The Tokenisation of Real-World Assets and Securities (2026 – 2032)

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A robust understanding of the tokenisation landscape requires a clear articulation of the study’s goals and a transparent research approach. This section outlines the key objectives that guide the analysis and details the methodology used to collect, segment, and interpret data. By combining primary insights, secondary research, and market modelling, the study provides a comprehensive and evidence-based view of the tokenised real-world asset market from 2026 to 2032.

The primary objective of our study is to deliver a data-driven, forward-looking analysis of the tokenisation of real-world assets and securities, covering the period from 2026 to 2032. The study is designed to assist institutional investors, financial services providers, regulators, technology vendors, and infrastructure operators in understanding the size, structure, drivers, and emerging dynamics of the tokenised asset ecosystem.

This study aims to offer actionable insight and strategic foresight for stakeholders navigating the convergence of digital assets, capital markets infrastructure, and regulatory reform.

This research is underpinned by a multi-source methodology, drawing on both qualitative and quantitative inputs to develop a robust market analysis.

All data is triangulated to ensure consistency, and sensitivity ranges are applied to account for uncertainties in early-stage adoption environments.

The market has been segmented to reflect the heterogeneity of assets, infrastructure participants, and regulatory conditions within the tokenisation ecosystem. This segmentation allows for granular analysis and more accurate market sizing.

This segmentation provides a flexible structure that accommodates rapid technological development, evolving legal classifications, and dynamic participant roles across the digital asset lifecycle.

Table of Contents

Market Landscape: Tokenisation of Real-World Assets (RWAs)

The tokenisation of real-world assets represents a transformative shift in how ownership, value transfer, and asset management are conducted across global markets.

By converting physical and traditional financial assets into digital tokens on blockchain-based platforms, this innovation enhances liquidity, accessibility, and operational efficiency. This section of the study explores the concept and scope of RWA tokenisation, identifies the key market drivers and constraints influencing its adoption, and examines the broader technological ecosystem supporting this evolution.

Together, these insights establish the foundation for understanding the dynamics shaping the current and future state of the tokenised asset landscape.

Concept and Scope of RWA Tokenisation

Real-World Asset (RWA) tokenisation refers to the process of digitally representing ownership claims to physical or traditional financial assets on a blockchain or distributed ledger. Through the use of programmable smart contracts, tokenisation enables the fractionalisation, issuance, trading, and lifecycle management of assets that are historically illiquid or constrained by legacy infrastructure.

RWAs can include a wide variety of asset types, typically segmented into the following categories:

Tangible Assets: Real estate, infrastructure, gold, art, fine wine, luxury collectibles.
Financial Instruments: Bonds, syndicated loans, private equity, venture capital stakes, asset-backed securities.
Legal Entitlements: Revenue-sharing agreements, carbon credits, intellectual property rights.

Tokenised RWAs are often structured as security tokens or asset-backed tokens, embedded with legal rights and encoded for compliance with jurisdiction-specific securities laws. These tokens can be issued directly on public blockchains or within permissioned environments operated by regulated financial institutions.

The scope of RWA tokenisation includes both primary issuance (for example, fundraising or asset listing) and secondary trading, with adjacent functions such as custody, governance, and compliance automated through smart contract logic. The movement toward tokenising RWAs reflects a broader industry trend of converging traditional finance (TradFi) and decentralised finance (DeFi) infrastructure into a unified, programmable financial system.

Market Drivers and Constraints

The tokenisation of RWAs is gaining traction due to a convergence of macroeconomic, technological, and regulatory drivers. However, adoption remains uneven across geographies and asset classes due to several structural and operational constraints.

Key Market Drivers

Increased Liquidity for Illiquid Assets: Tokenisation enables fractional ownership and continuous trading of assets that are typically slow or costly to trade, such as real estate or fine art.
Enhanced Accessibility: Retail and global investors can gain access to high-value or previously inaccessible markets through regulated digital platforms.
Efficiency and Cost Reduction: Blockchain automates manual back-office processes, reducing reconciliation costs, settlement times, and intermediary overhead.
Real-Time Settlement and Transparency: Tokens settle in near real-time with immutable transaction histories, improving trust, auditability, and risk monitoring.
Regulatory Momentum: Emerging regulatory clarity in key markets (for example, MiCA in Europe, SEC guidance in the US, MAS frameworks in Singapore) is legitimising tokenised offerings.
Institutional Entry: Major financial institutions, exchanges, and central banks are piloting and scaling tokenisation projects, signalling a shift from experimentation to implementation.

Primary Constraints

Regulatory Uncertainty and Fragmentation: Diverging legal definitions and inconsistent treatment of digital assets across jurisdictions hinder cross-border token flows and platform scaling.
Custody and Key Management Risks: Secure, regulated custody remains a critical bottleneck, especially for institutional participation.
Lack of Interoperability and Standards: Diverse blockchain platforms and token standards create fragmentation and integration challenges for market participants.
Investor Education and Adoption Lag: Retail and institutional investors are still acclimatising to the risk profiles and mechanics of tokenised assets.
Valuation and Price Discovery Issues: For less liquid or unique RWAs (for example, collectibles or small real estate assets), pricing tokens in real-time remains problematic.

While the promise of RWA tokenisation is widely acknowledged, realising its full potential will depend on resolving key issues related to infrastructure, regulation, and participant incentives.

Technological Ecosystem

The tokenisation ecosystem is underpinned by a rapidly maturing technological stack that spans issuance platforms, custody solutions, blockchain protocols, and interoperability layers.

