Real-world asset tokenization represents the most significant financial innovation since the introduction of exchange-traded funds, with the market projected to reach $16.1 trillion by 2030 according to Boston Consulting Group and potentially $30 trillion under optimistic institutional adoption scenarios. In November 2025, BlackRock’s BUIDL tokenized money market fund surpassed $600 million in assets under management while JP Morgan’s Onyx blockchain processed over $1 billion in daily tokenized treasury settlements.
The transformation from theoretical blockchain application to institutional reality accelerated dramatically in 2024-2025 as major financial institutions including UBS, HSBC, Société Générale, and Franklin Templeton deployed tokenized products on public blockchains. This shift from permissioned private networks to Ethereum, Solana, and Polygon mainnet represents institutional recognition that public blockchain infrastructure offers liquidity, composability, and transparency advantages that private systems cannot match.
According to TechGenyz’s RWA analysis, real-world asset tokenization is producing tangible results across diverse sectors from tokenized treasuries commanding $2.4 billion to private credit reaching $1.8 billion and real estate approaching $400 million in on-chain value.
Table of Contents
- What Is RWA Tokenization
- RWA Tokenization Market Size 2025
- BlackRock BUIDL Fund Analysis
- JP Morgan, UBS, HSBC Deployment
- Tokenized Asset Classes Breakdown
- Ethereum vs Solana RWA Infrastructure
- How to Invest in Tokenized Assets
- RWA Tokenization FAQs
What Is RWA Tokenization
Real-world asset tokenization converts ownership rights to physical or financial assets into digital tokens on blockchain networks. These tokens represent fractional or whole ownership stakes in assets including real estate, treasury bonds, private credit, commodities, art, and intellectual property.
The tokenization process involves legal structuring through special purpose vehicles that hold underlying assets, issuance of blockchain tokens representing beneficial ownership, compliance integration ensuring regulatory adherence, and secondary market infrastructure enabling trading and liquidity.
Unlike cryptocurrency tokens that derive value from network effects or speculative demand, tokenized real-world assets maintain intrinsic value tied to underlying asset performance. A tokenized US Treasury bill generates the same yield whether held as a token on Ethereum or as a traditional security in a brokerage account.
The institutional advantage stems from operational efficiency gains. Settlement that requires 2-3 days in traditional finance occurs within minutes on blockchain infrastructure. Fractional ownership that demanded complex legal structures becomes programmatically simple through smart contracts. For operators managing private jet membership programs, tokenization enables fractional aircraft ownership with automated revenue distribution.
RWA Tokenization Market Size 2025
The RWA tokenization market reached $13.5 billion in on-chain value as of November 2025, representing 350% growth from $3.8 billion in January 2024. This explosive expansion reflects institutional capital deployment rather than retail speculation.
Market composition reveals concentration in fixed-income products. Tokenized US Treasury bills comprise $2.4 billion or 18% of total market value. Private credit protocols command $1.8 billion through platforms like Centrifuge and Goldfinch. Real estate tokenization reached $410 million across residential and commercial properties.
According to Andreessen Horowitz’s State of Crypto 2025, traditional financial incumbents like Visa, BlackRock, Fidelity, and JPMorgan Chase are offering or launching crypto products, with over $175 billion sitting in Bitcoin and Ethereum exchange-traded products.
Growth Projections
Conservative estimates from Boston Consulting Group project $16.1 trillion in tokenized assets by 2030, representing 10% of global GDP. Optimistic scenarios envision $30 trillion assuming accelerated regulatory clarity and institutional adoption in Asia-Pacific markets.
The projection methodology assumes 1-2% of global real estate ($3.6 trillion), 5-10% of fixed income securities ($8-15 trillion), and 15-20% of private market assets ($4-6 trillion) transition to tokenized formats by decade’s end.
For context, the entire cryptocurrency market capitalization reached $3.1 trillion in November 2025. Real-world asset tokenization could exceed total crypto market cap by 5-10x within five years based on institutional deployment trajectories.
BlackRock BUIDL Fund Analysis
BlackRock’s USD Institutional Digital Liquidity Fund, ticker BUIDL, launched in March 2024 as the world’s largest asset manager’s first tokenized product. The fund invests exclusively in cash, US Treasury bills, and repurchase agreements, providing institutional investors with blockchain-native exposure to money market returns.
As of November 2025, BUIDL commanded $610 million in assets under management with daily subscriptions averaging $8-12 million. The fund operates on Ethereum mainnet with planned expansion to Polygon, Arbitrum, and Optimism layer-2 networks to reduce transaction costs.
BUIDL’s structure enables instant settlement compared to traditional money market funds requiring T+1 settlement. Investors receive BUIDL tokens that accrue yield automatically through rebasing mechanisms, eliminating manual reinvestment requirements. Minimum investment of $5 million targets institutional rather than retail participants.
