RWA & Tokenisation: from proof-of-concept to product line

Tokenization crossed the “pilot → product line” tipping point in 2026. The market reached $38.17B on August 9, 2026 (~1.7M holders, +56% in 30 days), compared to ~$12B a year earlier, nearly tripling annually. Growth is now concentrated in cash-flow categories (Treasuries ~$16.2B across 87 products; private credit >$18.9B), not speculation. Market structure. Three layers are emerging: (1) issuance, BlackRock (BUIDL ~$2.7-2.9B, +BSTBL/BRSRV as of August 3, 2026), Franklin Templeton (iBENJI $1.72B), Ondo (USDY $2.14B); (2) distribution/compliance, Securitize, secondary private credit transfers now operational; (3) settlement, DTCC Tokenization Service (target launch October 2026, backed by an SEC No-Action Letter from December 2025), JPMorgan Kinexys in production with Schroders, Goldman/BNY initiatives. Layer 3 is the bottleneck: whoever controls it captures the rent.

12-24 month catalysts. GENIUS Act effective (January 18, 2027); ECB vote on digital euro (late 2026); CLARITY Act in the US Congress; expansion of tokenized equities (already ~15% of the market, 3x January, Ondo Stocks >$1B, 77% of the category concentrated on Ondo/bStocks/xStocks).

Risks. Regulatory delays (SEC exemption postponed twice); rail concentration; secondary liquidity risk on tokenized private credit; operational risk from bridges/custodians. Allocation implication. Treat RWA as a “programmable fixed income” class: select based on underlying credit quality and settlement rail quality, not tokenomics. Overweight infrastructures (transfer agency, settlement, scoring) relative to issuers.

STRUCTURAL BULLISH CONVICTION (5-10 year horizon). A $100B market target is plausible before 2028 if the current pace holds.