RWA tokenization is the sale of interests in a real-world asset, with each investor's holding recorded as a token on a blockchain. The legal structure, pricing and servicing change from one asset to the next. A tokenized money market fund and a tokenized apartment building use the same kind of token, but little else.
This page compares tokenized asset offerings across six asset classes, lists the steps of an offering and describes the kinds of companies that run these deals, so you can judge which ones a project needs.
The size of the tokenized asset market
The data site rwa.xyz tracks real world asset tokenization on public chains. On October 19, 2026, it counted about $39 billion of distributed tokenized assets, not counting stablecoins. The table shows three of the largest groups:
| Asset group | Value tracked (Oct 19, 2026) | Largest products or platforms |
|---|---|---|
| US Treasury funds | About $14.8 billion in 117 products | Circle USYC, Ondo USDY, BlackRock BUIDL, Franklin Templeton iBENJI |
| Tokenized credit | About $8.2 billion distributed | STOKR, Maple, Centrifuge, Securitize |
| Commodities | About $8.5 billion | Tether Gold (XAUT), Paxos Gold (PAXG) |
The table counts distributed assets, which holders can move between wallets. The site also counts "represented" assets, which are records copied to a blockchain from a system kept elsewhere and which holders cannot move freely. Figures change daily, so check the live site before you quote them.
The four parts of every offering
Every tokenized offering has the same four parts, whatever the asset:
- A legal wrapper holds the asset, usually a fund, a special purpose vehicle (SPV), a trust or a note issuer.
- An offering route makes the sale legal. In the US the route is a registered offering or an exemption such as Reg D, Reg S or Reg A+, while other countries use a prospectus or a local exemption.
- A permissioned token represents units of the wrapper and moves only between verified, eligible holders.
- A servicing model decides who values the asset, pays income, handles redemptions and keeps the register.
In January 2026, SEC staff confirmed that a tokenized security is still a security, so moving the record to a blockchain does not change the offering rules. The asset tokenization platform guide covers the software layer, and the security token offering page covers the legal terms.
How tokenized assets differ by asset class
| Asset | Usual wrapper | Valuation | What the token adds | Main difficulty |
|---|---|---|---|---|
| Treasuries and money market funds | Registered or private fund | Daily net asset value (NAV) | Transfers at any hour, use as collateral, faster subscriptions | Fund rules and the move between stablecoins and bank money |
| Private credit | Fund or SPV that issues notes | Periodic, based on a model | Smaller minimum tickets and loan-level reports | Disclosing credit risk; defaults are settled off-chain |
| Private equity and VC funds | Feeder fund or SPV | Quarterly, reported by the manager | Lower minimums and controlled resales | Few secondary buyers and long lockups |
| Company shares | Direct shares or an SPV | Set at funding rounds | An automated cap table | Company law on share registers |
| Real estate | Company or LLC that owns the property | Appraisal | Fractional access and automated rent payouts | Property operations and low liquidity |
| Gold and other commodities | Vaulted metal held by an issuer or trust | Spot price | Small, transferable claims on vaulted metal | Reserve audits and physical redemption |
Tokenized Treasuries and money market funds
Tokenized Treasury funds have been the fastest-growing group since 2023, and large asset managers such as BlackRock and Franklin Templeton issue most of them. The fund is a normal regulated fund, and the token is a share class recorded on a blockchain, with a registered transfer agent often keeping the official record. Buyers are mostly institutions, crypto company treasuries and DeFi protocols that want a yield-bearing asset they can hold on-chain.
The engineering work centers on three jobs: subscription and redemption, often in stablecoins; daily NAV publication; and getting exchanges and lending venues to accept the token as collateral. A sponsor without a fund license needs a licensed fund manager as a partner.
Private credit
Tokenized private credit pools lend to businesses or to fintech lenders and pass the interest to token holders. The token is simple, and the difficult parts are underwriting the loans and reporting on them. In December 2022, Orthogonal Trading defaulted on $36 million of loans from pools on Maple, after its funds were frozen at FTX, and the pool investors lost money even though the loans were recorded on a blockchain.
