0

​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 1

Research and Insights

Crypto.com Research and Insights Team

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 2

RESEARCH DISCLAIMER
The information in this report is provided as general commentary by Crypto.com and
its affiliates, and does not constitute any financial, investment, legal, tax, or any other
advice. This report is not intended to offer or recommend any access to products
and/or services. The views expressed herein are based solely on information available
publicly, internal data, or information from other reliable sources believed to be true.

While we endeavour to publish and maintain accurate information, we do not

guarantee the accuracy, completeness, or usefulness of any information in this report
nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of
any information submitted by other parties. This report includes projections, forecasts,
and other predictive statements that represent Crypto.com’s assumptions and
expectations in light of currently available information. Such projections and forecasts
are made based on industry trends, circumstances, and factors involving risks,
variables, and uncertainties. Opinions expressed herein are our current opinions as of
the date appearing in this report only.

No representations or warranties have been made to the recipients as to the accuracy

or completeness of the information, statements, opinions, or matters (express or
implied) arising out of, contained in, or derived from this report or any omission from
this document. All liability for any loss or damage of whatsoever kind (whether
foreseeable or not) that may arise from any person acting on any information and
opinions contained in this report or any information made available in connection with
any further enquiries, notwithstanding any negligence, default, or lack of care, is
disclaimed.

Reproduction or dissemination, directly or indirectly, of research data and reports of

Crypto.com in any form is prohibited except with the written permission of
Crypto.com. This report is not directed or intended for distribution to, or use by, any
person or entity who is a citizen or resident of, or located in a jurisdiction, where such
distribution or use would be contrary to applicable law or that would subject
Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their
respective owners.

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 3

Contents
Executive Summary​ 4
1. Introduction​ 5
2. Tokenisation by Asset Classes​ 9
2.1 Overview​ 9
2.2 Institutional Adoption of RWAs​ 11
2.3 Regional Initiatives on RWAs​ 12
3. RWAs by Chain​ 14
3.1 Overview​ 14
3.2 Recent Trends​ 15
4. Outlook​ 15
References​ 17

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 4

Executive Summary
●​ Real-world asset (RWA) tokenisation is revolutionising traditional finance by
bringing liquidity, efficiency, and accessibility. In the past 12 months, the
overall RWA market grew by 106%, reaching US$19.2 billion.

●​ Stablecoins that have tokenised fiat currencies dominate the RWA market, with
a US$235 billion market cap. Other popular tokenised RWAs are private credit,
treasuries, commodities (e.g., gold), public stocks, and others (e.g., real
estate, carbon credits). Tokenised private credit and treasuries represent the
two largest asset classes within the RWA realm, with a market cap of $12.2
billion and US$5.2 billion, respectively.

●​ Traditional financial institutions have increasingly recognised the potential of

RWA tokenisation in enhancing their existing product offerings.

●​ On the country level, regulatory changes and country-led RWA trials have
also provided clearer and more favourable guidelines for asset tokenisation.
Examples include Singapore’s Project Guardian and Hong Kong’s Project
Ensemble Sandbox.

●​ When selecting a blockchain for RWAs, issuers consider the network’s

performance (e.g., transaction speed and cost), security and stability, and the
ecosystem. Ethereum has the largest share of the tokenised RWA market in
terms of market cap (54%), becoming a popular choice for issuers like
BlackRock, Hashnote, and Ondo Finance. Recently emerging as the
second-largest RWA blockchain is zkSync Era (22%).

●​ Institutions are also increasingly embracing the trend of multichain

deployment to boost liquidity. In addition, there’s a rise of RWA-specific
chains, including Plume Network and Mantra, with built-in features to simplify
asset tokenisation.

●​ Tokenised RWAs represent only 0.02% of the total RWA market size in
traditional finance, according to consulting firm Roland Berger. This highlights
the significant underpenetration of tokenisation and major potential ahead. In
fact, according to Boston Consulting Group, tokenised RWAs are expected to
grow exponentially to US$16.1 trillion by 2030, representing 10% of the global
GDP by then.

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 5

1.​ Introduction
Real-world asset (RWA) tokenisation is revolutionising traditional finance by
bringing liquidity, efficiency, and accessibility. It has gradually moved forward
from trials and pilot test phases to real-world implementations across asset
classes, including bonds, funds, commodities, and illiquid assets. In the past 12
months, the overall RWA market grew by 106%, reaching US$19.2 billion.

