Wall Street is quietly moving billions into a sector that’s been on the border of crypto and traditional finances: real-world asset (RWA) tokenization. The market have just hit around US$ 24 billion in assets as of June 2025. RWAs include tokenized versions of traditional assets like U.S. Treasuries, private credit, real estate, and invoices. Players like BlackRock, JPMorgan, and Citi are now exploring ways to use blockchain rails to hold, trade, or lend against these assets.
BlackRock’s BUIDL fund, launched on Ethereum in 2024, has already gathered over US$ 2,5 billion only in tokenized U.S. Treasury exposure. Meanwhile, JPMorgan has expanded its Onyx blockchain platform to include collateralized settlements of tokenized bonds. Citi, in its 2023 Money, Tokens and Games report, projected that US$ 5 trillion in tokenized sovereign currencies could exist by 2030.
One of the main drivers isn’t just yield, but operational innovation. Recently, Franklin Templeton introduced “intraday yield” on its Benji platform, allowing investors in tokenized U.S. Treasury funds to accrue interest by the second, including on weekends and holidays. This is a leap from the traditional daily or monthly accrual models. Its tokenized U.S. government money fund, FOBXX, has already surpassed US$ 775 million in assets, with around $490 million issued on the Stellar blockchain.
Regulation and challenges
Institutional comfort is also rising thanks to regulatory sandboxes and partnerships. In the U.S., the SEC and CFTC have taken a more neutral stance toward tokenized Treasuries compared to stablecoins or crypto tokens. Meanwhile, the Monetary Authority of Singapore (MAS) and Swiss FINMA are running pilots with UBS and JPMorgan to explore RWA collateralization for cross-border settlements.
Still, challenges remain. Custody, compliance, and chain fragmentation continue to limit adoption at scale. But with nearly US$ 1 trillion in short-term government debt maturing every few weeks in traditional markets, Wall Street sees a clear opportunity to make this cycle programmable and global. If the quiet capital inflows continue, RWAs may soon shift from a crypto niche to a foundational layer of modern finance.