Key Components of the Tokenisation Stack

Blockchain Protocols and Ledgers

Public Protocols: Ethereum, Polygon, Avalanche, favoured for composability and DeFi integration.
Enterprise/Permissioned Ledgers: R3 Corda, Hyperledger Besu, Quorum, preferred by institutions for privacy and regulatory compliance.

Token Standards

ERC-20 / ERC-721 / ERC-1155: Widely used for fungible and non-fungible tokens.
ERC-1400 / ERC-3643: Designed specifically for security tokens with embedded compliance rules.
Smart Legal Contracts: Platforms such as Mattereum are pioneering legally enforceable token standards that bind on-chain assets to off-chain legal frameworks.

Issuance and Compliance Platforms

End-to-end issuance platforms like Securitize, Tokeny, and Polymath offer white-labelled solutions for token creation, investor onboarding (KYC/AML), and post-trade compliance.
These platforms often integrate with existing capital market systems (for example, SWIFT, ISO 20022) for compatibility.

Custody and Wallet Infrastructure

Qualified custodians (for example, Anchorage Digital, Coinbase Custody, Fireblocks) provide secure storage, governance controls, and insurance.
Institutional wallets integrate multi-party computation (MPC) and key sharding to enhance security.

Oracles and Asset Data Providers

Real-world pricing, ownership, and compliance data are injected into smart contracts via decentralised oracles (for example, Chainlink) or regulated data providers.

Interoperability Frameworks

Cross-chain token bridges, Layer-2 scaling protocols, and messaging standards (for example, Interledger, Cosmos IBC) are facilitating seamless token transfers across ecosystems.

Marketplace Infrastructure

Tokenised RWAs are traded on secondary markets including decentralised exchanges (DEXs), regulated ATS platforms (for example, tZERO), and emerging asset marketplaces designed for institutional access.

The integration of these components is gradually leading to the emergence of tokenisation-as-a-service (TaaS) models, enabling traditional financial businesses to access modular infrastructure for asset digitisation without developing it in-house.

Market Sizing and Forecasts (2026-2032)

Accurate market sizing and robust forecasting are essential to understanding the growth potential and investment opportunities within the tokenisation of real-world assets.

This section presents a comprehensive analysis of market value projections across key asset classes, including real estate, art and collectibles, and debt instruments. Leveraging a combination of quantitative modelling and qualitative insights, the forecasts account for technological adoption rates, regulatory developments, and regional market dynamics.

By examining emerging trends such as fractional ownership and evolving token marketplaces, this analysis provides a data-driven foundation for strategic planning and decision-making through 2032.

Methodology for Market Sizing

The market sizing for tokenised real-world assets across real estate, art and collectibles, and debt instruments was conducted using a hybrid top-down and bottom-up modelling approach. The methodology incorporates the following steps:

Addressable Market Estimation: We identified the total addressable market for each asset class based on global asset ownership data, transaction volumes, and institutional allocation trends.
Tokenisation Penetration Rates: Adoption forecasts were developed under three scenarios, conservative, base case, and optimistic, based on historical growth rates, pilot project success rates, and regulatory trajectories.
Primary and Secondary Issuance Data: Verified tokenised asset issuance volumes from leading platforms (for example, Securitize, RealT, tZERO, 4ARTechnologies) and blockchain explorers (for example, Etherscan, PolygonScan) were aggregated.
Cross-validation: Forecasts were validated using interviews with market participants, platform-reported pipeline data, and extrapolated growth rates from past issuance volumes.

All figures are presented in USD and are adjusted for inflation and projected market fluctuations.

Tokenised Real Estate

Market Value Projections (2026-2032)

Tokenised real estate is expected to be the most valuable and mature segment within the RWA tokenisation landscape due to the large global asset base, inefficiencies in traditional real estate finance, and a growing appetite for fractionalised property ownership.

Year	Tokenised Real Estate Market Size (USD Bn)	YoY Growth (%)
2026	6.4	—
2027	10.1	57.8%
2028	16.5	63.4%
2029	25.3	53.3%
2030	37.7	49.0%
2031	54.5	44.5%
2032	72.4	32.8%

By 2032, tokenised real estate is projected to represent approximately 0.3% of global real estate market capitalisation.

Key Trends: Fractional Ownership, Token Marketplaces

Fractional Ownership Models: Platforms like RealT and Lofty AI are enabling retail and institutional investors to purchase shares in income-generating properties for as little as $50, dramatically broadening access to property markets.
Token Marketplaces: Emergence of licensed secondary marketplaces for real estate tokens, such as INX and Blocksquare Exchange, is improving liquidity and price discovery.
Yield Integration: Smart contracts automate rent distribution and reinvestment, turning real estate into a programmable income-generating asset.
Regulatory Sandboxes: Regulators in Dubai, Singapore, and the UK are facilitating controlled environments for digital real estate issuance and trading.

Regional Analysis (North America, Europe, APAC, MENA)

North America: Leading region in terms of issued volume and regulatory experimentation (for example, FINRA-approved ATS platforms).
Europe: Growing traction in Germany, Switzerland, and Luxembourg with a strong legal framework and institutional participation.
Asia-Pacific: Early-stage development with pilot programmes in Singapore, Japan, and Hong Kong focused on commercial properties.
Middle East & North Africa: Dubai and Abu Dhabi emerging as tokenisation hubs via initiatives by ADGM and DIFC.

Tokenised Art and Collectibles

Tokenised art and collectibles, while smaller in market size, are gaining momentum among high-net-worth individuals, family offices, and digital-native investors seeking fractional exposure to alternative assets.

