Tokenization has evolved from concept to catalyst—transforming how financial markets operate, connect, and scale. The DigiFT 2025 Research Paper brings together insights from across our institutional ecosystem to explore how real-world assets (RWAs) are progressing from experimentation to infrastructure.

This annual paper examines the state of tokenized markets through a global lens—covering the rise of tokenized equities, the maturation of stablecoin frameworks, and the growing role of regulated on-chain platforms in bridging traditional and digital finance. It also captures the defining regulatory shifts and use cases shaping this next phase of adoption.

RESEARCH HIGHLIGHTS

Where We Are: A Market Fueled by Optimism

In 2025, real-world assets (RWAs) have captured global attention, with strong institutional inflows and growing public enthusiasm. Early success stories have raised expectations across the market—some projects are thriving, but others are yet to prove sustainable value. The sector now stands at a pivotal moment between hype and lasting adoption, bridging traditional finance and Web3 more than ever before.

How We Got Here: Enabling Access & the Top Developments in the Past Year

Tokenization began as a mission to provide access to traditional assets on-chain. What began as experimentation during a low-rate environment evolved into a regulated movement driven by institutions. The past year saw three key movements in the RWA scene: global institutions like UBS, Invesco, Apollo and more coming on-chain, new and expanding asset classes like tokenized equities and real estate, and the improvements in stablecoin regulations in the US and Hong Kong—these movements helped drive the RWA scene to where we are today.

Adoption of On-chain RWA Ecosystem and their Roles across the Ecosystem

The RWA ecosystem has evolved into an interdependent network where each participant drives scalable adoption. RWA ecosystem partners such as tokenization and distribution platforms, defi protocols, curators and asset managers are key players in the space for RWAs to exist and thrive. Infrastructure contributors like L1/L2 blockchains, oracle service providers and interoperability protocols help RWAs grow beyond their base capabilities. Together, these roles form a self-reinforcing loop that drives RWA adoption.

Beyond Tokenization: From Accessibilities to Use Cases

RWAs have progressed from mere on-chain representations to programmable financial primitives powering new use cases.

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From Fixed Income to Equities: Why Trading On-chain Defeats Holding Off-chain

Tokenization has expanded from fixed income to equities and pre-IPO shares. Two issuance models dominate: direct issuance and structured note issuance. Tokenized equities trade around the clock, providing a decisive advantage over legacy markets. Tokenized equities activate 24/7 liquidity and lets investors manage risk continuously rather than waiting for market hours, ushering in a new era of always-on equity markets where programmable assets outperform traditional holding structures.

“If incumbent exchanges can’t adapt, they risk being left behind as mere custodians of a less functional version of the same assets.” — Galaxy Research

Regulations Are Driving Adoption

In Singapore,  RWA tokens that represent underlying instruments such as debentures, equities, funds, and treasuries are treated under existing securities rules, providing a clear regulatory pathway for licensed players. Hong Kong requires licensing for both securities and virtual-asset activities, while Dubai’s approach under VARA promotes compliant innovation. Across regions, transparency and regulatory clarity are fueling sustainable RWA growth.

Stablecoins continue to anchor the broader RWA economy. Over the past year, new frameworks such as the U,S. GENIUS and CLARITY Acts and Hong Kong’s Stablecoin Bill have been enacted, formally recognizing stablecoins as regulated digital money and linking their growth directly to RWA demand.

What’s Next

The coming phase will see RWAs scale from experiments to infrastructure. Hybrid permissioned–permissionless markets, tokenized equity exchanges, and the first on-chain IPOs will anchor a new financial architecture. Asia is set to lead this transition, turning 2025 from a year of expectation into the beginning of utility for the tokenized global economy.

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