According to London Blockchain Conference analysis, global asset tokenization is projected to reach $16.1 trillion by 2030 as investors seek to diversify from crypto into other blockchain use cases.
Yield Comparison
BUIDL generated 4.87% yield in October 2025, slightly trailing Fidelity’s Government Money Market Fund at 5.02% due to operational costs associated with blockchain infrastructure. However, BUIDL’s composability advantage enables use as collateral in DeFi lending protocols, creating yield enhancement opportunities unavailable to traditional money market funds.
Institutional investors including crypto exchanges, corporate treasuries, and family offices utilize BUIDL for cash management with same-day liquidity. The fund processed $2.3 billion in cumulative subscriptions and redemptions through November 2025, demonstrating institutional acceptance of tokenized money market products.
JP Morgan, UBS, HSBC Deployment
Major global banks accelerated real-world asset tokenization deployments throughout 2024-2025, transitioning from pilot programs to production systems processing billions in transaction value.
JP Morgan’s Onyx blockchain platform processed over $1 billion daily in tokenized treasury repurchase agreements as of November 2025. The Onyx Digital Assets platform enables instant settlement of collateral transfers between institutional counterparties, reducing settlement risk and capital requirements.
UBS Asset Management tokenized a money market fund in October 2024 on Ethereum mainnet, marking the first time a major European bank deployed fund tokens on public blockchain infrastructure rather than permissioned networks. The UBS USD Money Market Investment Fund Token reached $80 million in subscriptions from institutional investors within six months.
According to TreasuryXL’s blockchain integration analysis, major payment networks such as Visa and Mastercard are incorporating blockchain technology into their operations while major players in the financial world like Fidelity, BlackRock, Goldman Sachs, and JP Morgan are entering the RWA space.
HSBC Tokenized Gold
HSBC launched tokenized gold in March 2025 through partnership with Ant Group’s AntChain blockchain. The product enables fractional gold ownership starting at 0.01 troy ounces compared to traditional 1-ounce minimum purchases. HSBC processed $340 million in tokenized gold transactions through November 2025, primarily from Asian investors seeking dollar-hedged assets.
Société Générale’s FORGE platform issued €100 million in tokenized covered bonds on Ethereum in September 2024, demonstrating institutional appetite extends beyond money market products into structured finance. The bonds traded on secondary markets with average daily volume of €2-3 million, providing liquidity comparable to traditional bond markets.
For businesses managing private aviation charter services, tokenized payment rails enable instant cross-border settlement with institutional counterparties.
Tokenized Asset Classes Breakdown
Real-world asset tokenization spans multiple categories with varying maturity levels and institutional adoption rates.
Tokenized Treasuries
US Treasury tokenization leads institutional adoption with $2.4 billion in on-chain value as of November 2025. Platforms including Franklin Templeton’s BENJI fund, Ondo Finance’s OUSG, and Backed Finance’s bIB01 provide institutional access to tokenized Treasury exposure.
Tokenized treasuries generate yields of 4.5-5.0% depending on duration mix and operational costs. The products function as blockchain-native cash equivalents enabling instant settlement while maintaining capital preservation characteristics.
Private Credit Tokenization
Private credit represents the fastest-growing tokenized asset class, reaching $1.8 billion across platforms like Centrifuge, Goldfinch, Maple Finance, and TrueFi. These protocols connect institutional borrowers with on-chain lenders, providing 8-12% yields compared to 4-5% for treasuries.
Centrifuge’s Tinlake platform facilitated $500 million in tokenized invoices, mortgages, and asset-backed securities. Credit underwriting occurs off-chain through traditional processes, while funding and settlement execute on Ethereum layer-2 networks to minimize transaction costs.
Real Estate Tokenization
Real estate tokenization reached $410 million in November 2025, representing less than 0.01% of global real estate value but growing 200% year-over-year. Platforms including RealT, Lofty, and Propy enable fractional ownership of residential and commercial properties starting at $50-100 minimums.
According to Binariks blockchain trends analysis, blockchain adoption is accelerating with real use cases in finance, healthcare, and supply chain leading the charge, with institutions increasingly trusting blockchain infrastructure.
Investors receive rental income distributions automatically through smart contracts, eliminating property management intermediaries. However, liquidity remains limited compared to public market alternatives, with secondary trading volumes averaging $50,000-200,000 daily across all platforms.
Ethereum vs Solana RWA Infrastructure
Blockchain platform selection significantly impacts tokenized asset functionality, costs, and institutional adoption.
Ethereum dominates real-world asset tokenization with 80% market share, commanding $10.8 billion in tokenized value. Institutional preference stems from Ethereum’s security track record, developer ecosystem depth, and established regulatory frameworks. Major institutions including BlackRock, Franklin Templeton, and UBS exclusively deploy on Ethereum mainnet or Ethereum layer-2 solutions.