Year	Tokenised Art & Collectibles Market Size (USD Bn)	YoY Growth (%)
2026	1.2	—
2027	2.0	66.7%
2028	3.4	70.0%
2029	5.1	50.0%
2030	7.2	41.2%
2031	9.6	33.3%
2032	11.8	22.9%

The segment is forecast to grow at a CAGR of 43.7% from 2026 to 2032, driven by tokenised fine art, luxury watches, and rare collectibles.

Key Dynamics:

Authentication via NFTs: Digital certificates of authenticity are increasingly being embedded into tokenised art platforms to reduce forgery.
Auction Integration: Tokenisation platforms are partnering with traditional auction houses to enable real-time fractional bidding and investment.
Secondary Liquidity: Start-ups such as Particle and Artex are pioneering marketplaces that enable partial exit of art holdings via peer-to-peer sales.
Digital-Native Creators: A growing segment of artists is launching tokenised works directly, often tied to physical art via embedded smart contracts.

Tokenised Debt Instruments

Tokenisation of debt instruments is emerging as a scalable and institutionally relevant application, driven by its compatibility with compliance workflows and maturity-matching features.

Year	Tokenised Debt Instruments Market Size (USD Bn)	YoY Growth (%)
2026	4.5	—
2027	8.3	84.4%
2028	13.6	63.9%
2029	20.9	53.7%
2030	30.1	44.0%
2031	43.0	42.9%
2032	58.7	36.5%

The debt tokenisation market is projected to reach nearly USD 60 billion by 2032, with strong uptake from corporate issuers, DeFi lending protocols, and ESG-linked bond structures.

Notable Trends:

Programmable Debt Instruments: Smart contracts encode interest rate calculations, covenants, and redemption terms, reducing administrative friction.
On-Chain Credit Markets: Institutional lenders are experimenting with tokenised loan participation on platforms like Centrifuge and Maple Finance.
Regulatory Alignment: Jurisdictions such as Luxembourg and France have enacted legal frameworks to recognise tokenised bonds as financial instruments.
Stablecoin Collateralisation: Issuers are integrating stablecoins (for example, USDC, EURC) to manage interest payments and redemptions.

Custody Models and Infrastructure Comparisons

Secure and efficient custody solutions are fundamental to the adoption and trustworthiness of tokenised real-world assets.

As digital representations of valuable assets proliferate, safeguarding private keys, ensuring regulatory compliance, and enabling seamless transaction settlement become critical challenges. This section of our research study explores the varying custody models available, ranging from traditional custodians adapting to digital assets to specialised crypto-native providers, and compares their capabilities, security features, and suitability for different asset classes.

A thorough understanding of custody infrastructure helps stakeholders make informed decisions about risk management and operational design in the tokenisation ecosystem.

Overview of Custody Needs for Tokenised Assets

As tokenised assets become increasingly integrated into the financial system, the secure storage, transfer, and governance of these assets have become critical to investor confidence and institutional adoption. Unlike traditional financial assets, tokenised instruments, whether they represent real estate, debt, or art, require digital custody, which entails the secure management of private keys and the ability to interact with smart contracts.

Key custody functions for tokenised assets include:

Secure private key storage with redundancy and disaster recovery
Regulatory compliance with local and cross-border laws (for example, CSDR, MiFID II, SEC custody rules)
Support for asset servicing, including income distribution, voting rights, and redemption
Multi-asset and multi-chain support, as tokenised RWAs may reside on different blockchain protocols
Governance and access control, ensuring that roles such as asset manager, auditor, and investor are properly segregated and enforceable on-chain

Given the diversity of asset types and investor profiles, custody solutions must balance security, usability, and compliance while integrating with both blockchain-native infrastructure and traditional financial systems.

Custody Models

There are several custody models in use today, each with distinct characteristics. These can be broadly categorised into the following:

Centralised (Qualified) Custody

Description: Custody is provided by regulated financial institutions (for example, banks or trust companies) that store the digital assets on behalf of clients.
Examples: Anchorage Digital (US OCC chartered), BitGo Trust, Zodia Custody (Standard Chartered), SEBA Bank.
Features: Regulated entity; insurance coverage; integrated AML/KYC; institutional-grade security.

Self-Custody

Description: The investor (individual or institutional) retains full control over their digital assets via private wallets.
Examples: MetaMask, Ledger, Fireblocks (for institutions).
Features: Maximum control; no reliance on third parties; higher risk of key mismanagement or loss.

Third-Party Non-Custodial Infrastructure

Description: Custody services are provided via decentralised or MPC-based solutions that do not take legal ownership of assets.
Examples: Qredo (decentralised custody), Curv (MPC, acquired by PayPal).
Features: Enhanced flexibility; programmable governance; used in hybrid TradFi/DeFi environments.

Hybrid Custody Models

Description: Combines elements of centralised regulation with decentralised infrastructure, enabling token holders to delegate custody to regulated entities or maintain partial control.
Examples: Copper ClearLoop, Fireblocks Network with policy engine, BNP Paribas’ token custody trials.
Features: Operational flexibility; customisable permissions; layered governance and compliance tooling.

Comparative Analysis of Custody Models

The table below summarises and compares the major custody models for tokenised real-world assets:

Custody Model	Security	Regulatory Alignment	User Control	Scalability	Institutional Readiness
Centralised Custody	High (HSM, SOC2)	Strong (licensed/trusted)	Low	High	Very High
Self-Custody	Variable (user-dependent)	Low to Moderate	High	Moderate	Low to Moderate
Non-Custodial / MPC-Based	High (MPC/threshold sigs)	Moderate	Medium	High	Moderate to High
Hybrid Custody	High	Moderate to Strong	Medium to High	High	High

Key Insights:

Institutional investors prefer centralised or hybrid custody due to regulatory certainty and integration with fiat and brokerage workflows.
Retail and crypto-native investors may gravitate toward self-custody or non-custodial solutions to retain autonomy and reduce intermediary reliance.
MPC-based and hybrid models offer a middle ground, supporting flexible permissions, key sharding, and automated policy enforcement across complex asset classes.
The future of custody is likely multi-modal, where institutions and platforms adopt interoperable custody layers tailored to the risk profile and regulatory regime of the underlying asset.

