Global outlook for RWA tokenization as fragmentation gives way to integrated markets

Investors, policymakers and builders are reassessing how RWA tokenization can scale from isolated pilots to a coherent, global on-chain asset market.

Scope, methodology and market context

The 2026 state-of-market report examines real world assets being brought on-chain, combining on-chain metrics, market data and structured interviews with industry participants. It targets institutional investors, financial service providers, technology builders and policymakers who need a clear map of emerging tokenized markets.

Moreover, the analysis focuses on both technical and economic dimensions of on-chain asset systems. It does not provide financial, legal, tax or investment advice, and all figures are reported as of November 2025 unless otherwise noted. This timestamp is important, because platform launches and regulatory moves are accelerating.

From fragmented pilots to a unified global market

The report finds that the current landscape of tokenized asset markets remains highly fragmented across chains, platforms and jurisdictions. However, liquidity, data standards and compliance workflows are slowly converging as major financial institutions experiment with tokenized funds, short-term debt and other instruments.

That said, fragmentation still constrains scale. Issuers often face duplicated legal work, bespoke integrations and siloed liquidity pools. Moreover, investors must navigate different custody models and risk profiles depending on whether assets sit on public blockchains, permissioned networks or hybrid architectures.

Toward a universal interoperability layer

According to the study, a sustainable growth path requires a universal RWA interoperability layer that can bridge these silos without sacrificing compliance. Such a layer would coordinate identity, asset data, settlement and access control across multiple chains and infrastructure providers.

However, designing this layer involves complex questions about the tokenization regulatory framework in key markets. Authorities must determine how existing securities, funds and payments rules apply when assets move across networks in near real time. Market participants interviewed for the report stress the need for clear, technology-neutral guidance.

Institutional demand and platform evolution

The report highlights growing institutional interest in the tokenization of RWA, including use cases in short-term credit, money market instruments and private funds. Strategy, BlackRock and other global asset managers continue to explore pilots and production deployments, even as questions remain about secondary market depth.

Moreover, specialized RWA tokenization companies and infrastructure providers are building vertically integrated stacks that handle issuance, compliance, settlement and investor reporting. Some act as full-service RWA tokenization platform offerings, while others focus on modular components that banks and brokers can embed into their own systems.

Economic implications of on-chain real-world assets

The study analyzes how real-world asset tokenization can reshape market microstructure, especially for traditionally illiquid instruments. By enabling 24/7 settlement, programmatic cash flows and transparent registries, tokenized claims on real-world assets could improve price discovery and collateral efficiency.

However, benefits depend on sufficient network effects. Liquidity must concentrate in venues that support robust governance and transparent risk management. Moreover, participants interviewed in 2025 caution that operational risks, oracle design and smart contract security remain key constraints on wider adoption.

Regulatory developments and supervisory focus

Supervisors in major jurisdictions are moving from observation to active rule interpretation for on chain asset tokenization. The report notes that policymakers increasingly treat tokenized claims as technologically updated wrappers around familiar financial products, rather than as an entirely separate asset class.

That said, enforcement actions and consultations in 2024 and 2025 underscore that disclosure, investor protection and market integrity rules apply regardless of technological substrate. Moreover, interviews suggest regulators expect firms to maintain traditional standards of governance and risk control even when using novel settlement rails.

Technical architecture and interoperability challenges

The technical analysis maps how various architectures handle identity, settlement finality and cross-chain messaging. Some ecosystems prioritize public, composable infrastructure, while others favor permissioned networks tightly controlled by consortia of financial institutions.

However, the report argues that long-term success will depend on interoperability standards rather than single-stack dominance. Market participants increasingly support common data schemas, messaging protocols and legal templates that can operate across both public and permissioned environments.

Market participants and ecosystem roles

Different actors now occupy distinct but interconnected roles in the evolving landscape. Issuers structure and originate real-world assets tokens; service providers handle KYC, compliance and oracles; and trading venues coordinate price discovery and secondary liquidity.

Moreover, custodians and trustees adapt traditional fiduciary functions to digital registries, while technology builders supply the smart contracts and infrastructure tooling. The report notes that effective coordination between these groups is essential to turning isolated pilots into scalable, production-grade markets.

Outlook for 2026 and beyond

Looking ahead to 2026, the authors expect continued experimentation, alongside gradual consolidation around a smaller set of core standards. In this context, RWA tokenization is framed less as a speculative trend and more as an infrastructure upgrade to global capital markets.

In summary, the study concludes that the tokenization of real world assets is entering a new phase. Market growth will depend on resolving fragmentation, clarifying regulatory expectations and building a robust interoperability layer that can support institutional-scale adoption worldwide.