- Most RWA issuers prioritize capital formation over secondary market liquidity.
- Liquidity isn’t anticipated to drive the tokenization technique, however will comply with issuance development.
- Regulatory friction stays a serious barrier to the adoption of RWA tokenization.
Bricken’s This fall 2025 research finds RWA issuers are targeted on elevating capital as liquidity takes a backseat Bricken’s This fall 2025 research finds that actual world asset (RWA) issuers are turning to tokenization as a capital-raising device slightly than a secondary market liquidity mechanism.
The findings present that whereas most members view tokenization as an infrastructure for issuance and funding, liquidity stays a long-term aim tied to broader market growth.
Amongst respondents, 53.8% cited capital formation and financing effectivity as the principle cause for tokenizing belongings. In distinction, 15.4% cited liquidity as a major motivator and 38.4% stated their mission didn’t want liquidity. Nevertheless, 46.2% count on secondary market liquidity to be accessible inside 6-12 months.
Jordi Esturi, Bricken’s chief advertising officer, stated issuers are transferring past conceptual use instances to deal with operational targets corresponding to entry to capital, investor attain and course of effectivity.
He famous that many corporations are nonetheless within the validation section, with regulatory frameworks being examined and issuance processes digitized earlier than liquidity turns into a prime precedence. Esturi added that the trade’s expanded buying and selling hours replicate an adjustment to its enterprise mannequin, slightly than a disconnect with issuer demand.
His feedback adopted bulletins from main U.S. exchanges. CME Group plans to introduce 24-hour buying and selling for crypto derivatives by Could 29, and the New York Inventory Alternate and Nasdaq have outlined their intentions to assist 24-hour buying and selling for tokenized shares.
Associated: Establishments lead RWA development, panel speaks at Consensus Hong Kong
Issuance progress exceeds liquidity plan
The survey revealed that for many respondents, tokenization is already in place. Roughly 69.2% reported that that they had accomplished the tokenization course of and began operations, 23.1% stated their initiatives had been ongoing, and seven.7% had been nonetheless in planning.
Esturi differentiated between “discretionary” and “required” liquidity, noting that many non-public market issuers function with long-term funding horizons in thoughts. He stated liquidity is predicted to develop alongside, slightly than forward of, issuance quantity and institutional participation.
Ondo began with tokenized U.S. Treasuries and now manages over $2 billion in belongings, with a deal with tokenized shares and exchange-traded funds. Chief Technique Officer Ian de Bode stated equities supply sturdy worth discovery and a longtime valuation framework, making them appropriate for collateral use and broad entry.
Regulation stays a serious hurdle
Regulatory complexity continues to weigh on issuers. Within the survey, 53.8% stated that rules have slowed down their operations, and 30.8% reported partial friction. In whole, 84.6% skilled some extent of regulatory resistance. Solely 13% recognized expertise or growth as their major problem.
Alvaro Garrido, founding companion at Authorized Node, stated there’s a rising demand for authorized buildings tailor-made to particular belongings and applied sciences, and compliance issues are constructed into initiatives from the start.
Associated: What are RWA’s efficiency and future prospects in 2026?
Disclaimer: The data contained on this article is for informational and academic functions solely. This text doesn’t represent monetary recommendation or recommendation of any type. Coin Version isn’t chargeable for any losses incurred because of using the content material, merchandise, or providers talked about. We encourage our readers to do their due diligence earlier than taking any motion associated to our firm.