Blockchain infrastructure firm Global Settlement Network (GSN) announced plans to tokenize water treatment facilities in Southeast Asia, targeting $200 million in tokenized assets within 12 months. The initial pilot in Jakarta involves eight government-contracted facilities, aiming to raise about $35 million for upgrades and network expansion. The project will also test an Indonesian rupiah stablecoin settlement system.
Jakarta Pilot: 8 Facilities, $35M Raise
GSN partnered with Globalasia Infrastructure Fund for the first phase. Fund chairman Mas Witjaksono said the pilot will test the IDR stablecoin settlement in a controlled environment before expanding to broader forex scenarios. Southeast Asia needs over $4 trillion in long-term water investment by 2040, far exceeding current spending. RWA tokenization is seen as a tool to bridge the gap.
RWA Market Grows 245x in Five Years
Tokenized real-world assets are expanding fast. On-chain RWA total value has exceeded $21 billion with over 629,000 holders. In five years, the market grew from $85 million to $25 billion — a 245x increase — driven by institutional demand for yield, transparency, and balance sheet efficiency. BlackRock has launched tokenized treasury products; Figure Technologies placed billions in private credit on-chain. Bitwise predicted in its 2025 crypto outlook that tokenized RWA could reach $50 billion.
Indonesia: A Crypto Adoption Leader
Indonesia leads Southeast Asia in crypto adoption. The country of 270 million saw crypto investors rise from 11.2 million in 2021 to 16 million, with a penetration rate of 5.7% (above the global 4%). The central bank in October 2025 announced plans to issue a "national stablecoin" backed by government bonds on its digital rupiah CBDC. GSN chose Indonesia for its blockchain-friendly environment and government openness.
From Treasury to Tap Water: RWA Use Cases Expand
RWA tokenization has moved from real estate, treasuries, and private credit to water infrastructure. Major blockchains like Ethereum now host over $120 billion in tokenized assets. Standards like ERC-3643 for compliant tokens are maturing, accelerating the utility and infrastructure tokenization wave.