RWA Report 2025
Your data-driven guide to key trends, new asset types, and the leading projects shaping real-world assets onchain.
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Key Takeaways
U.S. Treasuries proved product-market fit
They weren’t the first tokenized assets, but they were the first to achieve scale. Treasuries remain the largest tokenized asset category and provide the credibility and liquidity base for everything that follows.
Onchain investors move up the yield curve
After Treasuries, capital is flowing into longer-duration bonds, private credit, and equities, reflecting investor demand for higher returns.
Integration with DeFi is accelerating
The real breakthrough of tokenization is composability, turning assets into collateral, yield primitives, and trading instruments that serve as programmable building blocks for onchain finance.
Accessibility is expanding
Early adoption was led by large institutions, but permissionless formats, DeFi interoperability, and higher-yielding products are attracting a wider and more diverse investor base.
Why This Report Exists
Real-world asset tokenization remains a critical but often misunderstood component of crypto adoption. Despite its importance, many projects and investors make decisions with limited visibility into how RWA protocols actually behave and what drives successful tokenization strategies.
This independent report draws on analysis of over $30 billion in tokenized assets across major RWA protocols, alongside insights from leading tokenization platforms, institutional adopters, and regulatory experts.
It maps out the mechanics, patterns, and behaviors shaping real-world asset tokenization in 2025, and highlights the data points where significant opportunities and regulatory clarity emerge.
Jürgen Blumberg
COO
Sid Powell
CEO
Aishwary Gupta
Global Head – Payments, Exchanges & RWA
Denelle Dixon
CEO & Executive Director
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Since 2024
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