Tokenization.

Par
Publié le 8 July 2026

Adoption

The market for real-world asset (RWA) tokenization is experiencing a fascinating paradox. On one side, tokenized volumes have reached an all-time high of $3.86 billion, driven notably by the staking of SpaceX’s initial public offering. On the other, Securitize, the platform backed by BlackRock, has seen its valuation plummet by 40%. This dual movement, far from being contradictory, signals the sector’s entry into a phase of maturity where euphoria gives way to consolidation and the rationalization of valuations.

A Historic Record: $3.86 Billion Tokenized

The figure speaks for itself: $3.86 billion. That is the record amount of tokenized volumes recorded on the Real World Assets market during this period. Never before had tokenization — the process of representing real-world assets as digital tokens on a blockchain — reached such heights.

This record is largely explained by a major event: the staking of SpaceX’s initial public offering (IPO). Elon Musk’s space company, whose private valuation reaches hundreds of billions of dollars, saw a portion of its shares tokenized and made accessible to a broader range of investors through tokenization platforms. This movement significantly inflated trading volumes, demonstrating the market’s appetite for access to assets traditionally reserved for institutional investors or high-net-worth individuals.

The tokenization of SpaceX shares represents an emblematic use case of the promise of decentralized finance: democratizing access to premier assets by fractionalizing ownership and making it tradable 24 hours a day, 7 days a week, on blockchain infrastructure. Investors who could never have purchased a single SpaceX share at the unit price prevailing on the private market can now acquire tokenized fractions of that share for a much more accessible amount.

The Rise of the Tokenized RWA Market

Beyond the SpaceX case, the market for tokenized Real World Assets is experiencing rapid and multidimensional expansion. Several categories of assets are affected by this phenomenon:

• Tokenized stocks: Beyond SpaceX, shares of companies such as Tesla, Apple, Amazon, and Google are available in tokenized form on various platforms. This segment has experienced exponential growth, driven by demand from investors seeking exposure to equity markets through blockchain infrastructure.
• Tokenized bonds: Traditional financial institutions, including central banks and supranational organizations such as the European Investment Bank, have issued tokenized bonds. These instruments offer increased transparency, faster settlement, and reduced management costs compared to traditional bonds.
• Tokenized real estate: Fractional ownership of real estate assets through tokenization allows investors to participate in the property market with amounts far lower than those required for a direct purchase. Commercial buildings, luxury residences, and even hotel projects have been successfully tokenized.
• Commodities and alternative assets: Gold, silver, oil, as well as more exotic assets like copyrights or works of art, are gradually being integrated into the universe of tokenized RWAs.

The record volume of $3.86 billion therefore reflects a deep-seated trend: tokenization is no longer a niche experiment but a sector undergoing full-scale industrialization, driven by leading institutional players and growing demand from investors seeking liquidity, transparency, and accessibility.

Standardization Through the B20 Standard

An important technical context helps explain this record: the recent activation of the B20 standard, a protocol developed specifically for the tokenization of real-world assets. This standard aims to establish common rules for the issuance, management, and exchange of tokenized RWAs on blockchains compatible with the Ethereum Virtual Machine (EVM).

The B20 standard addresses a critical need for the sector: interoperability. Until now, each tokenization platform developed its own technical specifications, creating a fragmented ecosystem where assets tokenized on one platform could not easily be exchanged or used on another. This situation limited liquidity and hindered adoption by institutional investors, for whom standardization is a prerequisite for allocating significant capital.

With the B20 standard, issuers of tokenized assets benefit from a common technical framework that guarantees compatibility between different platforms and decentralized applications. Investors can thus buy tokenized RWAs on one platform and resell them on another, or use them as collateral in decentralized lending protocols, without additional friction.

This standardization represents a major accelerator for the market. It reduces barriers to entry for new issuers, improves trading efficiency, and strengthens investor confidence. The record of $3.86 billion should be understood in part as a consequence of this technical maturation.

The Flip Side: Securitize Drops 40%

While the tokenization sector celebrates record volumes, not all players are benefiting equally from this growth. Securitize, one of the most prominent platforms in the sector, backed by asset management giant BlackRock, has seen its valuation fall by 40%.

This significant decline illustrates the current paradox of the tokenization market: overall volumes are increasing, but competition is intensifying and individual valuations are correcting. Several factors explain this relative setback for Securitize.

Competition is intensifying: The tokenization market is attracting more and more players, from native Web3 startups to traditional financial institutions developing their own solutions. This increased competition compresses margins and makes it more difficult for any single platform to maintain a dominant position. The first-mover advantage that Securitize had enjoyed is eroding as new competitors offer innovative features or more attractive terms.

Valuation rationalization: After a period of euphoria during which investors generously funded startups in the sector, the market is entering a phase of rationalization. The high valuations granted during the peak of the previous cycle are being revised downward, in line with companies actual fundamentals. This phenomenon is not unique to Securitize: the entire financial technology sector is undergoing a similar adjustment.

Monetization challenges: Despite the growth in tokenized volumes, monetization remains a challenge for tokenization platforms. Transaction fees on tokenized assets are often lower than those charged on traditional markets, and the volume of assets under management needed to reach profitability can be high. Securitize, like other platforms in the sector, must find the right balance between volume, fees, and profitability.

Regulatory uncertainty: Although progress has been made in the regulation of digital assets, the legal framework applicable to tokenization remains in flux in many jurisdictions. Platforms like Securitize must navigate a complex...