen Blumberg
  COO

  RWAs have crossed the chasm… The path from $10B to $100B+ won’t come from simply tokenizing more assets—it will come from building the financial infrastructure.

• Sid Powell
  CEO

  RWA tokenization is no longer niche — it’s entering exponential growth… With on-chain transparency, adoption is set to accelerate dramatically.

• Aishwary Gupta
  Global Head – Payments, Exchanges & RWA

  Tokenized real-world assets represent the end of artificial scarcity in global finance… We’re restructuring how value flows through the financial system.

• Denelle Dixon
  CEO & Executive Director

  Tokenized real-world assets represent the end of artificial scarcity in global finance… We’re restructuring how value flows through the financial system.

Growth Statistics

• $30B+
  Tokenized Assets
• 224%
  RWA Growth YoY Since 2024
• 25+
  Protocols Featured
• 6
  Asset Classes

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