Tokenization of real-world assets is entering a boom phase, marking a clear shift from theoretical concepts to practical applications, as a multitude of global financial institutions launch blockchain projects on a scale of billions of dollars.
Last week, BlackRock – the world's largest asset manager – filed to register a new class of shares for the BlackRock BLF Treasury Trust Fund (TTTXX), using distributed ledger technology (DLT). These DLT shares reflect ownership rights in the $150 billion fund and are initially distributed only through BlackRock Advisors and the Bank of New York Mellon (BNY).
At the same time, the Libre platform announced plans to tokenize $500 million in Telegram bonds through the Telegram Bond Fund (TBF), allowing for use as on-chain collateral. Notably, the $3 billion RWA tokenization deal executed by MultiBank Group in collaboration with real estate company MAG (UAE) and infrastructure provider Mavryk is considered the largest single project in the field of real asset tokenization to date.
The $3 billion tokenization deal of MultiBank. Source: MultiBank
According to Mr. Eric Piscini, CEO of Hashgraph, this wave is driven by three main factors: clearer regulatory frameworks in major markets, technology ready for scalability, and the strong entry of leading financial institutions. He cites BlackRock, Citi, and Franklin Templeton – which pioneered the tokenization of money market funds on public blockchain.
This view is also shared by Mr. Marcin Kazmierczak, co-founder of RedStone, who believes recent announcements prove that tokenization has moved beyond the experimental stage and is being implemented in practice. The participation of large institutions contributes to legitimizing the industry while encouraging hesitant capital flows and businesses to enter the market.
Part of the momentum comes from a more dovish signal in regulatory policies in the U.S. Under President Donald Trump – who pledged to make America the “cryptocurrency capital of the world” – lawmakers and the executive branch had a tendency to loosen regulations. Recently, the Securities and Exchange Commission (SEC) has withdrawn or delayed many lawsuits related to digital assets, while the Department of Justice (DOJ) disbanded its dedicated crypto unit, indicating a shift in oversight priorities.
From a technological perspective, Mr. Felipe D’Onofrio – Chief Technology Officer of Brickken – notes that the development of e-wallets along with pressure to increase efficiency and liquidity in traditional capital markets are factors driving RWA tokenization to become an attractive option.
Ethereum currently holds a central position, with over $4.9 billion of a total $6.5 billion of U.S. Treasury bonds tokenized, according to data from RWA.xyz. However, specialized networks like Canton Network, Plume, and Ondo Chain are emerging as alternatives, especially in models requiring high security or strict legal compliance.
Mr. Herwig Koningson – CEO of Security Token Market – believes that: “The important thing is not which blockchain is chosen, but whether that blockchain meets the required functions.” This is why many traditional organizations opt for permissioned blockchain systems or private DLT.
Despite the tremendous growth potential – with forecasts that the global RWA market could reach between $4 trillion to $30 trillion, even $50 trillion by 2030 – this sector still faces many challenges. Key barriers include the fragmentation of blockchain infrastructure and inconsistencies in the legal framework across regions. Nevertheless, with the strong entry of leading financial institutions along with technological advancements and legal improvements, RWA tokenization is entering a transformative growth phase.