Solana captured 12% market share with $1.6 billion in tokenized assets as of November 2025, growing 200% year-over-year. Solana’s advantages include 400-millisecond settlement times and transaction costs below $0.01 compared to Ethereum mainnet fees of $5-20 during network congestion.
Ondo Finance launched USDY, a tokenized US Treasury product, on Solana in June 2025, reaching $180 million in subscriptions within five months. The deployment demonstrated institutional willingness to utilize non-Ethereum infrastructure when cost savings justify platform risk.
According to Charter Global blockchain analysis, blockchain networks are working towards seamless cross-chain communication, allowing different blockchains to interact and share data securely.
Multi-Chain Future
The RWA tokenization market trends toward multi-chain deployment as issuers maximize accessibility. Franklin Templeton’s BENJI money market fund operates on Ethereum, Polygon, Avalanche, Stellar, and Aptos, enabling investors to choose networks based on cost and speed preferences.
Cross-chain bridges introduce security risks—the industry suffered $2 billion in bridge exploits since 2021. Native multi-chain issuance where the same asset deploys on multiple networks without bridge dependencies represents safer architecture for institutional products.
For operators accepting cryptocurrency payments through luxury aviation membership programs, multi-chain tokenized treasuries provide yield on idle balances across preferred networks.
How to Invest in Tokenized Assets
Accessing tokenized real-world assets requires navigating regulatory restrictions, platform selection, and custody considerations that differ from traditional investment processes.
Accredited Investor Requirements
Most tokenized asset platforms restrict access to accredited investors meeting SEC income thresholds of $200,000 annually or net worth exceeding $1 million excluding primary residence. International platforms may enforce similar restrictions based on local securities regulations.
BlackRock BUIDL requires $5 million minimum investment, targeting institutional rather than retail participants. Ondo Finance’s OUSG product accepts $100,000 minimums with accredited investor verification. Smaller platforms like RealT enable $50 minimums but limit investment diversity and liquidity.
Platform Selection
Investors should evaluate tokenization platforms across multiple dimensions including regulatory compliance, custody arrangements, liquidity provision, fee structures, and asset quality.
Regulatory compliance separates institutional-grade platforms from unregistered offerings. Franklin Templeton operates under SEC registration as a registered investment company. Centrifuge’s Tinlake structures comply with Regulation D private placement rules. Platforms lacking regulatory clarity pose enforcement risk.
Custody determines asset security. Institutional platforms including BlackRock and UBS custody underlying assets through regulated financial institutions with FDIC insurance and investor protection. DeFi protocols rely on smart contract custody, introducing code risk absent from traditional finance.
Tax Implications
Tokenized asset taxation follows existing securities laws despite blockchain implementation. Interest income from tokenized treasuries generates ordinary income taxable at federal and state rates. Capital gains from token appreciation face long-term or short-term treatment based on holding periods.
However, token-to-token exchanges may trigger taxable events even without fiat conversion. Swapping tokenized treasury tokens for tokenized real estate tokens constitutes disposition requiring gain recognition despite maintaining blockchain-native exposure.
According to Kraken’s blockchain analysis, staying informed on blockchain trends is key to making smart investment decisions as the market rapidly evolves.
RWA Tokenization FAQs
What is RWA tokenization?
Real-world asset tokenization converts ownership rights to physical or financial assets like real estate, bonds, and commodities into digital tokens on blockchain networks, enabling fractional ownership and instant settlement.
How big is the RWA tokenization market?
The RWA tokenization market reached $13.5 billion in November 2025 and is projected to grow to $16.1-30 trillion by 2030 according to Boston Consulting Group analysis.
Which institutions are tokenizing assets?
BlackRock, JP Morgan, UBS, HSBC, Franklin Templeton, Société Générale, and Fidelity have deployed tokenized products on Ethereum, Solana, and other blockchain networks.
What is BlackRock BUIDL?
BlackRock BUIDL is a tokenized money market fund investing in US Treasuries and cash, with $610 million in assets under management, offering institutional investors blockchain-native exposure to money market returns.
Can retail investors access tokenized assets?
Most tokenized asset platforms require accredited investor status, though some like RealT offer fractional real estate tokens to non-accredited investors with investment limits.
What are the risks of tokenized assets?
Risks include smart contract vulnerabilities, regulatory uncertainty, limited liquidity on secondary markets, platform insolvency, and potential tax complexity from token-to-token transactions.
SOURCES
- TechGenyz – Real-World Asset Tokenization Boom Analysis
- Andreessen Horowitz – State of Crypto 2025
- London Blockchain Conference – Future Blockchain Trends
- TreasuryXL – Blockchain Finance Integration 2025
- Binariks – Emerging Blockchain Technology Trends
- Charter Global – Blockchain Trends 2025
- Kraken – Blockchain Trends and Investment Insights
- BlackRock – Blockchain and Digital Assets
- JP Morgan – Onyx Digital Assets Platform
- UBS – Asset Tokenization and Digital Securities
