RWA
The Real-World Asset Tokenization Revolution: Market Analysis and Growth Trajectory for 2025–2030
Financial Revolution 3.0: The Era of Asset Tokenization
The tokenization of real-world assets (RWA) is rapidly becoming the defining financial trend of recent years. This technological breakthrough has fundamentally transformed the principles of asset ownership and management — both for major corporations and for individual investors — making these assets more accessible and liquid to a broad audience of market participants. In this article, we examine the financial and technical dimensions of tokenization.
Not long ago, large-scale transactions (IPOs, OTC deals, Pre-IPO placements) were the exclusive domain of a select few — those with substantial capital who relied on investment banks and specialized structures. Today, the landscape has changed dramatically: blockchain-based tokens have become a convenient instrument that allows anyone to invest in securities with just a few clicks.
Summary of the analytical report
- Why is tokenization gaining such popularity?
- How does tokenization work?
- Why does tokenization matter right now?
- Examples of successful tokenization implementations
- Key directions of tokenization in the financial sector
- Equity tokenization
- Commodity tokenization (gold)
- Tokenization of other commodities
- What challenges remain to be overcome?
- Conclusion: the future belongs to tokens
The primary goal of tokenization is not merely to digitize assets — it is to build a new financial infrastructure where every operation happens faster, cheaper, more transparently, and more reliably.
According to forecasts, by 2030 the volume of tokenized assets will exceed $10 trillion, provided that legislation and technology are able to advance in tandem.
1. Why Is Tokenization Gaining Such Popularity?
Today the term "tokenization" is heard everywhere — and behind it lies enormous economic significance. Tokenization offers investors clear advantages: from cost savings on transaction processing to attracting entirely new categories of market participants. It is no coincidence that the number of pilot projects is growing among banks, fintech companies, and traditional funds testing the tokenization of various asset classes.
The experience of Russian organizations is also noteworthy — Sberbank, VTB, and Atomyze are already testing tokenized assets, exploring the potential for integrating blockchain technologies into the domestic financial sector.
2. How Does Tokenization Work?
Tokenization is the process of converting ownership rights to a physical or financial asset into a digital token on a blockchain. At the heart of the technology are smart contracts — self-executing programs that automate the issuance, circulation, and redemption of tokens without the involvement of intermediaries.
1) The path from a real asset to a digital token.
- A physical asset (for example, equities, gold, or even real estate) is held by a trusted custodian (guarantor) or in a specialized vault.
- An issuer (a bank, fund, or tokenization platform) issues a synthetic token on the blockchain, pegged to the asset's value at a 1:1 ratio.
- Each token confirms ownership of a share in the underlying real asset, and its backing is audited on a regular basis.
To maintain the peg to the price of the underlying asset, the system uses algorithmic supply management:
- If demand rises and the token price exceeds the asset's value, the smart contract mints (issues) new tokens, increasing supply and stabilizing the rate.
- If demand falls, excess tokens are bought back and burned, reducing the number in circulation. This process ensures price stability without the need for centralized intervention.
Smart contracts perform key functions:
- Verification of ownership rights (recording owners on the blockchain);
- Automated payments (e.g., dividends, bond coupons — without the involvement of clearing centers);
- Regulatory compliance (e.g., KYC verification prior to a transaction).
- ERC-20 (Ethereum) — the most widely used standard for tokenization, supported by the majority of exchanges and wallets.
- Alternatives: Hyperledger (for enterprise solutions requiring enhanced privacy), Solana (for high-speed transactions), BNB Chain (for lower fees).
- Infrastructure: tokens can be integrated with DeFi protocols (e.g., staking or lending), which increases their liquidity.
- Speed: transferring tokenized assets takes minutes rather than days.
- Transparency: all transactions are public and verifiable.
- Cost reduction: automation cuts administrative expenses by at least 20–30%.
3. Why Does Tokenization Matter Right Now?
One of the most important advantages of tokenization is the dramatic increase in liquidity it brings to virtually any asset class. What was once considered high-cost investing accessible only to large players — real estate, art, startups — has now become available to a wide audience. Such assets can now be divided into small tokens and freely traded on the secondary market. For example, the tokenization of a single building in New York enabled the sale of ownership stakes worth $30 million in just a couple of months — a timeframe that would have been unthinkable in the traditional real estate market.
Tokens also simplify cross-border transactions. There is no need for complex bank transfers or currency conversion — the blockchain handles everything instantly and with minimal fees.