The growth in RWA tokenisation was fuelled by a combination of factors,

including a favourable regulatory landscape, as various regions and financial
institutions started leading trials to embrace tokenisation. Developments in
blockchain technology have also contributed to RWA adoption, as investors
continue to reap the benefits of tokenisation:

●​ Enhanced efficiency and cost reduction: Issuers can enjoy lower issuance
costs, as well as faster settlement times, through smart contracts.

●​ Improved liquidity: Illiquid assets can now be tokenised and traded;

trading hours could also extend due to the 24/7 nature of blockchain.

●​ Fractional ownership: Lowers the minimum investment threshold, which

allows for a larger group of investors.

●​ Improved transparency: Transactions and ownership are easily verifiable

and traceable on the blockchain.

Stablecoins, which are commonly backed by fiat currency like cash and cash
equivalents (short-term treasuries), dominate the RWA market with a US$235
billion market cap (at the time of writing). USDT and USDC combined have an
87% market share, with US$521 billion in average monthly transaction volume in
the past 12 months.

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 6

In addition to stablecoins that tokenised fiat currencies, other popular real-world

assets that are tokenised are private credit, treasuries, commodities (e.g., gold),
and public stocks. Some innovative use cases (e.g., real estate, carbon credits)
and new products have also been explored.

Generally, the tokenisation process involves the following steps:

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 7

Process Sub Description

Asset selection ●​ Identify an asset suitable for tokenisation, such

and evaluation as real estate, art, or commodities.
●​ Assess the asset's value and ensure it complies
with relevant regulations.

Legal structuring ●​ Choose tokenisation structure (tokenised

Asset Special Purpose Vehicle [SPV] or direct
Preparation conversion of asset ownership to tokens).
●​ Establish a legal framework connecting physical
assets to digital tokens.
●​ Define rights associated with tokens.

Asset custody ●​ Secure physical storage of underlying assets.

Token specification ●​ Determine token type (fungible/non-fungible).

Token Creation ●​ Define token supply and distribution
parameters.

Blockchain ●​ Choose between public or private blockchain

selection networks.
●​ Consider scalability requirements.
●​ Evaluate security measures needed.

Smart contract ●​ Create and test smart contracts.

development
●​ Implement governance mechanisms.
●​ Set up automated processes for token
management.

Token issuance ●​ Deploy smart contracts on chosen blockchain.

Token Issuance ●​ Create an initial token supply.
and Distribution
●​ Set up distribution mechanisms.

Primary offering ●​ Execute initial token sale.

Secondary trading ●​ List tokens on authorised trading platforms.

Maintain ●​ Ensure compliance with relevant regulations

Management regulatory including licensing, disclosures, investor
and Governance compliance onboarding checks etc

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 8

Transparency and ●​ Provide regular updates to token holders about

reporting the asset’s performance, value, and any
changes in ownership or status.

●​ Allow token holders to redeem their tokens for a

share of the asset’s value or profits, depending
on the token structure.
Redemption and
Exit Strategy ●​ Plan for scenarios like asset liquidation, resale,
or delisting of tokens, ensuring all legal and
contractual obligations are met.

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 9

2.​Tokenisation by Asset Classes

2.1 Overview

Private Credit
Tokenised private credit represents the largest asset class within the RWA sector,
with an active loan value of US$12.2 billion at the time of writing, a 62%
year-on-year growth. It enables investors to earn yield by lending, while allowing
originators to obtain debt via their RWA-backed collateral.

Figure, a non-bank originator of home equity lines of credit, is the largest issuer
within the asset class, taking up US$9.5 billion of active loans. It also launched
Figure Connect in June 2024, a blockchain-based marketplace of private credit
loans, to enhance liquidity and transparency within the private credit market.
Protocols like Centrifuge, Maple, and Goldfinch are also major players, facilitating
loan origination and repayment.

Treasuries
Tokenised treasuries (especially US treasuries) is the second-largest asset class
of RWAs, with a US$5.2 billion market cap at the time of writing, a 383%

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 10

year-on-year growth. They represent tokenised US treasuries, as well as cash

and cash equivalents, and usually have the characteristics of being low risk and
high liquid. BlackRock’s BUIDL, Hashnote’s USYC, and Franklin Templeton’s
FOBXX are amongst the largest players within this asset class.

