Tokenization Market Hits $37 B but Ownership and Settlement Remain Key Challenges

Tokenized real‑world assets (RWAs) surpassed $37 billion on public blockchains as of early August 2026, highlighting rapid growth but also exposing a fundamental ownership problem.

Market Size by Asset Class

• Overall tokenized RWAs: $37.29 billion
• Treasury and money‑market products: $16.16 billion (≈43% of total)
• Commodities: $4.60 billion
• Equities and ETFs: $2.16 billion

Regulatory Landscape

U.S. regulators are clarifying tokenized securities. In January, SEC staff distinguished between:

1. Issuer‑sponsored tokens that integrate with the official “master securityholder file” and allow on‑chain transfers to update the legal register.
2. Third‑party‑created tokens that keep legal ownership off‑chain, giving token holders a separate entitlement.

Ownership Starts with Settlement

Industry leaders stress that a token’s on‑chain balance is only meaningful if the underlying asset can be settled. Matrixdock demonstrated this with its tokenized gold (XAUm): a holder burned 32.148 XAUm and received a one‑kilogram LBMA gold bar within T+3, linking the token burn to physical delivery.

Institutional Perspective

Executives from AMINA Bank, Securitize and OKX US emphasized that institutional investors care about legal and economic rights, not the blockchain used. They argue that the token is merely a claim; enforceable rights depend on a regulated entity backing the claim and recording ownership in the official register.

Issuer‑Sponsored Model in Action

Securitize launched tokenized shares of its own common stock (ticker SECZ) on Avalanche and Solana while the same shares trade on the NYSE. The tokens represent the actual security, and the issuer‑sponsored model ties the token directly to the official ownership record.

Infrastructure and Trading Hours

The NYSE is developing a regulated digital venue for 24/7 tokenized securities trading, instant settlement and stablecoin‑based funding. However, clearing, custody and hedging still operate on traditional market hours, creating mismatches when token prices move while underlying markets are closed.

Economic Value of Tokenization

Tokenization adds value when it improves access, settlement speed, portability or collateral use. For assets like U.S. Treasury bills, which already have broad distribution channels, token wrappers offer limited additional utility unless they enhance these aspects.

Key Industry Metrics

• Securitize AUM (end‑Mar 2026): $3.4 billion
• Q1 2026 transaction volume: $1.9 billion
• NY​SE named Securitize as the first digital transfer agent eligible to mint blockchain‑native securities.