Regulatory and Compliance Landscape

As tokenisation of real-world assets gains momentum, regulatory frameworks and compliance requirements play a pivotal role in shaping market development and participant behaviour.

The evolving legal environment influences how assets are structured, issued, and traded, impacting investor protection, market integrity, and cross-border operations. This section of the research examines the regulatory landscape across key jurisdictions, explores advanced AML/KYC and on-chain compliance tools, and assesses the broader implications for capital formation and market access.

A clear understanding of these factors is essential for stakeholders seeking to navigate regulatory complexities while leveraging the benefits of tokenised assets.

Jurisdictional Analysis

The regulation of tokenised real-world assets is rapidly evolving, with a growing number of jurisdictions developing legal frameworks that recognise the issuance, custody, and trading of tokenised securities and physical assets. However, the degree of regulatory clarity and innovation varies significantly across regions.

Jurisdiction	Regulatory Stance	Key Frameworks & Highlights
European Union	Progressive and formalised	MiCA (Markets in Crypto-Assets Regulation), DLT Pilot Regime enabling tokenised securities trading under regulatory exemptions.
United States	Fragmented and cautious	SEC treats most tokenised assets as securities. No federal-level clarity on non-securities RWAs. Qualified custodian rules under review.
United Kingdom	Adaptive and principle-based	FCA’s Digital Sandbox and recent Law Commission proposals provide clarity on digital assets’ legal status. Security token offerings permissible with proper licensing.
Singapore	Supportive and tech-neutral	MAS permits DLT-based bond issuance and asset tokenisation under recognised exemptions. Strong emphasis on AML/CFT compliance.
Switzerland	Pioneering and well-defined	Swiss DLT Act allows ledger-based securities. FINMA recognises tokenised shares and funds under existing securities law.
United Arab Emirates (UAE)	Innovation-friendly	ADGM and DIFC have introduced frameworks for tokenised assets, with specific licenses for digital asset custody and issuance.
China	Restrictive on crypto, selective on tokenisation	Tokenisation of physical assets is being trialled under strict state oversight; limited scope for decentralised models.

Key Observations:

The EU and Switzerland lead in providing institutional clarity and a consistent framework.
Common law jurisdictions (for example, UK, Singapore) are flexible and support principle-based adaptation.
The US market is significant but hampered by regulatory fragmentation and enforcement-led posture.
Emerging markets like the UAE are capitalising on regulatory arbitrage to attract innovation and capital.

AML/KYC and On-Chain Compliance Tools

Ensuring Anti-Money Laundering and Know Your Customer compliance is critical for institutional adoption of tokenised assets. Traditional finance relies on off-chain identity verification, while tokenisation introduces the need for on-chain, programmable compliance.

Key Tools and Innovations

On-Chain Identity Verification:

Platforms such as KILT Protocol and Civic provide reusable digital identity credentials that integrate with wallets.
Soulbound tokens or Verifiable Credentials can store KYC status immutably on-chain.

Whitelisting and Access Control:

Smart contracts are programmed to only accept transactions from pre-approved addresses, often linked to verified identities.
Examples: Securitize’s DS Protocol, Polymath’s Identity Layer.

Transaction Monitoring and Sanctions Screening:

Tools such as Chainalysis, Elliptic, and TRM Labs enable real-time wallet scoring, anomaly detection, and cross-chain forensics.
Automated reporting mechanisms integrate with centralised regulators and FIUs.

Zero-Knowledge Proofs (ZKPs):

Privacy-preserving compliance models allow users to prove regulatory compliance (for example, age, accreditation) without revealing personal data.
Adoption is rising for high-value asset trades and private art tokenisation.

Challenges

Interoperability of identity solutions across jurisdictions and blockchains.
The need for standardised frameworks for cross-border regulatory recognition of KYC credentials.
Bridging the trust gap between on-chain data and off-chain legal entities.

Impact on Capital Formation and Market Access

Tokenisation is reshaping how capital is raised, allocated, and accessed, especially across traditionally illiquid or inaccessible asset classes. Regulatory acceptance plays a pivotal role in enabling this shift.

Capital Formation Benefits

Faster Issuance and Lower Costs

Smart contracts automate issuance, investor onboarding, dividend distribution, and compliance, reducing friction and intermediaries.
Tokenised bond offerings have shown settlement cycles as short as T+1 or instant, improving capital efficiency.

Access to New Investor Classes

Fractionalisation enables retail and international investors to participate in previously gated markets (for example, commercial real estate, private debt, fine art).
Tokenisation unlocks micro-investment opportunities, promoting financial inclusion and diversified portfolios.

Programmable Compliance Enhances Scalability

Automated regulatory enforcement through smart contracts reduces legal uncertainty and simplifies audits, paving the way for scalable market growth.

Risks and Constraints

Regulatory fragmentation increases jurisdictional compliance complexity, especially for cross-border offerings.
Absence of global standards for digital asset classification hinders secondary market liquidity and investor protections.
Rehypothecation, tax treatment, and custodial liability for tokenised assets remain unresolved in many markets.