Read more on Tokenisation of RWAs & Yield-Bearing Stablecoins

Commodities
Tokenised commodities have a market cap of US$1.3 billion, a 51% year-on-year
growth. They represent digitalised versions of assets, including precious metals
(e.g., gold and silver) and oil. Each token represents fractional ownership of the
underlying commodity, which enables token holders to own a portion of the
asset without physical storage.

Gold is the main underlying asset, and the major issuers in this category include
Paxos Gold (PAXG) and Tether Gold (XAUT).

Stocks
Tokenised stocks are digitalised representations of shares of a public listed
company, and have a current market cap of US$486 million..

According to RWA.xyz, Exodus Movement, Inc. Class A Common Stock (EXOD),

which resides on the Algorand network, currently dominates the market. Exodus
tokenised its common stock on the blockchain, providing investors with a novel
way to invest and trade the stock. In addition, this also opens up use cases,
including dividend payouts through USDC and corporate governance actions on
the blockchain.

It is noted that tokenised securities are still subject to strict regulations, including
the registration requirements under the US Securities and Exchange Commission
(SEC). We anticipate that, under the new crypto-friendly regime in the US, more
growth opportunities may open up in the future as we continue to see demand
from investors.

Others
Other RWA tokenisation applications include corporate bonds, alternative funds,
and non-US government debt. This represents a market size of US$602 million
at the time of writing, a 140% year-on-year growth.

In addition, institutions are gradually exploring the tokenisation of illiquid assets,

including real estate and private equity. Traditionally, these assets have high
barriers to entry and are difficult to trade. Tokenisation enables fractional

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 11

ownership and lowers the minimum investment threshold, which can increase
accessibility and liquidity.

2.2 Institutional Adoption of RWAs

Traditional financial institutions have increasingly recognised the potential of
RWA tokenisation in enhancing their existing product offerings. BlackRock, for
example, announced its US$10 trillion tokenisation vision to signal its
commitment in innovation to redefine the traditional financial landscape. There
are also various RWA tokenisation use cases, on the company and country level,
that are being explored.

For instance, JPMorgan’s Kinexys Digital Assets is a proprietary tokenisation

platform that enables digital financing and digital debt built on top of its private
Kinexys blockchain infrastructure.

The main asset classes that have been brought on-chain include:
Asset Size (Million [M]/
Examples of Institutional Adoption
Classes Billion [B])

●​ Invesco: Tokenised senior private credit fund ●​ AUM: US$5.7B

Private
Credit ●​ Apollo Asset Management: Launched Apollo ●​ AUM: US$1.3B
Diversified Credit Securitize Fund (ACRED)

●​ BlackRock: BUIDL ●​ AUM: US$1.7B

Treasuries
●​ Franklin Templeton: FOBXX ●​ Total Net Assets:
US$631.9M

●​ BNP Paribas (Slovenia’s digital bond) ●​ €30M (US$32M)

●​ DBS ●​ SGD15M
Bonds (US$11M)
●​ Santander
●​ US$20M
●​ Societe Generale (digital green bond)
●​ €10M (US$11M)

●​ HSBC: Launched a Gold Token for retail N/A

Commodities investors in Hong Kong

●​ WisdomTree: Gold token

Public Funds ●​ JPMorgan: Tokenised Collateral Network (TCN) N/A

was used by BlackRock and Fidelity

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 12

International to tokenise its money market fund

(MMF)

Private ●​ Hamilton Lane: Global private assets fund ●​ AUM: US$5.2B

Funds tokenised via distributed ledger
technology-registered shares

Stocks ●​ Exodus Movement: Tokenised its Class A ●​ Market Cap:

shares on Algorand US$1.3B

Real Estate ●​ DAMAC Group: Partnered with Mantra to ●​ US$1B

tokenise US$1 billion in real estate

2.3 Regional Initiatives on RWAs

On the country level, regulatory changes and country-led RWA trials also provide
clearer and more favourable guidelines for asset tokenisation. These are
important steps to encourage private-public sector cooperation to advance RWA
adoption.

Region Government-Led RWA Trials and Relevant Regulatory Updates

●​ US (Country level): US Senators move forward with GENIUS Act

(stablecoin bill that aims to divide stablecoin regulation across state
and federal authorities); Committee hearings on tokenisation of
Americas
real-world assets.

●​ US (State level): Wyoming has its own Stable Token Commission and is
advocating a state-backed stablecoin.

●​ European Union’s Markets in Crypto-Assets Regulation (MiCA).

