RWA market draws major Wall Street players

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RWA market attracts large companies

Highlights

Tokenized RWAs are estimated at $65 billion.
BlackRock, JPMorgan, and Ripple are expanding tokenization efforts.
Treasuries are the leading institutional use case.

Institutions move past crypto speculation

The current focus is not Bitcoin trading or altcoin speculation, Coinpedia reports. It is the tokenization of assets already central to traditional finance: Treasuries, money-market funds, private credit, deposits, and settlement instruments.

Recent industry estimates put tokenized RWAs at about $65 billion, up sharply this year, as banks and asset managers test whether blockchain rails can shorten settlement times, improve collateral movement, and cut back-office costs.

BlackRock has become one of the sector’s most visible backers. Its BUIDL tokenized treasury fund has grown to roughly $2.3 billion to $2.5 billion in assets, making it one of the largest products in the category. Larry Fink, BlackRock’s chief executive, has argued that tokenization can broaden access to markets and modernize how securities are owned and transferred.

JPMorgan is approaching the same shift from the banking side. Its Kinexys platform focuses on programmable payments, asset tokenization, and near-real-time settlement across global markets.

Ripple and banks chase the rails

Ripple is pitching tokenization as a settlement and liquidity business rather than a retail crypto trade. A Ripple and Boston Consulting Group report projected tokenized assets could reach $18.9 trillion by 2033, with growth driven by institutional demand for faster, more flexible financial infrastructure.

Other large institutions are moving in parallel. Goldman Sachs, BNY Mellon, Citi and HSBC have built or tested tokenized fund, payment and settlement systems. For them, the appeal is practical: transactions can settle faster, collateral can be used more efficiently, and assets can move beyond normal market hours.

A test for financial market infrastructure

Tokenized Treasuries are the easiest starting point because the underlying asset is liquid, familiar, and widely used as collateral. If the model works, tokenization could spread to funds, credit, deposits, trade finance, and other large asset classes.

The projections remain wide. McKinsey has estimated a base case near $2 trillion by 2030, while Standard Chartered has forecast $30.1 trillion in tokenization demand by 2034. That gap shows both the size of the opportunity and the uncertainty around regulation, liquidity, custody, and interoperability. The next stage will depend less on headlines and more on whether tokenized assets can work safely inside the plumbing of global finance.

We also reported tokenized stocks exceeding $1 billion as RWA market gains momentum.

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