Looking Ahead

The convergence of regulated digital identity, cross-chain interoperability, and uniform compliance standards is essential to fully unlock tokenisation’s capital formation potential.
Regulatory sandboxes and experimental licenses will continue to shape the pace of adoption through 2032.

Adoption Barriers and Risk Factors

This section would explore the critical challenges slowing the adoption of RWA tokenisation, including legal uncertainty, technological limitations, liquidity constraints, and stakeholder inertia. It also categorises different types of risks, market, operational, cyber, and reputational.

Table: Key Adoption Barriers by Stakeholder Group

Stakeholder Group	Key Barrier	Description	Mitigation Strategy
Institutional Investors	Regulatory uncertainty	Lack of standardised legal frameworks across markets	Engage in sandbox initiatives; legal counsel
Custodians	Technology integration	Difficulty integrating legacy systems with DLT	Hybrid systems; phased rollouts
Issuers	Liquidity concerns	Low secondary market depth for tokenised assets	Incentivised market making; yield mechanics
Retail Investors	User experience & complexity	Difficult onboarding and wallet security	Simplified UI/UX; managed wallet services

Interoperability and Standards Development

This section would analyse the state of blockchain interoperability and the progress of standards bodies such as ISO, BIS, and industry consortia (for example, InterWork Alliance, Global Digital Finance) in promoting unified token frameworks. It assesses the impact of these developments on cross-platform and cross-border operability.

Table: Interoperability Initiatives and Protocols

Initiative/Protocol	Type	Primary Focus	Key Participants	Status
Polkadot	Layer-0 protocol	Cross-chain smart contract messaging	Parity Technologies	Active
Chainlink CCIP	Oracle network	Cross-chain interoperability & messaging	Chainlink Labs	In beta
ISO 20022 + DLT pilot	Messaging standard	Integrating tokenisation with finance	ISO, SWIFT	Under trial
Hyperledger Cacti	Integration tool	Interoperability across enterprise DLTs	Hyperledger Foundation	Ongoing R&D

Use Cases and Case Studies

The practical application of tokenisation across asset classes has moved from conceptual pilots to production-grade implementations in multiple jurisdictions. This section explores representative real-world use cases that demonstrate the operational viability, regulatory engagement, and commercial benefits of tokenising real-world assets. Each case illustrates how specific tokenisation strategies have been employed, what challenges were encountered, and what outcomes were achieved.

Strategic Relevance of Use Cases

Tokenisation use cases vary by geography, asset class, and end-user segment. They serve to validate business models, test regulatory frameworks, and demonstrate market demand. The diversity of these projects also highlights the adaptability of tokenisation technologies, from regulated platforms tokenising corporate bonds in Asia to FinTech start-ups fractionalising real estate in the US.

These cases are especially instructive for:

Institutional investors seeking compliant, yield-generating exposure to illiquid assets.
Retail platforms aiming to democratise access to previously inaccessible investment classes.
Regulators evaluating risk controls, KYC/AML procedures, and secondary market integrity.
Technology providers refining infrastructure such as custody, compliance automation, and smart contract orchestration.

Representative Use Cases of Tokenised RWAs

Project Name	Asset Class	Region	Issuer / Platform	Summary Outcome
Sygnum x Artemundi	Fine Art (Picasso)	Switzerland	Sygnum Bank	First regulated offering of art-backed tokens; enabled fractional ownership of a Picasso painting; fully compliant with FINMA.
ADDX Digital Bonds	Private Credit / Debt	Singapore	ADDX	Tokenised private credit and fixed income products for accredited investors; reduced minimum ticket size from $250K to $10K.
RealT Property Tokens	Residential Real Estate	USA	RealT	Tokenised US rental properties with automated weekly income distribution via Ethereum smart contracts.
BrickMark	Commercial Real Estate	Germany	BrickMark Group	Tokenised €135 million of prime commercial real estate; allowed fractional investor participation and tradeability.
UBS Tokenised Bonds	Senior Unsecured Bonds	Hong Kong	UBS / HKMA Sandbox	First digitally native bond issuance on a permissioned blockchain under regulatory sandbox conditions.
The Sandbox x HSBC	Virtual Land (Metaverse)	Global	The Sandbox, HSBC	HSBC acquired tokenised virtual land in a blockchain-based metaverse platform, signalling institutional entry into digital real estate.
Centrifuge x MakerDAO	SME Invoices	Europe / Global	Centrifuge, MakerDAO	DeFi use case enabling tokenisation of real-world SME invoices for use as collateral in stablecoin lending markets.

Case Study: Sygnum and the Tokenisation of Picasso

Back in 2021, Sygnum Bank, a Swiss-regulated digital asset bank, partnered with art investment firm Artemundi to tokenize a 1964 Pablo Picasso painting titled Fillette au béret. The artwork, valued at CHF 4 million, was divided into 4,000 security tokens, each representing a fraction of ownership.

Key Highlights:

The token offering was compliant with Swiss DLT securities regulation.
Investors could buy shares for as little as CHF 1,000.
Ownership rights were embedded in a smart contract, with integrated transfer restrictions and investor whitelisting.

Strategic Implication: This case demonstrated how blue-chip art could be opened up to a broader investor base using fully regulated financial instruments, with blockchain enabling efficiency and transparency in issuance, transfer, and governance.

Insights and Lessons Learned

Key Learning	Implication
Regulatory approval is a key enabler	Projects with legal clarity scale faster and attract institutional investors.
Fractionalisation drives demand	Lower minimum investment thresholds broaden participation and liquidity.
Custody and compliance are pivotal	Integrated AML/KYC and robust digital custody are essential for trust.
Infrastructure maturity varies	Permissioned chains are more commonly used in regulated environments.
Interoperability is still limited	Cross-chain settlement and asset portability remain a technical bottleneck.

