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2026-09-02 09:02:09

As Tokenized RWA Hits $37.29 Billion, the Market Is Testing What Ownership Really Means

The tokenized real-world asset market is still expanding, but the main question is shifting. In a recent feature, BeInCrypto said tokenized RWA on public blockchains, excluding stablecoins, had reached $37.29 billion as of Aug. 3. U.S. Treasurys and money market products accounted for $16.16 billion, or about 43% of the total, while commodities stood at $4.6 billion and stocks and ETFs at $2.16 billion. The report argues that the market is moving past the simple issue of what can be tokenized and toward a harder one: whether holding a token actually gives the holder enforceable rights to the underlying asset. BeInCrypto centered that question in interviews with Matrixdock head Eva Meng, AMINA Bank Chief Product Officer Myles Harrison, Securitize Chief Operating Officer Billy Miller, and OKX US Chief Executive Officer Roshan Robert. The discussion covered settlement, ownership registration, and the mismatch between 24/7 token trading and financial infrastructure that still runs on traditional market hours. A case involving Matrixdock’s tokenized gold product XAUm drew particular attention: in April 2025, a holder redeemed 32.148 XAUm, burned the tokens, and received a 1-kilogram LBMA gold bar within T+3 after submitting the request. In the report’s framing, that process showed how token ownership is only part of the equation. What matters is whether the token can connect, through settlement, to the release and delivery of the real asset behind it.

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