RWA Tokenization: Moving from Experimentation to Real Use, Next Challenge is Infrastructure Development

Tokenized real-world assets (RWA) are moving beyond the stage of 'possibility' to 'real use'. At the TokenizeThis 2026 event, asset management firms' focus shifted from whether to adopt to how and where to utilize these assets.

During the event, Bitcoin (BTC) traded around the $60,000 mark, but the discussions centered not on market prices but on the 'utility of tokenization'. Currently, the scale of tokenized real-world assets has surpassed $30 billion, growing approximately sixfold since the beginning of the year. According to reports from EY and Coinbase, 64% of asset management firms are pursuing tokenization, a significant increase from 40% a year ago.

The regulatory environment is also a key factor in this shift. Following the 'GENIUS Act', which clarified the legal status of payment stablecoins, the 'CLARITY Act', currently under Senate review, is being discussed as a major turning point. Marcin Kazmierszak, co-founder of Redstone, mentioned that "CLARITY could serve as a catalyst for expanding asset classes on-chain," highlighting the potential for market expansion by up to 100 times.

Real Use Starting from Cash and Collateral

The initial achievements of tokenization are evident in 'collateral' and 'short-term money markets'. Robert Krugman from Broadridge stated, "Approximately $370 billion in tokenized repo transactions occur daily on the Canton Network." While this is a small fraction of the total U.S. repo market (around $12 trillion), it is significant as a real operational case.

Ownera's Ami Bendavid explained, "The structure where you only pay interest for the 5 minutes you borrow funds is clearly more efficient than traditional finance." This is presented as an example of 'programmable finance' reducing both costs and time.

Asset management firms are also approaching this not from a perspective of 'novelty' but based on 'improved product offerings'. Christine Moy from Apollo stated that they confirmed the 'superpowers of on-chain assets' through tokenized private loan funds. This allows illiquid assets to gain secondary market liquidity and be used as collateral in DeFi protocols like AAVE.

Changes are also being observed in corporate finance. Meredith Hannan from WisdomTree reported, "A U.S. construction company has started to make payments to an Argentine client through a tokenized money market fund while simultaneously earning interest." Ryan Rug from Citibank emphasized the importance of interoperability, stating that clients prefer a 'multi-bank network' rather than a specific bank token.

Remaining Challenges: Distribution, Regulation, and Interoperability

While the industry has grown, clear challenges remain. The first issue identified is the 'distribution structure'. Many new investors are starting from cryptocurrency wallets rather than traditional finance, indicating that asset management firms need to adapt to this environment.

Regulation and internal controls are also obstacles. Jasmine Jia from Fidelity noted, "Even receiving a small amount of airdrop tokens can trigger internal compliance alerts." In fact, 49% of institutions cited the integration of existing portfolio and risk systems with blockchain as the biggest hurdle.

From a technical perspective, 'lack of interoperability' is identified as a core issue. Raja Chakraborti from Stellar stated, "Assets trapped on different blockchains have reduced mobility and fragmented liquidity." Lauren Berte from Ripple also pointed out that "the finality of payments varies across chains, creating the possibility of transaction reversals."

Tokenized Stock Market: Growth Amid Structural Limitations

The tokenized stock market is also expanding rapidly. In June, on-chain trading volume reached $3.86 billion, a 145% increase from the previous month, driven by significant trades related to the SpaceX IPO.

However, most current transactions are based on 'synthetic structures' rather than actual stocks. The on-chain market capitalization is around $1.53 billion, still small compared to cumulative trading volume. This indicates that while demand is high, 'direct ownership structures' remain limited.

The key issue is what the tokens represent. Tokens that signify actual stocks include rights such as voting and dividends, while synthetic tokens only represent contractual claims. This can lead to counterparty risks and tracking errors. It is crucial for investors to understand that even with the same ticker, they could be dealing with entirely different financial products.

Progress in Regulation, but Time Needed for Completion

Regulations are being rapidly organized. The U.S. Securities and Exchange Commission (SEC) has issued a 'no-action letter' regarding tokenization services, and Nasdaq has received approval for trading tokenized securities. DTCC has also begun actual operational trading.

Nevertheless, uncertainties remain. Tokenized stocks are still limited primarily to non-U.S. investors or accredited investors, and the CLARITY Act is yet to be passed. Particularly, third-party based synthetic structures carry relatively high legal risks.

The atmosphere at TokenizeThis 2026 was closer to 'realistic awareness' rather than overheating. There was a consensus on what is possible and what is lacking. The next step for the market is likely to be 'boring but essential infrastructure development' rather than technology.