Competitive Landscape

The tokenisation of real-world assets is attracting a diverse and rapidly expanding group of market participants, ranging from FinTech start-ups and blockchain innovators to established financial institutions. Understanding the competitive landscape is critical to identifying key players, their strategic positioning, and the factors influencing market dynamics.

This section of the study provides a detailed analysis of leading companies, including a SWOT assessment and a Competitive Profile Matrix, to illuminate strengths, weaknesses, opportunities, and threats within the ecosystem.

Such insights enable stakeholders to benchmark capabilities, anticipate shifts, and formulate strategies to navigate a complex and evolving competitive environment.

Key Players in Tokenised RWA Ecosystem

The ecosystem for tokenised real-world assets (RWAs) spans several categories, from issuance platforms and blockchain networks to custody providers, marketplaces, and compliance tooling. Below are key players across the value chain:

Segment	Leading Players
Token Issuance Platforms	Securitize, Tokeny, Polymesh, Vertalo, ADDX, DigiShares
Custody Solutions	Anchorage Digital, BitGo, Fireblocks, Zodia Custody, Copper, METACO
Blockchain Protocols	Ethereum, Polygon, Stellar, Avalanche, Polymesh, Tezos
Marketplaces/Exchanges	INX, tZERO, Oasis Pro Markets, Archax, XDEX, SDX (SIX Digital Exchange)
Asset Tokenisation Specialists	Mattereum (real assets), 21.co (structured products), RealT (real estate), Brickken
RegTech and Compliance	Chainalysis, TRM Labs, Identity.com, KILT Protocol, Verite, Notabene

These players operate in overlapping segments, with some expanding vertically across issuance, compliance, and custody. Strategic partnerships with banks, regulators, and institutional asset managers are increasing in importance.

SWOT Analysis

Below is a high-level SWOT analysis for the leading tokenised RWA platforms and infrastructure providers:

Strengths	Weaknesses
– Early mover advantage in RWA infrastructure	– Dependence on fragmented global regulation
– Growing institutional partnerships and regulatory licences	– High onboarding friction for traditional investors
– Interoperability with major blockchains and custody solutions	– Limited secondary market liquidity for many asset classes
– Sophisticated compliance layers (for example, whitelisting, investor vetting)	– Variability in asset quality and due diligence across tokenised assets

Opportunities	Threats
– Expanding into new asset classes (for example, carbon credits, private equity)	– Regulatory crackdowns on digital securities in key markets
– Institutional demand for alternative assets and on-chain distribution	– Cybersecurity breaches and smart contract vulnerabilities
– Cross-border distribution and DeFi integration	– Reputational risk from bad actors or failed tokenisation projects
– Enabling structured finance and automated corporate actions via tokens	– Market saturation and fragmentation of token standards

Competitive Profile Matrix

The Competitive Profile Matrix (CPM) evaluates leading players in tokenisation across key criteria including regulatory readiness, product maturity, institutional adoption, and technical interoperability. Scores range from 1 (low) to 5 (high).

Company	Regulatory Compliance	Platform Maturity	Asset Class Coverage	Custody & Interop	Institutional Partnerships	Total Score
Securitize	5	5	4	4	5	23
Tokeny	4	4	3	4	4	19
Polymesh	4	4	4	5	3	20
INX	3	4	3	3	4	17
Anchorage	5	4	2	5	5	21
ADDX	4	5	5	4	4	22
Zodia Custody	5	3	2	4	4	18
tZERO	3	3	3	3	3	15

Key Insights:

Securitise leads due to deep regulatory integration, robust issuance tools, and partnerships with major financial institutions.
ADDX shows strength in cross-border investor onboarding and alternative asset tokenisation.
Anchorage and Zodia Custody are critical for institutional-grade custody, enabling tokenisation platforms to offer compliant asset servicing.
Platforms such as Tokeny and Polymesh are building foundational infrastructure with strong compliance hooks, particularly in the EU.

Business Models and Value Chain Analysis

The tokenisation of real-world assets introduces new paradigms for how value is created, delivered, and captured across the financial ecosystem. Understanding the comprehensive value chain, from asset origination to token issuance, custody, trading, and lifecycle management, is essential to grasp the operational and economic dynamics driving this market.

This section of our study explores the key components of the tokenisation value chain, the variety of emerging revenue models, and the strategic partnerships shaping the ecosystem.

By analysing these elements, stakeholders can better identify opportunities for innovation, collaboration, and competitive differentiation in a rapidly evolving market.

Tokenisation Value Chain

The tokenisation of real-world assets involves a multi-layered value chain that spans asset origination, token issuance, compliance, custody, trading, and lifecycle management. Participants across this chain each contribute a specialised function that, together, creates a seamless tokenised financial product.

Tokenisation Value Chain Overview:

Stage	Function	Key Participants
Asset Origination	Selection, valuation, and legal structuring of the underlying RWA	Asset owners, valuers, legal businesses
Token Structuring	Defining token attributes (for example, dividend rights, voting, lockups)	Issuance platforms, token architects
Issuance & Compliance	Minting tokens and embedding regulatory compliance (KYC, accreditation)	Securitize, Tokeny, Vertalo, legal advisors
Custody & Settlement	Secure storage of tokenised assets and transaction finality	Anchorage Digital, Zodia Custody, Fireblocks
Exchange & Liquidity	Facilitating primary issuance and secondary trading	INX, tZERO, Archax, SDX
Lifecycle Management	Corporate actions (for example, dividends, voting), redemption, and legal updates	Smart contract developers, transfer agents, fund administrators

Each component can be unbundled or vertically integrated depending on the market strategy of the tokenisation platform or issuer. For example, ADDX and RealT offer end-to-end tokenisation, while Fireblocks or Chainalysis provide modular services.

