RWA market has grown by 40% since the beginning of the year, reaching $51 billion, according to The Block, citing a Bernstein report.
Experts indicate that the sector is expanding despite market corrections. The number of token holders increased by 60%, surpassing 917,000. Leading platforms by asset volume include Figure ($18.9 billion) and Securitize ($4.3 billion).
Market Structure
The primary components of RWA are private lending (47%), U.S. Treasury bonds (30%), and precious metals (9%).
Most activity is concentrated on the Provenance (39%) and Ethereum (33%) networks. The tokenized stocks segment showed the fastest growth, increasing by 130% over six months to $1.6 billion.
Analysts identified three main approaches to tokenization:
- Trading Infrastructure. Brokers like Robinhood purchase stocks and hold them as collateral for tokens, enabling 24/7 trading without transferring voting rights to the holder.
- Settlement Layer. Blockchain replaces traditional accounting systems. Projects like Figure and Securitize create regulated stacks where investors receive full ownership rights.
- Hybrid Model. Coinbase offers an “exchange of everything,” combining tokens for stocks, derivatives, and crypto assets for users outside the U.S.
Regulation
The future development of the industry depends on the stance of the SEC. The regulator has already approved pilot projects by NYSE and Nasdaq for trading tokenized securities. Bernstein believes that an “innovation exemption,” allowing such asset trading within the U.S., will be a key driver.
The monthly transaction volume in the tokenized stocks segment reached $5.3 billion in June. For comparison, in September last year, this figure was $500 million.
Earlier in June, Bernstein analysts described the current Bitcoin cycle as “boring.”
