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Data from analytics platform RWA.xyz shows the tokenized real-world assets (RWA) market has expanded by more than 420% since the start of 2025. Market capitalization of RWAs was around $5.8 billion on January 1, 2025, and has risen to over $30.2 billion as of midweek.
Within the broader RWA market, tokenized U.S. Treasury assets recorded the strongest growth. Their market capitalization increased from $3.9 billion at the start of 2025 to above $15 billion currently.
Dominick John, an analyst at Zeus Research, said the growth wave of RWA is primarily driven by the U.S. Treasury market.
The article also highlights tokenized commodities—particularly gold—as drawing increased attention amid higher volatility linked to geopolitical tensions. It notes that 24/7 trading supports liquidity and global access compared with traditional markets that operate within limited trading hours.
Tokenization is described as a key driver of institutional interest in blockchain and digital assets. The piece also cites ARK Invest’s forecast by Cathie Wood, which projects the digital assets market could reach $28,000 billion by 2030, supported by pillars including Bitcoin, DeFi, stablecoins, and tokenized real assets.
Separately, CoinGecko’s report published on Thursday points to regulation clarity—especially Europe’s MiCA framework—as a factor attracting large financial institutions and new capital into the tokenized real assets space. CoinGecko’s research head, Zhong Yang Chan, and analyst Yuqian Lim said that only a few years ago the RWA market was more hype than real value, but that since 2024 the sector has begun to take a clearer shape.
“Clear regulatory frameworks have created conditions for traditional financial institutions (TradFi) to enter the market. As initial experiments have become standardized and the operating framework established, the pace of tokenization has accelerated,” Chan and Lim said.
CoinGecko’s experts characterize 2025 as a potential turning point for the RWA market. They say both crypto-native firms and traditional financial institutions are participating more actively, increasing competition. Issuers are now competing not only on technology, but also on regulatory positioning, collateral asset scope, and distribution capabilities.
While the article notes that tokenized Treasuries and commodities remain strong near-term growth drivers, Dominick John cautioned that sustaining momentum will likely require additional catalysts. He said growth remains positive as tokenized Treasury assets continue to attract capital and bring more institutions into the space, but that the pace may slow because much of the easily accessible capital has already been allocated.
John added that the next growth wave of RWAs will depend on whether tokenized assets such as equities, funds, or private credit can reach sufficient scale and applicability to attract large capital inflows, describing this as an important test for whether the market can maintain its momentum in the coming years.
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