Exploring the Rapid Evolution of the Real-World Asset Tokenization Market

Delving into the realm of real-world asset (RWA) tokenization, the market is moving decisively from experimental phases toward becoming a structured and established industry. Reinforced by traditional financial juggernauts and influential Web2 tech firms like BlackRock, Stripe, and Robinhood, this transformation is accelerating the assimilation of blockchain technology into the economic mainstream.

The Korbit Research Center’s quarterly report, “RWA Market Trends: Strong and Sustained Growth in Q3 2025,” released on October 24th, highlights these developments, marking robust progression in the RWA landscape throughout the third quarter of 2025.

Growth Metrics Reflect Market Maturity

Key indicators illustrate the advancing market dynamics. The total value locked (TVL) in assets—excluding stablecoins—climbed by 28.8% quarter-over-quarter, reaching an impressive $32.2 billion (KRW 46.3 trillion). Simultaneously, the stablecoin market capitalization surged by 18.6%, settling at $296 billion (KRW 425 trillion), painting a clear picture of sustained market growth.

Stablecoins: From Transactions to Yield Optimization

The stablecoin sector has undergone a major transformation, evolving from basic tools for payments and remittances to becoming yield-generating vehicles, fundamentally increasing capital efficiency. Innovative mechanisms such as staking rewards and looping strategies now define the sector’s trajectory.

Prominent growth in stablecoin projects underscores their momentum. USDe experienced an astonishing 174% spike in market capitalization during Q3, establishing itself as the third-largest stablecoin by share. PayPal’s PYUSD also demonstrated remarkable growth, expanding by 154% on the back of newly introduced rewards programs. This structural evolution signals a shift toward asset utility and efficiency in the stablecoin marketplace.

Institutional Dominance in Tokenized Bonds

The tokenized bond sector is gaining traction, led by industry stalwarts such as BlackRock’s “BUIDL” token, Ondo Finance’s “OUSG,” and Franklin Templeton’s “BENJI.” Institutional players have fueled this sector, with approximately 70% of tokenized bond issuances processed on the Ethereum (ETH) network. This reliance on Ethereum is evident in its ability to accommodate robust institutional demand for blockchain-based financial products.

Efforts by these firms exemplify the growing acceptance of blockchain solutions in traditional financial ecosystems, signaling an integrated approach to institutional adoption.

Tokenized Equities Prepare for Escalation

The burgeoning tokenized equities market offers exciting prospects as leading firms venture into innovative stock tokenization. Robinhood and Backed Finance have introduced their respective offerings: Robinhood’s derivative-based “stock tokens” and Backed Finance’s fully pegged “xStock.”

These approaches enable seamless two-way trading environments connecting on-chain blockchain assets with traditional off-chain equities, creating an accessible bridge for diverse investors. This development is anticipated to be transformative in unlocking liquidity for equity positions in an increasingly digitized trading infrastructure.

A Milestone Moment for Tokenized Loans

Tokenized loan securities witnessed significant advancements, with U.S.-based Figure emerging as a trailblazer. As the first RWA-focused enterprise to list on Nasdaq, Figure successfully raised $780 million, symbolizing an essential milestone toward broader industry recognition.

Despite this accomplishment, the report highlights concerns surrounding the lack of transparency in on-chain data. These challenges underscore an urgent need for robust verification systems and improved data reliability to enhance market trust and scalability.

Web2 Leaders Propel RWA Industry Growth

Fintech titans from the realm of Web2—including Stripe and Robinhood—are playing a pivotal role in accelerating the development of the RWA industry. Rather than merely investing passively, these enterprises are creating proprietary payment platforms and service ecosystems, driving advancements in infrastructure critical to supporting large-scale tokenization initiatives.

The Korbit Research Center report elaborates on their role as catalysts for industry maturity. With clearer regulatory pathways and increased participation by Web2 entities, Q3 2025 has emerged as a defining moment for institutional trust and industrial scalability.

Industry Outlook: Regulatory, Technical, and Transparent Growth

“Future competition within the RWA market will transcend asset size considerations,” observed Kang Dong-hyun, research fellow at Korbit Research Center. The focus, he suggests, will shift toward adherence to regulatory frameworks, technological innovation, and securing data transparency as pillars for institutional adoption.

As this fast-evolving sector gains momentum, efforts to extend industrial scalability in tandem with compliance and reliable data systems are poised to solidify RWA tokenization as a cornerstone of modern financial markets.