4. Examples of Successful Tokenization Implementations
Example #1: Real Estate Tokenization with ING Bank
In 2021, ING Bank and Tokeny Solutions successfully executed a tokenization project for a European real estate fund with a portfolio valued at €50 million.
The portfolio was "split" into 5,000 tokens, each representing a share of ownership. Investors were able to acquire assets directly through mobile applications, while rental income distribution was handled automatically via smart contracts.
The results were impressive: annual yield reached 7%, operating costs fell by a quarter, and 60% of new buyers were first-time participants in the real estate market. The project also demonstrated how tokenization can function within a regulated environment: all tokens were compliant with the European MiFID II standard.
Example #2: U.S. Treasury Bonds
Where is the world's largest economy headed? Over the past year, the share of U.S. Treasury bonds has reached 66% of total tokenized asset volume ($4.07 billion).
The leading initiators are industry giants such as BlackRock (which launched the tokenized money market fund BUIDL in 2024), Franklin Templeton (a pioneer in creating tokenized money market funds on the blockchain), and JP Morgan (which developed tokenized collateral solutions for cross-border transactions) — all demonstrating the appeal of blockchain technology to conservative investors.
5. Key Directions of Tokenization in the Financial Sector
We are already seeing the development of various tokenization formats:
- Equities: Dividing shares of major companies into tokens has allowed small investors to own stakes in the world's largest brands. Platforms like tZERO offer the legal purchase of tokenized shares of well-known companies.
- Commodities: Gold, silver, oil, and other resources have begun to circulate in token form. A prominent example is the gold token XAUT from Tether, representing physical gold on the blockchain.
- Real Estate: It is now possible to purchase a virtual share of an apartment or a house while located far from the property. For example, the platform Propellr offered its users accessible investment in commercial real estate through tokens.
Let us examine the examples of financial sector tokenization in greater detail.
6. Equity Tokenization
Market size and growth:
- 2024: Approximately $1.5 billion in tokenized equity assets.
- 2025: Tokenized equity assets are projected to reach $3.2 billion, representing a growth rate of 35%.
- Potential Total Addressable Market (TAM): Global equity markets valued at $95 trillion (2025) could be 10% tokenized by 2030, equating to approximately $9.5 trillion.
1) tZERO Platform
- Specializes in security tokens and offers trading of tokenized equities.
- Regulated by the U.S. Securities and Exchange Commission (SEC), ensuring compliance and liquidity for private company shares.
- Launched tokenized versions of shares in Tesla, Coinbase, and MicroStrategy in 2024.
- Enables global investors to trade fractional shares without needing access to traditional brokerage firms.
- Issued a digital dividend in the form of blockchain-based tokens.
- Demonstrated how publicly traded companies can leverage tokenization to engage shareholders.
- Enables companies to issue tokenized shares directly on blockchain platforms.
- Places special emphasis on regulatory compliance and provides tools for efficient management of digital securities.
- Companies such as Neufund pioneered ETOs as an alternative to IPOs.
- Allow startups and SMEs to raise capital by issuing blockchain-based equity tokens directly to investors.
- Fractional ownership, enabling broader market participation.
- The ability to trade 24/7, compared to the limited hours of traditional exchanges.
- Reduced transaction costs by eliminating intermediaries.
- Global accessibility, overcoming geographic barriers.
- Enhanced transparency through immutable blockchain records.
7. Commodity Tokenization (Gold Tokenization)
Gold tokenization has emerged as one of the leading use cases in the commodities sector, combining the enduring value of physical gold with the efficiency and transparency of blockchain technology.
Market size and growth:
- As of March 2025, the tokenized gold market reached $1.4 billion, with trading volumes exceeding $1.6 billion per month.
- Key players include Tether Gold (XAUT) with a market capitalization of $749 million and Paxos Gold (PAXG), its primary competitor.
- The surge in popularity of tokenized gold coincides with gold prices surpassing $3,000 per ounce, reflecting elevated demand for both physical and digital gold assets.
1) HSBC Gold Token (Hong Kong)
- Launched in March 2024, enabling fractional ownership of physical gold.
- Each token represents 0.001 troy ounces of gold held in HSBC's vaults.
- Token trading is conducted through HSBC and the HSBC HK App.
- A blockchain-based stablecoin backed by physical gold reserves.
- Offers global investors a reliable and liquid means of investing in gold without the complications of physical storage.
- Provides institutional custody of tokenized gold.
- Enables seamless trading on blockchain platforms while maintaining regulatory compliance.
8. Tokenization of Other Commodities
Beyond gold, tokenization is transforming markets for other commodities, including energy, agricultural products, and industrial metals.
