Is Tokenisation's Breakthrough Moment Here? 🔗
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Tokenisation is taking strides as Wall Street giants rapidly scale up the deployment of what was a mere testing concept just a couple of years back.
Multiple financial powerhouses are simultaneously launching platforms, establishing infrastructure, and creating products that bridge traditional markets with blockchain technology.
This week alone saw BlackRock, VanEck, and JP Morgan make significant moves that signal real-world asset tokenisation has evolved beyond proof-of-concept to become a cornerstone of institutional strategy.
In today's Wormhole, we show you why tokenisation’s long-awaited inflexion point might be here, and why it matters even if you've never bought crypto.
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The Quadrillion-Dollar Potential
“Every stock, every bond, every fund — every asset — can be tokenised. If they are, it will revolutionise investing,” BlackRock CEO and chairman Larry Fink said in his 2025’s annual letter to investors.
Fink is talking about an opportunity that allows fund houses to tokenise everything in the global asset industry valuing more than a quadrillion dollars.
The traditional finance giants have jumped right on to this opportunity as we see the adoption shoot up in the past 12 months.
Tokenised RWAs (excluding stablecoins) have crossed $22 billion, a 40% increase this year alone. We’ve barely scratched the surface, though.
Read: Inside 2024's RWA Revolution 📦
Consultancy firm Roland Berger predicts the tokenised RWA market to hit $10 trillion by 2030, while Boston Consulting Group estimates $16.1 trillion within the same timeline.
For perspective, even the lower estimate would represent 500 times growth from today. If just 5% of global financial assets move on-chain, we're talking about a multi-trillion dollar shift.
Before we look at the tokenisation moves of fund houses, let’s understand what’s tokenisation and what’s in it for investors.
Marriage of Tangible and Blockchain
Three simple steps: take a real-world asset, create a digital token representing ownership of that asset (partial or whole), and make it tradable on a blockchain. What you get is tokenisation.
The asset itself (Treasury bill, real estate, stock) doesn't change. What changes is how its ownership is recorded and traded.
Why tokenise? Four key benefits:
Fractional ownership: Own $100 of a commercial building instead of needing millions.
24/7 trading: No more waiting for markets to open or settlements to clear.
Lower costs: Fewer middlemen means reduced fees.
Global access: Investment opportunities previously restricted by geography become available worldwide.
“If SWIFT is the postal service, tokenisation is email itself — assets move directly and instantly, sidestepping intermediaries,” BlackRock’s Fink had said in his letter.
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The Silent Revolution
BlackRock's tokenised treasury fund BUIDL has exploded to $2.87 billion, growing more than 4x in just 2025. Franklin Templeton's BENJI holds over $750 million. JP Morgan's latest move connects its private blockchain Kinexys to the public blockchain world.
The growth story is further reinforced by the fact that the value of tokenised US treasuries stands at almost $7 billion, today, up from less than $2 billion exactly a year ago.
More giants are jumping on the bandwagon with unique products.
This week VanEck launched a tokenised US Treasury fund accessible across four blockchains, intensifying competition in the rapidly expanding market for real-world assets (RWAs) on-chain.
Read: VanEck Unveils Tokenised US Treasury Fund
Earlier this month, MultiBank Group, the world’s largest financial derivatives institution based in Dubai, has signed a landmark $3 billion real-world asset (RWA) tokenisation agreement with United Arab Emirates (UAE)-based real estate giant MAG and blockchain infrastructure provider Mavryk.
Smaller nations are also joining in. For Thailand's government, tokenisation means offering bonds to retail investors at a $3 entry point instead of traditional $1,000+ minimums, The Bangkok Post reported.
Even the government agencies aren’t missing the revolution.
The SEC just hosted a roundtable with nine financial giants to discuss tokenisation's future, a stark reversal from previous administrations.
For investors, it means 24/7 access, near-instant settlement, and fractional ownership.
Think of it as the difference between buying an entire album CD versus streaming just the songs you want. Tokenisation breaks assets into affordable pieces, making them accessible to everyone.
Why is this happening now?
Regulatory clarity: Under US President Donald Trump, his administration has pivoted from enforcement to facilitating innovation with a multiple pro-crypto recruits helming the government agencies.
Institutional adoption: Traditional finance giants providing legitimacy and infrastructure.
Technological maturity: Blockchain platforms have evolved to meet institutional requirements.
Market demand: Investors seeking more efficient, accessible financial products.
Chairman Paul Atkins sees tokenisation as the natural evolution of financial markets, comparing it with "the transition of audio recordings from analog vinyl records to cassette tapes to digital software decades ago.”
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The Path Forward
Despite the momentum, challenges remain.
Regulatory fragmentation: The global regulatory landscape remains a patchwork. The SEC's roundtable signals American openness, but international coordination is lacking. Japan, Singapore, and the EU are moving at different paces with incompatible frameworks. This creates compliance nightmares for global tokenisation platforms.
Standardisation vacuum: The industry lacks unified technical standards for tokenising different asset classes. Should a tokenised Treasury bill on Ethereum be compatible with one on Solana? Who validates the link between the token and the underlying asset? Without standardisation, we risk creating isolated pools of liquidity rather than a unified market.
Custody and security concerns: Traditional institutions remain wary of blockchain security. The $1.4 billion Bybit hack earlier this year raised uncomfortable questions about immutability versus recoverability.
Market education gap: Wall Street could be racing ahead, yet Main Street (read: an average person on the street) remains largely unaware about the understanding of tokenisation.
Token Dispatch View 🔍
Tokenisation may be the bridge that finally connects blockchain technology with mainstream finance. For those watching blockchain's evolution, this might be the sector's biggest impact yet – not creating new currencies, but transforming how we access and trade the assets we already understand.
Most people don't care about blockchain. They care about getting their paycheck earlier, accessing investments previously reserved for the wealthy, and moving money without being gouged by fees. Tokenisation delivers these benefits without requiring users to understand the underlying technology.
As this space evolves, we'll likely see tokenisation become invisible infrastructure – just like you don't think about SMTP protocols when sending email. You'll simply access investments more easily, with lower fees and fewer restrictions.
Traditional finance took centuries to develop systems that favour institutions and exclude average people. For decades, we've accepted a financial system designed around institutional convenience rather than human experience. Want to trade after work hours? Too bad. Need to invest with just $50? Not worth our time. Want to send money internationally without losing 7% to fees? Get in line.
Tokenisation could level the playing field in just years.
As these tokenised experiences normalise, the conceptual walls between "traditional" and "decentralised" finance will naturally erode. The person who bought tokenised bonds for $3 from Thailand's government might later explore yield-generating DeFi protocols. The institutional investor who first encountered blockchain through BlackRock's BUIDL may eventually diversify into native crypto assets.
This model drives real adoption, not through ideological conversion, but through practical advantages that make the old way of doing things seem absurdly inefficient by comparison.
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Very insightful, love the technical view 😊