Tokenizing real-world assets is entering an explosive phase, marking a clear shift from theoretical concept to practical application, as numerous global financial institutions deploy blockchain projects worth billions of dollars.
Last week, BlackRock – the world's largest asset manager – submitted a registration for a new stock class for the BlackRock BLF Treasury Trust Fund (TTTXX), using Distributed Ledger Technology (DLT). This DLT stock reflects ownership in a $150 billion fund and will initially be distributed only through BlackRock Advisors and Bank of New York Mellon (BNY).
Meanwhile, the Libre platform announced plans to tokenize $500 million of Telegram bonds through the Telegram Bond Fund (TBF), allowing use as on-chain collateral. Most notably, the $3 billion RWA tokenization project implemented by MultiBank Group together with MAG real estate company (UAE) and Mavryk infrastructure provider is considered the largest single project in real asset tokenization to date.
According to Eric Piscini, Hashgraph's CEO, this wave is driven by three main factors: clearer legal frameworks in major markets, technology ready for scaling, and strong involvement of top financial institutions. He cites BlackRock, Citi, and Franklin Templeton – which pioneered tokenizing money market funds on public blockchain.
This perspective is also shared by Marcin Kazmierczak, RedStone co-founder, who believes recent announcements prove tokenization has moved beyond the experimental stage and is being practically deployed. The participation of large institutions helps legitimize the industry and encourages capital flow and hesitant businesses to join.
Part of the motivation comes from a more moderate regulatory signal in the US. During Donald Trump's presidency – who committed to making the US the "crypto capital of the world" – legislators and executive agencies tended to be more lenient. Recently, the Securities and Exchange Commission (SEC) has withdrawn or delayed many digital asset-related lawsuits, while the Department of Justice (DOJ) dismantled its crypto-specific unit, indicating a change in supervisory priorities.
Technologically, Felipe D'Onofrio – Brickken's Chief Technology Officer – notes that the development of digital wallets and pressure to increase efficiency and liquidation in traditional capital markets are factors driving RWA tokenization as an attractive option.
Ethereum currently occupies the central position, with over $4.9 billion of the total $6.5 billion US Treasury bonds tokenized, according to data from RWA.xyz. However, specialized networks like Canton Network, Plume, or Ondo Chain are emerging as alternative solutions, especially in models requiring high security or strict legal compliance.
Herwig Koningson – CEO of Security Token Market – states: "The important thing is not which blockchain is chosen, but whether that blockchain fulfills its function correctly." This is why many traditional institutions choose permissioned blockchain systems or private DLT.
Despite enormous growth potential – with global RWA market size forecasts ranging from $4,000 to $30,000 billion, potentially even $50,000 billion by 2030 – this field still faces many challenges. The main barriers include blockchain infrastructure fragmentation and inconsistency in legal frameworks across regions. However, with the strong entry of top financial institutions, technological progress, and legal refinement, RWA tokenization is entering a pivotal growth phase.