Investors in a credit pool need loan-level performance data. The offering documents must explain what happens after a default, because a lender recovers money through courts and not through smart contracts.
Company shares and fund interests
Tokenizing company shares or a venture fund stake mostly automates the cap table, which is the list of who owns how many shares, and the token also controls who can buy. Holding periods are long, because US private placements produce restricted securities. Under Rule 144, a holder usually waits one year before resale if the issuer does not file SEC reports, or six months if it does.
Real estate and art
A real estate deal and an art deal each put one physical asset inside a legal wrapper, such as an SPV, while property management, insurance and storage stay off-chain. Real estate and art each have their own guide: real estate tokenization and art tokenization.
Gold
Gold tokens such as XAUT and PAXG each represent a claim on metal held in a vault. Holders rely on the issuer's reserve reports and on the terms for exchanging tokens for physical gold. Regulators may treat a metal-backed token differently from a security, depending on its structure and the country.
Steps of an RWA tokenization offering
- Structure the deal. Choose the wrapper and the offering route with a lawyer, and list the countries where you will sell and the countries you will exclude.
- Prepare the documents. Write the offering memorandum or prospectus and the subscription agreement, with token terms that describe freezes, forced transfers and key recovery.
- Appoint service providers. Engage a transfer agent or registrar, a custodian, a fund administrator or property manager, an auditor and a KYC provider.
- Configure the token. Set the compliance rules from the documents in the token contracts, and have the contracts audited.
- Onboard investors. Run KYC and AML checks, confirm eligibility, link each investor to a wallet and collect payment.
- Issue and reconcile. Mint tokens to verified wallets only after the funds clear, then check the token balances against the register.
- Service the asset. Pay income, send statements, file tax reports, process redemptions and handle the final exit or wind-down.
Each offering exemption limits what an issuer may say in public while selling. The guide to STO marketing covers those limits.
Types of RWA tokenization companies
A tokenized offering usually involves several firms, each with a separate license or role:
- Asset managers and issuers create and run the asset, for example BlackRock, Franklin Templeton, Ondo and WisdomTree for Treasury funds.
- Transfer agents and issuance platforms keep the register and issue the tokens. Securitize, for example, acts as transfer agent for BlackRock's BUIDL fund.
- Token software providers license the contracts and the issuer dashboard. Tokeny created the ERC-3643 standard, and Apex Group bought a majority stake in Tokeny in May 2025.
- Credit protocols such as Maple and Centrifuge run on-chain lending pools and their reporting.
- Custodians, KYC providers and auditors handle the asset, the investor checks and the reserve reports.
When you compare RWA tokenization companies, ask which licenses each firm holds and in which countries, which live offerings use its software, and whether you can move the register if you leave.
Signs of a well-run offering
- The documents name a known asset manager, servicer or trustee that is responsible for the asset.
- The documents state what token holders own and what happens if the platform becomes insolvent.
- An independent firm verifies the reserves or holdings.
- The documents describe resale plainly: who may buy, where, and under which restrictions.
Frequently asked questions
What is RWA tokenization?
RWA tokenization records ownership of a real-world asset, such as a fund share, a loan, a building or gold, as a token on a blockchain. The legal claim stays with a wrapper such as a fund or SPV, and the token records who holds that claim.
Is a tokenized asset offering always a securities offering?
In most cases, yes, because investors buy an interest and expect returns from someone else's management of the asset. Some tokens backed by vaulted metal are treated differently, depending on their structure and the country.
Which asset class is easiest to tokenize?
Assets that already have a clear legal wrapper and daily pricing are the easiest, such as money market funds and short-term government debt. Single physical assets, such as buildings and artworks, are the hardest, because their operations stay off-chain.
Can retail investors buy tokenized assets?
Sometimes. In the US, Reg A+ offerings and registered offerings can accept non-accredited investors, but Reg D 506(c) offerings cannot. Many institutional tokenized funds set high minimums and accept only qualified purchasers or professional investors.
Does tokenization make an asset liquid?
No. A token makes the transfer itself simple, but the asset still needs eligible buyers, and resale rules still apply. Trading volume has grown mainly where tokens serve as collateral or as a place to hold cash.