Market size:
- As of November 2024, the total tokenized commodities market was estimated at approximately $1.3 billion, with a year-over-year growth rate of 25%.
1) Energy Commodities
- Tokenized oil and natural gas contracts give investors exposure to energy markets without logistical complexity.
- The platform VAKT is exploring blockchain-based energy trading solutions.
- GrainChain is a pioneer in blockchain-based agricultural commodity trading for crops such as wheat, coffee, and soybeans.
- Gives farmers access to global liquidity while offering investors diversified portfolios.
- Tokenized metals, including copper, aluminum, and lithium, are gaining traction driven by demand related to renewable energy.
- Enables producers to hedge against price volatility while ensuring supply chain transparency.
- Increased liquidity for traditionally illiquid assets.
- Cost efficiency through the reduction of intermediaries.
- Enhanced transparency via blockchain records.
- Broader retail investor participation in previously inaccessible markets.
- Fragmented regulatory frameworks that complicate cross-border transactions.
- Barriers to adoption due to underdeveloped legal infrastructure.
- Technological risks associated with smart contracts and cybersecurity.
9. What Challenges Remain to Be Overcome?
Although tokenization holds enormous potential, the path to mass adoption is not straightforward. One of the primary difficulties is the absence of a clear legal status. Regulators in many countries have yet to definitively determine whether tokens should be treated as securities or as a new form of cryptocurrency. The U.S. Securities and Exchange Commission (SEC), for instance, insists on strict regulation of tokens under securities law, while the European Union continues to develop its own position.
Additionally, there is the risk of technical failures. Blockchain systems face scalability challenges — existing networks can process a maximum of roughly a few dozen transactions per second, which is insufficient for serious trading platforms. Finally, many investors remain wary of tokens due to insufficient awareness and concerns about losing control of their funds.
However, solutions to these issues are already within reach. New infrastructure and legislative initiatives are gradually removing the obstacles to the widespread adoption of tokenized assets.
10. Conclusion: The Future Belongs to Tokens
Tokenization in 2018 — when the tokenization of real-world assets first began to be actively utilized — and tokenization in 2025 differ by an enormous magnitude.
Very recently, the major cryptocurrency exchange Kraken announced the launch of more than 50 tokenized versions of popular U.S. stocks and ETFs, including Apple, Tesla, Nvidia, the SPDR S&P 500 ETF (SPY), and SPDR Gold Shares.
By 2030, tokenization could encompass 10–30% of the global asset market, if the forecasts of global institutions are to be believed.
Regulators are already taking steps to meet this development: the EU is preparing a framework law for digital assets, while the U.S. is testing tokenized ETFs. Very recently, the SEC held meetings with Nasdaq and startups from the decentralized finance (DeFi) sector, where the possibility of creating a "regulatory sandbox" for tokenized assets was discussed.
In Russia, active work is also underway to implement tokenization. For example, Atomyze — a platform for tokenizing industrial assets — counts well-known companies such as Nornickel and the Global Palladium Fund among its clients. ALROSA also used the A-Token platform from Alfa-Bank to tokenize diamonds.
The technologies underpinning tokenization are progressing as well — new blockchains like Solana promise up to 65,000 transactions per second, which will remove the scaling constraints of the Ethereum network. Several other blockchains — Avalanche (AVAX), Stellar (XLM), and Algorand (ALGO) — already surpass Solana in transaction processing speed, though each has its own distinct technical considerations.
The future of tokenization lies in its integration with traditional finance. Banks like JPMorgan are already experimenting with tokenized deposits. JPMorgan, together with other financial giants such as Mastercard, Wells Fargo, and Citi, is participating in the Regulated Settlement Network (RSN) initiative. In Switzerland, BX Digital — a subsidiary of the Stuttgart Stock Exchange — has received approval from the financial regulator FINMA to launch a platform for trading tokenized assets.
We stand on the threshold of a new era — Financial Technology 3.0 (Web3) — when traditional (Web2) forms of capital will gradually transition into digital form, opening new horizons for investors and businesses around the world.
Research conducted by: Alex Markelov, Bulat Zagretdinov.
More interesting materials and research are available on our blog
Soon...
Siberia Investment Fund — 1st quarter of 2025
Digital Ruble
Do you have questions, investment proposals, or want to learn more about partnering with Siberia Fund?
Contact
our team
our team
Join our community. Subscribe to our social media channels to stay informed and be the first to receive new insights and ideas.
© 2025 Siberia Fund. All rights reserved.