The Re-Pour: Edition 01 - a comprehensive update on the last 6 months
Tokenization Goes Institutional, Integrated, and Interoperable
Welcome to the very first edition of The Re-Pour: our semi-annual take on all things real-world assets (RWAs). These reports zoom in on what’s shaped the tokenization space over the past six months: the major moves, rising narratives, and signals of where things are heading next.
The State of Tokenization: H1 2025
The first half of 2025 has confirmed what many of us have long believed: tokenization isn’t a niche experiment, it’s becoming the new standard for how capital is raised, moved, and accessed. Adoption of real-world assets (RWAs) has accelerated rapidly in the first half of 2025, with the tokenized market surging to nearly $25 billion by late July, up roughly 85% year-over-year.
Total Tokenized RWA Value (excluding stablecoins):
Looking ahead, research by Standard Chartered and Synpulse projects that the tokenized RWAs market could grow up to $30.1 trillion by 2034.
This growth is being driven by three forces, which we’ll cover in this report:
- Institutional adoption
- On-chain asset expansion
- Embedded UX & interoperable networks
In addition, regulation remains one of the biggest headwinds for market growth. Frameworks are emerging all over the world, but legal clarity, especially across borders, is still a work in progress. Startups and institutions alike are adapting in real time.
Whether you’re tracking RWAs for institutional strategy or just exploring what’s next, this edition brings you up to speed.
1. Institutional Adoption
In the first half of 2025, real-world asset (RWA) tokenization started moving beyond pilots, with both startups and big financial institutions putting it to work in the real world.
Confidence is rising. Participation is scaling. And the value at stake is no longer marginal.
Here’s what stood out:
Institutional confidence is rising:
Over 80% of large investors plan to increase their overall crypto exposure this year, driven by a new generation of regulated platforms that offer audited issuance, secure custody, and compliant distribution.
Robinhood bridges retail and tokenization:
In June, Robinhood launched Stock Tokens across the EU. The product enables 24/5 commission-free trading of over 200 tokenized U.S. equities and ETFs, including synthetic exposure to private firms like OpenAI and SpaceX. While these tokens don’t offer voting or dividend rights, their presence on a mass-market brokerage signals mainstream acceptance of tokenized securities.
BlackRock and Franklin Templeton go on-chain - with control:
Franklin Templeton’s BENJI fund (an on-chain U.S. Government Money Market Fund) now holds over $700 million in assets across Avalanche and Solana. BlackRock’s BUIDL fund (a tokenized money market fund offering exposure to U.S. Treasury-backed assets) has surpassed $2.3 billion across Ethereum, Polygon, and Solana. Both funds use permissioned access and comply with institutional standards, proving that regulated on-chain financial products can operate at scale.
Treasury Products Market Caps
Big banks are moving real transactions on-chain:
JPMorgan is launching JPMD, a digital deposit token built on Coinbase’s Base network. It enables 24/7 settlement, interest payments, and integration with JPMorgan’s banking infrastructure. Meanwhile, Goldman Sachs and BNY Mellon are tokenizing institutional money-market funds, with all transactions recorded on Goldman’s blockchain and backed by major asset managers like BlackRock and Fidelity.
These moves show major banks are not just experimenting, they’re actively using blockchain to modernize core financial services.
Why This Matters
- Validation: The involvement of top-tier banks, brokers, and asset managers confirms blockchain is moving from optional tech to foundational infrastructure.
- Liquidity: Faster settlement, 24/5 markets, and new capital strategies are reshaping what’s possible in both public and private markets.
- Credibility: Regulated issuers, custodians, and auditors are bridging trust gaps and opening doors for mainstream adoption.
Still, there’s plenty left to figure out. A lot of today’s tokenized products are walled gardens, technically on-chain, but not really open. Liquidity is often thin, interoperability between networks is patchy, and most RWA activity still relies on trusted middlemen. Some argue we’re just dressing TradFi in Web3 clothes, without unlocking the real benefits of decentralization. Legal clarity, enforceable rights, and sustainable on-chain economics are still works in progress and scaling them won’t be simple.
2. On-chain Assets Keep Expanding
In H1 2025, new asset classes came on-chain, transforming traditionally inaccessible markets into investable, digital infrastructure. Private credit was the largest segment, reaching $15 billion in tokenized value by July. Long considered complex and illiquid, it’s now being reshaped through tokenization, offering lower costs, easier access, and improved liquidity without compromising on structure or returns.
Here are three standout asset expansions from H1:
1. Private Credit Unlocked for DeFi
In July, Securitize and Hamilton Lane brought their $956B Senior Credit Opportunities Fund (SCOPE) on-chain for the first time. Built on Ethereum and Optimism, the fund now offers daily pricing, 24/7 trading, and the ability to interact with other DeFi tools. It’s the first time a major private credit fund of this size is accessible in this way, combining institutional yield with blockchain flexibility.
2. U.S. Treasuries Made Tradable in Seconds
Ondo Finance launched USDY in July, a tokenized U.S. Treasury Bill fund offering ~4.25% yield. Within days, it reached $680 million in deposits. Built for real-time settlement, it proves that even the most traditional instruments can now move at lightning speed.