Europe ●​ European Central Bank pilot of euro wholesale central bank digital
currency (wCBDC), plus trials of distributed ledger technology with
private sector for securities settlement, margin/repo, cash payments,
etc.

●​ Hong Kong: Project Ensemble Sandbox, led by Hong Kong Monetary

Authority (HKMA), aims to examine interoperability amongst tokenised
assets, tokenised deposits, and a wholesale central bank digital
APAC currency. It has four main themes around tokenisation of bonds and
funds, repo/treasury management, carbon credits, trade, and supply
chain finance.

●​ Singapore: Project Guardian, initiated by the Monetary Authority of

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 13

Singapore, aims to establish frameworks/guidelines on asset

tokenisation, as well as develop commercial use cases through
collaboration with private sector institutions.

●​ Qatar: Digital asset and tokenisation framework to ensure security and

transparency.
Middle
East ●​ UAE: The Dubai Land Department started the pilot phase of a real
estate tokenisation project; Dubai Financial Services Authority is
planning a Tokenisation Regulatory Sandbox to invite companies to
explore tokenised investment products.

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 14

3. RWAs by Chain
Different blockchains have unique features and ecosystems that can benefit
RWA tokenisation. Depending on the type of asset tokenised and the use case,
institutions may choose different blockchains to tokenise their RWAs.

3.1 Overview
When selecting a blockchain for RWAs, issuers consider the network’s
performance (e.g., transaction speed and cost), security and stability, and the
ecosystem.

Ethereum has the largest share of tokenised RWAs by market cap (54%),
becoming a popular choice for issuers like BlackRock, Hashnote, and Ondo
Finance. Additionally, zkSync Era recently emerged as the second-largest
blockchain (22%), supported by Tradeable’s tokenisation of private credit assets.

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 15

3.2 Recent Trends

Multichain Deployment
While there are deployments on private blockchains and proprietary tokenisation
platforms (e.g., JPMorgan's Kinexys and HSBC's Orion), we have observed that
institutions are increasingly embracing public chains like Ethereum. In addition,
there has been an uptick in multichain deployment, which increases the funds’
availability to more investors and boosts liquidity. BlackRock’s BUIDL initially
launched on Ethereum, then expanded to Aptos, Arbitrum, Avalanche, Optimism,
and Polygon in November 2024, and most recently to Solana in March 2025.
Franklin Templeton’s FOBXX also expanded beyond Stellar to Avalanche, Aptos,
Base, and Ethereum.

RWA-Specific Chains
There is also a rise in RWA-specific chains, including Plume Network and Mantra.
These chains have built-in features to simplify asset tokenisation, ensuring
compliance and security. Plume Network is an EVM-compatible Layer-1
blockchain that allows assets to be tokenised and used in DeFi platforms to
generate yield. Mantra, which started as a DeFi platform, has also ventured into
RWAs and recently signed a deal with Dubai’s DAMAC Group to tokenise real
estate assets. It should be noted that, while these chains may have infrastructure
and security features optimised for RWA integration, they are often emerging
networks with a shorter track record.

4. Outlook
Tokenised RWAs are currently a $247 billion market, including stablecoins,
representing only 0.02% of the total RWA market size in traditional finance,
according to global strategy consulting firm Roland Berger. This highlights the
significant underpenetration of tokenisation and major potential ahead. In fact,
according to Boston Consulting Group, tokenised RWAs are expected to grow
exponentially to $16.1 trillion by 2030, representing 10% of the global GDP by
then.

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 16

A positive tokenisation flywheel effect is anticipated, where funds moved

on-chain will lead to an increase in tokenised investment options, which will
subsequently attract more tokenised capital. This trend will be fuelled by the
demands of existing crypto owners, traditional financial institutions, and
governments. Overall, RWA tokenisation is poised to play a revolutionary role in
the financial industry.

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 17

References
“A New Frontier — TradFi ° CeFi ° DeFi: How RWA Tokenization is Transforming the
Global Market.” Zoniqx, 1 October 2024,
https://www.zoniqx.com/resources/a-new-frontier---tradfi-deg-cefi-deg-defi-
how-rwa-tokenization-is-transforming-the-global-market. Accessed 13 March
2025.

