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FollowingDubai writes buyers 'names into deeds of tokenized properties, but large U.S. commercial real estate companies are deliberately slowing down.
Mitch Diremondo, founder of SteelWave Digital, the tokenization arm of SteelWave, a 40-year-old commercial real estate company, said that his top priority is to reassure investors, followed by tokenization. In mid-2024, SteelWave announced the establishment of a $500 million commercial real estate digital investment fund, but so far, no assets have been tokenized.
Who is the audience for tokenized real estate?
At least in the United States, the vast majority of investors in tokenized real estate are not retail investors. Diremondo pointed out: "Most of the tokenized assets we see are not bought by retail investors, but are bought in bulk by many family offices. You often see shares worth $2 million to $6 million in large transactions." In addition, demand also shows a trend towards being more international rather than domestic. He explained: "Demand in the U.S. is much lower than in the international market, probably because investors have access to these investment opportunities in the U.S., but not in other countries. So this is a completely new market."
Real estate investment trusts backed by stablecoins
Looking to the future, Di Remundo is optimistic about the tokenized real estate sector. He shared a model: selling real estate investment trusts (REITs) to investors through stablecoins, which are backed by cash flow from REITs properties. "If we package a batch of real estate into a new generation of REIT and make it generate stable cash flow, then we can underwrite it as a possible stablecoin," he said. It is worth noting that under the GENIUS Act, U.S. payment stablecoins must hold cash and short-term treasury bonds, so this model may need to be packaged in different forms or implemented in other jurisdictions.
Timetable for real estate listings
When asked when SteelWave would list its asset portfolio, Di Remundo said it would take at least a year, but the timetable was already advanced compared to a few years ago. "It depends on when liquidity enters the market," he said. I actually wish I could have put them online a year ago. Our forecast is 18 to 24 months. But if you asked me in early 2023, I would tell you it would take four to five years." He believes that tokenized stocks need to be fully popularized so that people feel "aesthetic fatigue" about them before real estate can be transformed. Tokenized stocks are currently growing at an alarming rate. Citigroup predicts that by 2030, this market size will exceed US$5 trillion. Currently, the total market value of all tokenized stocks is approximately US$2.3 billion.