3. Commodities Meet Stablecoins
In April, stablecoin issuer Tether acquired 70% of Adecoagro, a major South American agribusiness, in a $600M deal. Adecoagro manages large-scale production of rice, sugar, dairy, and ethanol across the region. The goal of the acquisition is to integrate USDT, Tether’s dollar-pegged digital currency, directly into the supply chain, enabling faster, cheaper cross-border payments for real-world goods. It’s one of the most ambitious efforts yet to connect blockchain-based finance with global commodity flows.
The Bigger Picture
As of July 22, total tokenized RWAs stand at nearly $25 billion. Private credit remains the largest segment, followed by U.S. Treasuries and commodities.
But global activity is picking up:
- The UK completed digital gilt procurement in March
- Thailand issued tokenized retail government bonds in May
- Institutional demand for tokenized gold (PAXG, XAUT) continues to grow
From sovereign bonds to physical assets, tokenization is gaining traction in both developed and emerging markets, building a more connected, real-time financial system.
Why This Matters
Tokenization is reshaping how capital moves. It unlocks liquidity, lowers barriers to entry, and turns once-exclusive markets into accessible, tradable products.
3. Embedded UX & Interoperable Networks
Tokenization is becoming easier to build on and easier to use. Whether you’re launching an RWA protocol or buying with stablecoins at checkout, friction is falling fast.
This shift is happening on two fronts:
1. Different networks are finding their niches and building the bridges needed to work together.
2. The user experience is improving, often invisibly, through platforms people already know.
Together, they’re removing the barriers that once held back adoption.
The Networks Behind Tokenization
Ethereum remains the core, especially for stablecoins and institutional-grade tokenization. It currently hosts around $140 billion in stablecoins (about 54% of the total) and $7 billion in tokenized RWAs.
Value of Tokenized Assets across Networks
When you include Ethereum-compatible Layer-2s like zkSync Era and Polygon, that market share rises to 60%. zkSync alone accounts for $2.2 billion, much of it in private credit, a clear example of Layer-2s stepping in to handle scale and speed.
Meanwhile, other chains are carving out complementary roles. Avalanche now hosts roughly $195 million in tokenized RWAs, while the XRP Ledger is gaining traction as a regulated newcomer with around $133 million in assets, signaling broader diversification in on-chain settlement infrastructure.
And it’s not just about parallel ecosystems: the bridges are starting to form. In May, R3 (creator of Corda) partnered with Solana to connect permissioned financial networks with public-chain liquidity. That model allows institutions to retain compliance and control while benefiting from faster, more transparent settlement rails.
UX Is Catching Up
In parallel, stablecoins and tokenized payments are being embedded into familiar consumer platforms:
- Shopify added USDC via Coinbase’s Base, allowing merchants in 30+ countries to accept crypto without new tools or wallets.
- Mastercard now supports stablecoin payments (USDC, USDT) natively across its network—consumers can pay in crypto, merchants get fiat.
- The Coinbase One Card, launched with AmEx, gives users crypto rewards deposited directly into their Coinbase accounts.
No extra apps, no wallet popups. But instead new technology meeting users where they already are.
Why This Matters
- Ethereum is still the backbone, but the ecosystem is starting to function more like a layered system, with Layer-2s handling scale, alternative chains finding their roles, and new bridges linking private and public networks. It’s no longer a loose collection of protocols - it’s becoming an actual stack.
- Friction is falling: From backend infrastructure to checkout flows, tokenization is getting smoother, faster, and more familiar.
- This is what adoption looks like: Builders get better tools. Users don’t need to think about the tech. And financial systems start to quietly shift toward digital infrastructure that’s faster, more open, and more efficient.
How does Regulation come into play?
In the first half of 2025, the regulatory landscape around tokenization began to take real shape. Instead of just reacting to crypto, lawmakers are starting to build frameworks that support real-world asset (RWA) adoption at scale.
Here are four developments that matter:
1. U.S. Executive Order + SEC/CFTC Reset
In January, President Trump signed an Executive Order creating a federal working group focused on digital finance leadership. By May, Paul S. Atkins, known for his market-friendly stance, was confirmed as SEC Chair, while the Commodity Futures Trading Commission (CFTC) shifted focus away from aggressive enforcement. The SEC also repealed the restrictive SAB 121 rule, which had blocked banks from offering crypto custody. A more flexible version, SAB 122, is now in draft, lowering the barrier for institutional custody services.
2. CLARITY Act Introduced in Congress
In May, lawmakers introduced the Digital Asset Market Clarity (CLARITY) Act, designed to end the long-running SEC/CFTC jurisdictional tug-of-war. It proposes a clear transition path: digital assets can begin as securities and become commodities as they mature. For institutions, this could finally offer the legal clarity needed to enter the space with confidence.
