代币化RWA价值突破380亿美元，Castle Labs呼吁深化流动性

Tokenized real-world assets exceed the US$38 billion mark, and Castle Labs calls for deepening liquidity.

According to statistics from Castle Labs and multiple industry data sources, the total value of tokenized real-world assets (RWAs) on public blockchains now exceeds US$38 billion. Although this growth marks a record high, researchers emphasize that the future of the sector will depend more on actual utility, liquidity and financial integration capabilities than just on overall numbers.

Treasury bonds and networks dominate the tokenized asset market

As of September 15, 2026, the RWA.xyz report shows that the total tokenized assets reached US$38.86 billion, an increase of 1% from the previous 30 days, and the number of holders is approximately 4.24 million. Among them, U.S. Treasury bonds accounted for more than $15.9 billion, making it the dominant force in tracking asset classes.

Other major sectors include: US$4.9 billion in commodity assets, US$3.6 billion in active investment strategies, US$2.56 billion in asset-backed credit, and US$2.52 billion in tokenized stocks. The distribution among blockchain networks is extremely uneven:

• Ethereum carries assets worth US$17.3 billion;
• BNB Chain manages assets worth US$5.6 billion;
• Solana is closely behind, with US$4.3 billion in assets.

Market observers point out that fragmentation across blockchains continues to pose liquidity challenges.

CoinGecko的一份报告指出，到2026年第一季度末，代币化RWAs已超过193亿美元，自2025年1月以来增长了逾三倍。

效用与互操作性成为新兴重点

Castle Labs认为一个转折点已经到来：将资产上链已不再是主要的障碍。目前，Kraken、Robinhood、Ondo、Securitize、富兰克林邓普顿和贝莱德等公司正以多种形式提供代币化访问服务。

面临的演变挑战在于如何让持有者有效地利用其资产。Castle Labs将代币化资产的效用分为两个关键领域：可访问性和组合性。虽然交易平台的接入便利性有所提高，但只有当资产能够在不同场所之间转移、具备显著的流动性、作为抵押品使用并参与复杂的链上交易时，它们才能实现其潜力。

The actual value of tokenized assets stems not only from their existence, but also from their ability to circulate between networks, serve as collateral, and participate in deeper liquid markets. The growing demand for uninterrupted trading hours is blurring the line between traditional and crypto markets, further highlighting the need for seamless connectivity and round-the-clock access.

Policy shifts and institutional growth

Adoption by governments and institutions has added impetus to progress in this area. TRM Labs reports that stablecoin regulation has made progress in more than 70% of the 30 key jurisdictions in 2025. About 80% of major financial institutions have announced digital asset initiatives, expanding their participation in tokenization projects.

The International Monetary Fund (IMF) analyzed the impact of banking, and economist Tobias Adrian pointed out that tokenization could promote atomic settlement, improve liquidity management and compliance. However, without a sound legal framework and stable settlement assets, risks may increase, exacerbating concentration and fragmentation in the banking industry.

The Boston Consulting Group (BCG) predicts that while digital RWAs currently account for a relatively small share, their structural importance in global banking may grow significantly over the next decade.

Small Dictionary: The Boston Consulting Group (BCG) is a global management consulting firm known for its industry research and strategic consulting services to companies and institutions.

Persistent mobility disorder

Pantera Capital's first-quarter report counted 593 tokenized assets, of which 542 were actively traded. The company's "tokenization progress index" averaged only 2.04 points (out of 5 points). Among these assets, 77.6% belong to the "Wrapper" category (that is, they represent traditional assets on the chain but do not add additional features), 11.1% are classified as Hybrid, and only 2.7% belong to the Native category (taking full advantage of blockchain functionality).

Pantera likens the market to the early days of the Internet's "newspaper online"-products have migrated to new platforms, but most of their potential capabilities have not yet been tapped. Many tokenized assets function similar to their traditional equivalents, resulting in slow improvements in liquidity and financial infrastructure.

The Organization for Economic Cooperation and Development (OECD) supports these observations, pointing to limited liquidity, inadequate payment networks, custody restrictions, legal uncertainty and lack of interoperability as continuing obstacles.

Industry analysts emphasize that tokenization alone does not guarantee strong liquidity. Healthy market operations require market makers, balanced order flow, and effective price discovery mechanisms.

Simply creating tokenized versions of assets will not solve the liquidity problem; a complete market ecosystem with active participants and transparent pricing remains essential.

Looking forward, the value of tokenization will depend less on the total amount of assets introduced into the chain and more on its ability to move smoothly and provide true real-world financial benefits.