How's the RWA tokenization market doing? Get the full picture here

RWA tokenization is moving from crypto experiments into mainstream finance.

We've found a lot of interesting signals. For example, in December 2025, JPMorgan launched its first tokenized money market fund on Ethereum, seeded with $100M of its own money. And in March 2026, the SEC approved a Nasdaq rule change that lets some trades in listed shares settle as tokens, in a pilot run by the DTC. The largest US bank and a major US exchange are now building tokenized products themselves.

In this section, we look at why traditional finance is moving now, which assets get tokenized first, and what that means for the startups that built this market.

Moving money and ownership in traditional finance is slow. Fund trades take days to settle, private assets barely trade, and records sit in many separate systems.

We compare six types of tokenization companies, from Treasury and credit issuers to tokenized funds, real estate, private shares and the infrastructure behind them. Their buyers range from asset managers and banks to crypto platforms and corporate treasury teams. Then we rank their biggest pains, like slow settlement, assets that are hard to sell, high fees, and investors locked out of some assets.

This shows which problems asset managers will pay to fix first, and which ones still sound better in a white paper than in practice.

Issuance fees, management fees on tokenized funds, platform subscriptions, trading fees and spreads, and custody charges: tokenization companies earn money in many ways.

We compare who pays and where the margins are. A tokenized fund earns a small share of the assets it holds, so it needs scale. An issuance platform charges per deal or per year, but big banks may build their own. Trading venues need volume that often isn't there yet. And licenses, legal work and compliance weigh on everyone.

You'll see which models can make money at today's volumes, and which ones need trading to take off first.

Growth here depends on who moves first and who follows. We go through the forces one by one.

Some drivers are plain to see: clearer US rules, big asset managers launching tokenized funds, and crypto platforms that want assets paying real yield. Others reinforce each other. Each new fund gives trading venues more to list. More venues make tokens easier to sell, which brings in more investors. And once tokenized funds can serve as collateral, banks and traders have a reason to hold them.

Before building or investing, you should know what makes an investor choose a token over the version they already own, and keep using it.

Ondo Finance and BlackRock's BUIDL fund come up first in most tokenization conversations, but they're only part of the market.

Many interesting players work in the background. Some act as the official record of who owns each token. Others feed prices into smart contracts, tokenize gold or private loans, or connect bank systems to public blockchains.

They're hard to compare because the same word covers very different businesses. A tokenized Treasury fund, a real estate marketplace and a software vendor for banks have different clients, licenses and margins. And many deals stay private, so only a few names get noticed.

Below, you'll find the market grids and ecosystem maps we've built to show who issues, holds and trades tokenized assets, and where newer players fit in.

Figure, Franklin Templeton, Securitize… a few players have put real assets on-chain at scale. They make money in very different ways.

Figure runs loans, like home equity lines, on its own blockchain, and is now a listed company. Franklin Templeton runs Benji, a money market fund recorded on public blockchains. Securitize issues tokenized funds for large asset managers, including BlackRock. None of these models has been proven for every kind of asset.

We'll look at how these players picked their first asset, won over regulators and clients, and found buyers for what they put on-chain.