The tokenization of real-world assets (RWAs) could eventually bridge trillions of dollars from traditional finance into blockchain ecosystems, according to new research from Web3 investment firm Animoca Brands.
In an August report, researchers Andrew Ho and Ming Ruan highlighted the scale of the opportunity, citing a $400 trillion addressable market in traditional asset classes including private credit, treasury debt, commodities, equities, alternative funds, and global bonds. By comparison, the current RWA tokenization market is valued at just $26.5 billion, a figure that has surged 70% since the start of 2025, according to industry tracker RWA.xyz.
“This signals clear momentum and rising institutional confidence,”
the report stated, noting that private credit and U.S. Treasurys now account for nearly 90% of tokenized value.
Ethereum remains the dominant blockchain for RWA tokenization, securing a 55% market share rising to 76% when activity on layer-2 networks like Polygon, Arbitrum, and ZKsync is included. With $156 billion in on-chain stablecoins and tokenized assets, Ethereum’s liquidity and developer ecosystem underpin its lead.
However, Animoca’s researchers warned that the race is far from over. Competing high-performance blockchains and purpose-built private networks are beginning to challenge Ethereum’s dominance, with interoperability set to play a critical role in shaping the next phase of adoption.
The report also pointed to a “strategic race” among asset managers to develop integrated tokenization platforms capable of controlling the entire asset lifecycle. Long-term value, it said, will accrue to players who can seamlessly merge traditional markets with blockchain infrastructure.
With the sector still in its infancy, Animoca framed the rapid growth as an early signal that tokenized RWAs could emerge as one of the largest drivers of institutional blockchain adoption in the coming years.
Beyond research, Animoca is positioning itself directly in regulated markets. The company is pursuing a stablecoin issuance license through a joint venture with Standard Chartered Bank and Hong Kong Telecom as Hong Kong prepares to implement its Stablecoin Ordinance.
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