RWA market size exceeded US$38 billion, and liquidity became the next major challenge

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代币化现实世界资产（RWA）规模突破380亿美元，但未来关键在于流动性与互操作性

链上代币化现实世界资产（RWAs）的规模已突破380亿美元大关，然而，这一数字的重要性远不及即将到来的行业变革。Castle Labs在2026年9月14日发布的报告中指出，该行业的未来取决于代币化资产能否在不同交易所之间流动、作为贷款抵押品使用，并与深度流动性进行交易，而非仅仅关注其上市数量。

这一区别对于寻求通过代币化和去中心化金融（DeFi）协议获取收益抵押品的机构而言至关重要。它决定了代币化资产是能够产生实质性的价值，还是仅仅在传统金融系统中沦为“数字包装”。

国债锚定380亿美元基础

截至2026年9月15日，RWA.xyz数据显示，分布式资产总值为388.6亿美元，30天内增长1.00%，持有者约为424万人。据Castle Labs统计，美国政府债务总额超过159亿美元。其他类型的资产包括：价值49亿美元的大宗商品、价值36亿美元的活跃策略、价值25.6亿美元的资产支持信贷以及价值25.2亿美元的代币化股票。

Markets are also divided by the blockchain in which transactions occur. According to the RWA.xyz rankings on September 14, 2026, the top three networks are Ethereum (US$17.3 billion), BNB Chain (US$5.6 billion) and Solana (US$4.3 billion). This information suggests that tokenized assets are scattered across different blockchains, causing ongoing liquidity problems.

Tokenized RWA Market Segment: Asset Class, Blockchain and Maturity in 2026

According to CoinGecko's 2026 report, it has more than tripled since January 2025, and by the end of the first quarter, tokenized RWA had exceeded US$19.3 billion.

Listed assets are no longer a problem

Castle Labs claims that supply is no longer an issue. Companies such as Kraken, Robinhood, Ondo, Securitize, Franklin Templeton and Blackstone have been able to provide tokenized access in different ways.

The bigger question is what holders can actually do with their assets. Castle Labs divides practicality into two categories: accessibility and composability. Although tokenization improves the ability to enter trading venues, these assets are truly effective only if they can flow across different venues, trade with deep liquidity, use as collateral, and effectively interact on the chain.

This trend has become increasingly relevant as daily trading hours extend, which conveniently alleviates the convenience traditional markets have gained in the past few years due to the advantages of round-the-clock access to cryptocurrencies.

监管与机构加速入场

该领域已找到有利的政府政策以支撑其长期增长。据TRM Labs称，2025年超过70%的30个司法管辖区稳定币监管取得了进展，约80%的金融机构宣布了关于其数字资产计划的公告。

对银行业的影响发生在结构层面。IMF于2026年4月发布的一份报告中，经济学家Tobias Adrian指出，代币化有助于实现原子结算、连续流动性管理和嵌入式合规。然而，如果缺乏适当的法律框架和安全结算资产，代币化可能会通过加快银行流程和增加集中度及碎片化来加剧不稳定性。

BCG在5月的报告中表示，当前的数字RWA规模较小；但在未来十年，数字RWA可能在银行业中具有最高的结构性重要性。

为何流动性仍然滞后

Pantera Capital在其第一季度报告中观察到， tracked的593项资产中有542项处于活跃状态。本季度的平均代币化进度指数仅为5分中的2.04分。据Pantera称，在被追踪的资产中，77.6%被归类为“包装”（Wrapper）级别，11.1%被归类为混合（Hybrid），仅有2.7%被归类为原生（Native）。

Pantera compares the RWA market to the early "newspaper online" phase of the Internet: This means that known products have moved to different technology platforms, although most products have not yet been able to leverage their potential capabilities. In practice, many tokenized assets still behave very much like their traditional counterparts, which explains why liquidity and market infrastructure have struggled to keep pace.

The Organization for Economic Cooperation and Development (OECD) reached the same conclusion, identifying weak liquidity, lack of payment networks, custody gaps, legislative uncertainty, and lack of interoperability as factors hindering progress towards wider acceptance.

Cryptopolitan also pointed out that having tokenization alone is not enough to generate liquidity, and market makers, two-way order flow, and a reliable price discovery process are still necessary.

The future of tokenization will no longer be about just how much value is tokenized, but whether that value can actually flow and be utilized in the financial environment.