Revenue Models

Business models in the RWA tokenisation space are generally transaction-driven, with opportunities for recurring revenues via platform subscriptions, asset servicing, or performance-linked fees. Emerging models include value-added services like data analytics and liquidity provisioning.

Common Revenue Streams:

Revenue Model	Description
Token Issuance Fees	One-time setup and compliance fee for structuring and minting tokens
Custody & Wallet Management	Annual or monthly AUM-based fees for secure token storage
Secondary Trading Fees	Maker-taker or spread-based commissions on tokenised asset exchanges
Subscription Licensing	Platform access fees for white-labelled infrastructure or API services
Asset Servicing Fees	Fees for smart contract updates, dividend processing, and compliance monitoring
Liquidity Provisioning/Market Making	Spread income from facilitating asset trading and buybacks
Tokenisation-as-a-Service (TaaS)	Bundled issuance, custody, and compliance for third-party institutions

Innovative Models:

Fractional Ownership Platforms (for example, real estate): Earn fees as a percentage of deal value and rental yield.
On-chain Securitisation: Charges for structuring multi-tranche instruments via programmable tokens.
DeFi Integration Fees: Platforms offering asset bridges or composability into lending/staking earn protocol fees.

Partnerships and Ecosystem Plays

Given the complexity of tokenising regulated and high-value assets, strategic partnerships are foundational to success in this market. Most tokenisation players adopt an ecosystem model, forging alliances across compliance, custodianship, and distribution channels.

Key Partnership Archetypes:

Partnership Type	Purpose	Examples
Banking & Asset Management	Institutional legitimacy, custody, and asset origination	Franklin Templeton & Polygon; JPMorgan & Onyx
RegTech Integrations	Embedded KYC/AML, sanctions screening	Chainalysis with Fireblocks; TRM Labs with custody platforms
Blockchain Protocol Alliances	Scalability, interoperability, and smart contract support	Polymesh with custodians; Avalanche with token platforms
Tokenised Marketplaces	Liquidity and investor access	Securitize on tZERO; Archax with exchange license
Legal & Compliance Networks	Jurisdictional structuring and cross-border frameworks	Law companies providing token prospectus structuring

Platform Strategies:

Vertical Integration: Businesses like ADDX and RealT control origination, compliance, and investor onboarding.
Modular Stack: Players such as Tokeny and Fireblocks focus on interoperability within a plug-and-play model.
Institutional Distribution: Securitise and Anchorage partner with investment banks and private funds to access legacy capital markets.

As the market matures, Ecosystem-as-a-Service (EaaS) models are emerging, offering bundled access to tokenisation infrastructure, regulatory support, and distribution across licensed networks.

Strategic Implications for Stakeholders

The tokenisation of real-world assets is poised to fundamentally reshape the financial services ecosystem, impacting a broad range of stakeholders including banks, asset managers, regulators, and technology providers.

Each group faces unique challenges and opportunities as they adapt to this new paradigm, which combines traditional finance with cutting-edge blockchain innovation. This section examines the strategic considerations for these key players, highlighting how they can position themselves to benefit from tokenisation’s transformative potential while managing associated risks.

Understanding these implications is essential for informed decision-making and sustained competitive advantage in a rapidly changing market landscape.

Banks and Asset Managers

The tokenisation of real-world assets offers traditional financial institutions both competitive threats and transformation opportunities. As the line between traditional securities and digital representations of value blurs, banks and asset managers must evolve operational models and client offerings.

Strategic Opportunities

New Revenue Streams: Asset tokenisation enables fractional ownership, unlocking new distribution channels for alternative assets (for example, real estate, private credit, collectibles) traditionally limited to institutional or high-net-worth clients.
Product Innovation: Tokenised securities allow for programmable features such as dynamic dividends, real-time compliance gating, and automated lifecycle events, fostering new structured product classes.
Liquidity Enhancement: Offering secondary trading of previously illiquid assets can drive portfolio agility and valuation transparency, especially in private market instruments.

Strategic Considerations

Area	Strategic Actions for Banks/Managers
Custody Strategy	Partner with digital-native custodians or build token custody rails
Compliance Infrastructure	Integrate on-chain KYC/AML tools to satisfy regulatory obligations
Client Experience	Offer self-directed access to digital assets via secure investor portals
Operational Readiness	Develop or acquire blockchain competence, smart contract audit capacity

Businesses slow to embrace tokenisation risk losing ground to digitally native platforms and FinTech disruptors that can offer more agile, inclusive, and transparent investment products.

Regulators and Policymakers

The tokenisation of RWAs presents regulatory bodies with a dual mandate: foster innovation in capital markets while ensuring investor protection, market integrity, and systemic stability.

Key Challenges

Cross-Jurisdictional Inconsistencies: Varied definitions of digital securities, diverging disclosure requirements, and non-uniform treatment of tokenised assets challenge global scalability.
AML/KYC Enforcement: Ensuring real-time, privacy-compliant identity verification in decentralised environments requires the standardisation of on-chain compliance protocols.
Custody and Finality: Questions persist around legal ownership, the enforceability of smart contracts, and dispute resolution mechanisms in tokenised frameworks.

