The market for tokenized real-world assets (RWA) is showing numbers that at first glance suggest a strong sense of euphoria.
The total value of these assets has increased from approximately USD 15 billion at the beginning of 2025 to more than USD 35 billion today, as shown below.
Within that universe, tokenized equities hit an all-time high of close to USD 800 million. this, So far this year, it has grown almost 30 times. In the following graph:
However, this jump It does not necessarily mean that the market spontaneously created large-scale demand Regarding these financial products.
According to an analysis published in
Lord added that much of this year was spent resolving regulatory, storage and settlement restrictions, and once some compatible rails became available, “supply was able to expand almost overnight.”
Tokenization led by real estate companies
CoinShares data shows that the majority of RWA value is concentrated in Ethereum and its second layer network. The fastest growing segment is private credit, driven by companies that offer real estate loans that can be paid off in days rather than months.
In addition to this, tokenization of US government debt is rapidly expanding. Moves aimed at improving operational efficiency rather than creating new speculative markets.
In this sense, the company highlights that major asset management companies are adopting tokenization as a strategic tool. Initiatives such as BlackRock’s BUIDL fund, Goldman Sachs’ 4% to 6% return tokenized product, or HSBC’s 2026 planned rollout reflect structural changes.
However, CoinShares has clarified that tokenization “does not create significant new revenue streams” as these business models are based on very low fees on assets under management. Improve distribution, customer loyalty and reduce costs back office.
This approach contrasts with the more disruptive narratives that have historically surrounded digital assets, such as Bitcoin as an alternative to traditional financial systems. Even key figures like JPMorgan CEO Jamie Dimon recognize the value of this underlying technology, as documented by CriptoNoticias.
Legal angles and litigation in Argentina
From a legal perspective, the evolution of tokenization also corresponds to a process of regulatory maturation. Camila Soria, an Argentine lawyer and founder of Khoros and CipherLaw, explains to CriptoNoticias that in the first years of the RWA movement, they were working on preventive compliance schemes. Today is A clearer regulatory framework already exists In various jurisdictions including Europe and Argentina.
Soria elaborates that Holos is developing a model that not only tokenizes real estate, but also the value that has already been generated. “If you have a house worth USD 80,000 and I invest USD 20,000, we tokenize both what you owned and what I contributed. Little by little, I am becoming an owner,” she explains.
He added that the aim is to “maintain the property with a sustainable vision, so that no old buildings remain and the entire city can be renovated.”
Lawyers distinguish between different types of tokenization: direct tokenization, indirect tokenization, and so-called digital twins. In his opinion, direct tokenization, where tokens give rights to assets, Ideal for fields such as real estate..
However, he acknowledges that Argentina has significant regulatory hurdles. “The National Securities Commission is not directly tokenizing real estate assets, but rather financial instruments, which requires structures such as trusts,” he points out.
In the long term, Soria predicts that Argentina “will see some big players” in asset tokenization. That’s because current requirements exclude many small entrepreneurs. Still, this despite the international interest in the country and the uncertainty. Adoption of digital assets remains high.
Taken together, the numbers confirm that tokenization is undergoing an accelerated expansion phase. But more than the frenzy caused by market enthusiasm, data and expert voices suggest it’s growth enabled by regulatory and technological conditions. This allowed us to measure what the actual demand would be over time.