3. GENIUS Act Lays Out Stablecoin Rules
The GENIUS Act, advancing through the Senate, proposes guardrails for U.S. stablecoins - requiring 1:1 backing with high-quality liquid assets and licensing at the state or federal level. Crucially, it exempts compliant stablecoins from being classified as securities, opening the door for payment giants like Visa and PayPal to integrate them without added legal risk.
4. MiCA & DTSP Licensing Go Live in the EU
Europe’s MiCA regulation came into effect in January, with licensing, capital requirements, and stablecoin restrictions now enforced across the bloc. By June, the DTSP regime introduced mandatory licensing for firms handling on-chain tokenization, new crypto reporting under DAC8, and delistings for non-compliant assets. Europe now offers one of the clearest regulatory pathways for tokenized securities and stablecoins.
Elsewhere while the UK has opted out of MiCA, it’s pushing through its updated Financial Services and Markets Act, which includes licensing for digital tokens and security tokens, due by mid‑2026. Meanwhile, Singapore is expanding its Project Guardian initiative, piloting tokenization for funds, FX and bonds with participation from organizations like DBS, JPMorgan, and HSBC.
Why This Matters
- Regulatory clarity is improving: Laws like CLARITY, GENIUS, and MiCA are reducing uncertainty that has long held institutions back.
- Institutional access is opening up: New rules are making it easier for banks and asset managers to custody, issue, and interact with tokenized assets.
- Global coordination is starting to emerge: While not yet aligned, the U.S., EU, and international bodies are now moving in the same direction
Final Thoughts
H1 2025 wasn’t just more growth, it was real-world usage, clearer rules, and the start of real infrastructure.
Major institutions are using blockchain to settle, issue, and distribute assets at scale, while regulators are finally writing the rules to support it. The tech is becoming less visible and more embedded across payments, custody, and capital markets. As this shift continues, it doesn’t just change how traditional finance works; it also creates space for new asset classes to move on-chain.
At Savea, we see that as an opportunity: the same infrastructure powering tokenized treasuries and credit is now paving the way for alternative and passion assets to become part of the financial mainstream.
Sources
- Binance Research (2025) Half-Year Report 2025. Available at: https://public.bnbstatic.com/static/files/research/half-year-report-2025.pdf
- RedStone, Gauntlet & RWA.xyz (2025) Real-World Assets in On-chain Finance Report, 26 June. Available at: https://blog.redstone.finance/2025/06/26/real-world-assets-in-onchain-finance-report/
- Cointelegraph (2025) ‘Ethereum Dominates Tokenized RWAs with $4.1B AUM’, July 2025.
- Ledger Insights (2025) ‘Standard Chartered forecasts $30T RWA market by 2034’, June 2025.
- Virtune (2025) ‘Global RWA Tokenization Outlook: UK, Singapore and Beyond’, July 2025.
- Rodrigues, F. & Sandor, K. (2025) ‘BlackRock, Securitize expand $1.7 B tokenized money market fund BUIDL to Solana’, CoinDesk, 25 March.
- Reuters (2025) ‘Goldman, BNY team up to launch tokens tied to money market funds’, 23 July. Available at: https://www.reuters.com/markets/wealth/goldman-bny-team-up-launch-tokens-tied-money-market-funds-2025-07-23/
- Bùi, L. (2025) ‘US Treasuries Go On-chain: Ondo’s USDY Fund Debuts on Sei Network’, BeinCrypto, 18 July. Available at: https://beincrypto.com/ondo-brings-us-treasuries-on-sei/
- Reuters (2025) ‘Why crypto giant Tether bought a South American farming company’, 16 July. Available at: https://www.reuters.com/business/finance/why-crypto-giant-tether-bought-south-american-farming-company-2025-07-16/
- Securitize / Hamilton Lane (2025) Securitize and Hamilton Lane Launch SCOPE on Ethereum & Optimism, press release, 17 July.
- Cointelegraph (2025) ‘Avalanche and XRP Ledger RWA TVL Rise to $188M and $157M Respectively’, June 2025.
- Financial Times (2025) ‘Big Banks Strike Deal to Move to Solana Blockchain’, May 2025. Available at: https://www.ft.com/content/a5ce4610-10b0-4544-a704-9bf02892f531
- Shopify Blog (2025) ‘Shopify Adds USDC on Base to Payment Options’, June 2025.
- Mastercard Press Release (2025) ‘Mastercard Expands Support for USDC and USDT Payments Globally’, April 2025.
- American Express Newsroom (2025) ‘Coinbase One Card Now Available on American Express Network’, May 2025.
- U.S. House Financial Services Committee (2025) Digital Asset Market Clarity Act – Summary & Bill, July 2025.
- Zoniqx (2025) ‘What the GENIUS Act and CLARITY Act Mean for Tokenization’, July 2025.
- Morgan Lewis (2025) ‘MiCA and DTSP Implementation Guide for EU Asset Managers’, June 2025.
- Dechert LLP (2025) ‘UK Financial Services and Markets Act and Tokenization Outlook’, April 2025.
- Bitget (2025) ‘R3 and Solana Announce Bridge Between Permissioned and Public Chains’, May 2025.