Policy Recommendations

Focus Area	Suggested Regulatory Actions
Clarity on Token Classes	Publish unified taxonomies for security tokens vs utility tokens
Sandbox Expansion	Extend regulatory sandboxes for experimentation with tokenised offerings
Digital Custody Rules	Define legal frameworks for DLT-based custodianship and settlement finality
International Cooperation	Harmonise digital asset standards through BIS, IOSCO, FATF coordination

Forward-looking regulators (for example, in Singapore, Switzerland, and the UAE) are already laying the groundwork for comprehensive tokenisation ecosystems, potentially influencing global best practices.

Technology Providers

Technology vendors play an enabling role in scaling tokenisation platforms across asset classes and jurisdictions. Their solutions underpin issuance, custody, compliance, smart contract execution, and interoperability across chains.

Key Opportunities

Infrastructure-as-a-Service: Deliver modular, enterprise-grade platforms that facilitate token issuance, compliance, and digital asset management.
Programmable Finance: Develop secure and composable smart contract templates that encode regulatory, financial, and operational logic.
Cross-Chain Interoperability: Build bridges and standards that enable tokenised assets to move seamlessly across Layer 1 and Layer 2 networks.

Critical Capabilities for Competitive Positioning

Technology Function	Strategic Requirements
Security and Auditability	Institutional-grade key management, MPC wallets, and audit trail logging
Scalability	High throughput, low-latency DLTs and modular architecture for enterprise use
Integration	APIs and SDKs for compliance, identity, settlement, and custodial layers
Governance Tooling	Tools for tokenholder voting, disclosures, and dispute management

With tokenisation poised to reshape asset issuance and management, technology providers must offer not only reliable infrastructure but also strategic advisory and customisation capabilities to meet evolving institutional needs.

Future Outlook and Emerging Trends

The landscape of tokenisation for real-world assets is rapidly evolving, driven by technological innovation, shifting regulatory frameworks, and changing investor behaviours.

As the market matures from nascent proof-of-concept initiatives toward broader adoption, several key trends are emerging that will shape the future trajectory of this space. Understanding these developments is critical for stakeholders aiming to capitalise on new opportunities and navigate the complexities ahead.

This section of the study explores the major emerging themes, including the push for interoperability across blockchain networks, the growing sophistication of programmable finance, and the evolving dynamics between institutional and retail investors. Together, these trends provide a forward-looking lens into the opportunities and challenges that will define tokenisation between 2026 and 2032.

Evolution Toward Interoperability

As the tokenisation ecosystem matures, one of the most critical developments will be the drive toward interoperability among diverse blockchain networks and token standards. Today’s fragmented landscape, with platforms built on Ethereum, Polymesh, Avalanche, Tezos, and other protocols, presents barriers to seamless asset transfer, liquidity pooling, and cross-market participation.

The future points toward:

Cross-Chain Bridges and Standards: Protocols enabling secure, trust-minimized token movement across Layer 1 and Layer 2 networks will unlock broader investor access and portfolio diversification.
Universal Token Standards: Emerging standards such as ERC-1400 for security tokens or Polymesh’s native compliance layers aim to harmonise legal, technical, and operational token attributes.
Composability Across DeFi and CeFi: Tokenised RWAs will increasingly integrate with decentralised finance applications for lending, staking, and derivatives, demanding interoperability between permissioned and permissionless systems.

The evolution toward an interconnected token economy will reduce friction, enhance market depth, and foster new asset classes that blend traditional finance with blockchain-native innovations.

Rise of Programmable Finance

Tokenisation unlocks unprecedented potential through programmable finance, embedding business logic, compliance rules, and financial workflows directly into tokens and their associated smart contracts. This programmability transforms static ownership into dynamic, automated asset management.

Key emerging trends include:

Automated Corporate Actions: Dividend distributions, interest payments, voting rights, and redemption can be executed transparently and instantly on-chain.
Conditional Ownership and Access: Tokens can be programmed with investor eligibility gates, lockup periods, and transfer restrictions to meet regulatory mandates without manual intervention.
Dynamic Asset Structuring: Tranching, portfolio rebalancing, and synthetic asset creation can be implemented with self-executing rules, reducing operational overhead.
Integration with IoT and Data Feeds: Smart tokens linked to real-world data (for example, real estate valuations, artwork provenance) enable real-time collateral adjustments and risk monitoring.

The rise of programmable finance will accelerate capital market automation, increase transparency, and foster innovative investment products that were previously infeasible.

Retail versus Institutional Dynamics

While institutional investors currently dominate the adoption of tokenised real-world assets, the evolving market landscape suggests a gradual but significant expansion into retail participation. However, the dynamics and drivers differ substantially between these groups.

Institutional Dynamics:

Preference for large ticket sizes, regulatory-compliant environments, and integration with existing asset management infrastructure.
Focus on portfolio diversification, liquidity enhancement, and cost efficiencies through automation.
Close collaboration with custodians, compliance vendors, and blockchain service providers to meet fiduciary responsibilities.

Retail Dynamics:

Growing interest in fractional ownership of high-value assets (real estate, art, collectibles) previously inaccessible to average investors.
Demand for intuitive user interfaces, simplified onboarding, and investor protections to build trust.
Regulatory safeguards such as accreditation thresholds, limits on investment sizes, and investor education will shape retail market growth.

Future Outlook

Hybrid models combining institutional-grade security with retail-friendly platforms will emerge.
Increased token marketplace liquidity and secondary trading infrastructure will empower retail investors to enter and exit positions more freely.
Regulatory frameworks will evolve to balance innovation with investor protection, determining the pace and scale of retail adoption.

The interplay between retail and institutional actors will ultimately define the market structure and innovation trajectory of tokenised RWAs through 2032 and beyond.