Abdulwahab, Abdulkarim. “Ethereum Dominates RWA Tokenization with $5.8 Billion in

Assets, Leaving Competitors Behind.” Coin Edition, 31 January 2025,
https://coinedition.com/ethereum-dominates-rwa-tokenization-with-5-8-billion
-in-assets-leaving-competitors-behind/. Accessed 13 March 2025.

Allison, Ian. “Banking Giants Abuzz About Tokenization of Real-World Assets as DeFi
Craves Collateral.” CoinDesk, 4 October 2023,
https://www.coindesk.com/business/2023/09/28/banking-giants-abuzz-about-
tokenization-of-real-world-assets-as-defi-craves-collateral. Accessed 24
March 2025.

Banerjee, Anutosh, et al. “From ripples to waves: The transformational power of

tokenizing assets.” McKinsey & Company, 20 June 2024,
https://www.mckinsey.com/industries/financial-services/our-insights/from-ripp
les-to-waves-the-transformational-power-of-tokenizing-assets. Accessed 13
March 2025.

Chan, David, et al. “Tokenized Funds: The Third Revolution in Asset Management
Decoded.” Boston Consulting Group, 29 October 2024,
https://www.bcg.com/press/29october2024-tokenized-funds-the-third-revoluti
on-in-asset-management-decoded. Accessed 15 March 2025.

“The Great Tokenization: Everything You Need to Know About Real World Asset
Tokenization.” Tren Finance,
https://research.tren.finance/the-great-tokenization/. Accessed 24 March
2025.

Gunter, Evan, et al. “Tokenized Private Credit: A New Digital Frontier for Real World
Assets.” S&P Global, 23 October 2024,
https://www.spglobal.com/en/research-insights/special-reports/tokenized-priv
ate-credit. Accessed 18 March 2025.

“How Tokenized Private Credit Is Reshaping Institutional Portfolios.” DigiFT, 11 March

2025,
https://insights.digift.sg/how-tokenized-private-credit-is-reshaping-institutional
-portfolios/. Accessed 26 March 2025.

Kalp. “Overview of the global landscape of RWA tokenization: Singapore is a pioneer,

and Switzerland has established a comprehensive legal framework.”

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 18

BlockBeats, 24 September 2024, https://en.theblockbeats.news/news/55162.

Accessed 20 March 2025.

Karaman, Ayse. “Five reasons RWAs are taking off in 2025.” Cointelegraph, 11 March
2025,
https://cointelegraph.com/news/five-reasons-rwas-are-taking-off-in-2025.
Accessed 15 March 2025.

Kaur, Guneet. “How are RWAs tokenized: Ethereum vs. Solana comparison.”
Cointelegraph, 13 November 2024,
https://cointelegraph.com/learn/articles/how-are-rwas-tokenized-ethereum-vs
-solana-comparison. Accessed 15 March 2025.

Kuznetsov, Andrey. “Wall Street is betting on $30T RWA tokenization market

prospects.” Cointelegraph, 1 February 2025,
https://cointelegraph.com/news/wall-street-is-betting-on-30-t-rwa-tokenizatio
n. Accessed 15 March 2025.

Mukherjee, Angkan, et al. “RWA Tokenization: Key Trends and 2025 Market Outlook.”
Brickken, 11 March 2025,
https://www.brickken.com/en/post/rwa-tokenization-trends-and-market-outloo
k-2025. Accessed 13 March 2025.

Polytrade. “State of RWAs 2024–2025: A Year of Transformation.” X, 19 March 2025,

https://x.com/Polytrade_fin/status/1902374130709590455. Accessed 24 March
2025.

“Tokenized Asset Coalition State of Tokenization 2024.” Tokenized Asset Coalition, 26

September 2024,
https://www.rwa.xyz/blog/tokenized-asset-coalition-state-of-tokenization-202
4. Accessed 14 March 2025.

Vitez, Mike. “How Major Financial Institutions Are Driving Real-World Asset
Tokenization.” Medium, 2 December 2024,
https://medium.com/@mikevitez/financial-institutions-driving-rwa-tokenization
-0d39c8d49020. Accessed 24 March 2025.

“What is the Growth Potential for Real-World Asset Tokenization?” Hadron by Tether,
11 February 2025,
https://hadron.tether.to/en/blog/what-is-the-growth-potential-for-real-world-as
set-tokenization. Accessed 26 March 2025.

Published on 9 Apr 2025

 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Crypto.com | 19

e. contact@crypto.com

©2025 Crypto.com. For more information, please visit Crypto.com.

Published on 9 Apr 2025