The RWA market has surged by 40% since the beginning of the year, reaching $51 billion. This is reported by The Block, citing a report from Bernstein. 

Experts indicate that the sector is expanding despite market corrections. The number of token holders has increased by 60%, surpassing 917,000. Leading platforms by asset volume are Figure ($18.9 billion) and Securitize ($4.3 billion).

Market Structure

Private lending constitutes the largest share of RWA at 47%, followed by U.S. Treasury bonds at 30% and precious metals at 9%. 

The majority of activity is concentrated in the Provenance (39%) and Ethereum (33%) networks. The segment of tokenized stocks has shown the fastest growth, increasing by 130% over six months to reach $1.6 billion. 

Analysts have identified three main approaches to tokenization:

  1. Trading Infrastructure. Brokers (like Robinhood) purchase stocks and hold them as collateral for tokens. This allows for 24/7 trading but does not grant voting rights to the holder.
  2. Settlement Layer. Blockchain replaces traditional accounting systems. Projects like Figure and Securitize create regulated stacks where investors receive full ownership rights.
  3. Hybrid Model. Coinbase offers a "one-stop exchange," combining tokens for stocks, derivatives, and crypto assets for users outside the U.S.

Regulation

The future development of the industry hinges on the SEC's stance. The regulator has already approved pilot projects from NYSE and Nasdaq for trading tokenized securities. Bernstein believes that a key incentive will be an "innovation exemption" that permits trading such assets within the U.S.

In June, the monthly transaction volume in the tokenized stock segment reached $5.3 billion. For comparison, this figure was $500 million in September of last year.

It is worth noting that at the beginning of June, Bernstein analysts described the current Bitcoin cycle as "boring."