In 2024, Bitcoin reached an unprecedented $100,000, the stablecoin market surpassed $200 billion, and tokenized real-world assets (RWAs) on-chain climbed to over $15 billion. Capital is transitioning on-chain, and so are real-world assets.

In this article, we explore the highlights of the 2024 tokenized real world asset (RWA) market, showcasing the numbers, milestones, and regulatory advancements that have defined the year for RWA tokenization.

*It is important to note that all the data shown in this article reflects only publicly trackable assets; the actual figures may be higher.

RWA Market in 2024: Growth Across Asset Classes

*Data shown in this section is sourced from RWA.xyz.

The tokenized RWA market (excluding stablecoins) grew by ~85% year-over-year to reach $15.2 billion by December 2024, spanning diverse asset classes such as private credit, commodities, real estate, and treasuries. Including stablecoins, the total tokenized market soared to $217.26 billion.

Key Adoption Metrics:

• Issuer Participation: Over 119 issuers are actively tokenizing a diverse range of assets, including private credit, commodities, real estate funds, stocks, US treasury debt, non-US treasury debt, corporate bonds, and institutional alternative funds.
• Investor Base: 81,304 tokenized asset holders, while stablecoin adoption surpassed 140 million accounts globally.

On InvestaX and IX Swap, we already saw 18+ tokenized RWAs, providing investors from 177+ countries access to a growing range of RWAs.

2.1. Tokenized private credit

Representing ~65% of the tokenized RWA market, private credit led the sector’s growth. 

• Total loans reached $16.39 billion, with cumulative loans exceeding $9.66 billion.
• Average yields of 9.42% attracted institutional and retail investors seeking stable returns.

This sector represents a pivotal shift in how credit is managed, financed, and accessed. Notable players like Mikro Kapital, Tradeflow Capital Management, and platforms such as InvestaX and Obligate are leading this transformation.

Notable Tokenized Private Credit Products

• Mikro Kapital ALTERNATIVE eNote™:  A securitization fund offering institutional investors fixed-income securities linked to micro-financing opportunities in emerging markets. The fund connects global investors with impactful lending through regulated platforms like InvestaX and Obligate. Learn more here. 

• Tradeflow Commodity-Backed Trade Portfolio: Tokenized trade portfolios offering low-risk, stable returns from insured commodity transactions with a maximum tenor of 90 days. Learn more here.

2.2. Tokenized commodity

The market cap of commodity-backed tokens climbed to over 1 billion USD in 2024. Gold and other precious metals lead the way in the commodities space, serving as a hedge against market volatility. 

Notable Tokenized Commodity Products

• Pax Gold PAXG: Pax Gold has been the largest tokenized commodity project with a market cap of $529.54M. According to the issuer, each Pax Gold (PAXG) token is backed by one fine troy ounce of gold, stored in LBMA vaults in London. If you own PAXG, you own the underlying physical gold, held in custody by Paxos Trust Company.
• Diamond Standard Fund: Diamond Standard Fund invests and holds its assets in the physical Diamond Standard Commodities. The tokenized fund aims to make diamonds an investable asset class and offers sophisticated investors the chance to invest in the world’s first regulator-licensed diamond commodity. Learn more here.
• Matrixdock’s XAUm: In 2024, Matrixdock introduced tokenized gold, XAUm, launched on BNB Chain and Ethereum. According to the issuer, XAUm is fully backed by 99.99% purity gold, offering investors a digital asset tied to London Bullion Market Association (LBMA) accredited gold. The gold reserves backing XAUm are stored in high-security vaults in Singapore and Hong Kong.
• WisdomTree Gold Token (WTGOLD): WTGOLD boast a market cap of $1,163,398 as of January 2024. Each WisdomTree Gold Token is a tokenized means of owning gold. 

2.3. Tokenized Treasuries

Tokenized U.S. Treasuries crossed $4 billion in value, offering secure, yield-generating investments. With an average yield to maturity of 5%, these products attract both traditional investors and crypto natives seeking stable returns.

Notable Tokenized Treasury Products

• Blackrock’s BUIDL: In March 2024, Blackrock debuted in tokenization with the launch of BUIDL, which became the world's largest tokenized fund at that time, capturing almost 30% of the $1.3 billion tokenized Treasury market in just six weeks. Its assets under management (AUM) hit $657.41M as of January 10, 2025. 
• Hashnote's USYC: Hashnote, a regulated asset manager, offers U.S. and international investors customizable digital asset exposure. Its product, USYC, represents the Hashnote International Short Duration Yield Fund Ltd. (SDYF), which primarily invests in reverse repos on U.S. government-backed securities, with a market cap of $1.78 billion as of January 2025. 
• U.S. Treasury Tokens (USTY): USTY tokens, accessible on Tradeteq’s platform and issued on XDC Network, represent shares in a U.S. Treasury bond ETF. 
• InvestaX Earn: InvestaX Earn, powered by OpenTrade’s USDC yield products, offer qualified investors with consistent USDC yields backed by high quality, liquid assets such as U.S. Treasury Bills. Learn more here.
• Matrixdock Short-Term Treasury Bill Token (STBT): Launched by Matrixdock on InvestaX, STBT provides accredited investors access to short-term U.S. Treasury yields through tokenization. STBT offers daily yield distribution, seamless USDC redemptions, and a low-volatility option for portfolio diversification. Learn more here.

2.4. Tokenized Institutional Alternative Funds

Institutional-grade offerings, including tokenized private equity and hedge funds, cater to accredited investors seeking access to previously opaque asset classes.

The modest but steady growth signals that institutional investors are warming up to tokenized solutions. Improved transparency, reduced fees, and enhanced liquidity could make tokenized funds the future of alternative investments.

2.5. Tokenized stocks

Tokenized stocks, though a smaller segment with $11.28M in publicly trackable assets, showcasing their potential. Tokenized stocks could disrupt traditional equities markets by democratizing access and enabling instant settlement. By allowing 24/7 trading and fractional ownership, this category appeals to a new generation of investors.

Notable Tokenized Stock Product

• ‍Nvidia Tokenized Stock FTX (NVDA): Nvidia Tokenized Stock FTX (NVDA) is a token version of the Nvidia stock allowing users to acquire a piece of the stock using any cryptocurrency or traditional currencies. According to RWA.xyz, the market cap of NVDA is $1.45M as of January 10, 2025.

Active Jurisdictions for Real World Asset Tokenization

As tokenization reshapes global finance, certain jurisdictions are leading the charge with progressive regulations, innovative projects, and institutional support. These regions are setting the benchmark for how tokenization can be implemented effectively and securely in financial markets.

Singapore

Singapore is at the forefront of the tokenization revolution. The Monetary Authority of Singapore (MAS) spearheads innovation through initiatives like Project Guardian to enhance the liquidity and efficiency of financial markets through asset tokenization. Over the past two years, MAS has worked with ~24 financial institutions to pilot promising asset tokenization use cases under Project Guardian, and Project Guardian continues to expand.

Switzerland

With its well-established legal framework for digital assets, Switzerland remains a key player in tokenization. The country’s Digital Asset and Blockchain Law, enacted in 2021, has enabled secure and compliant tokenization of various asset classes, attracting international players to its market.

United Arab Emirates (UAE)

The UAE has emerged as a regional leader in blockchain innovation, with Dubai’s Virtual Asset Regulatory Authority (VARA) setting standards for digital asset tokenization. The government’s proactive approach, including partnerships with financial institutions, has spurred rapid adoption​.

United States

While federal regulation remains fragmented, individual states such as Wyoming and New York have made strides in creating digital asset-friendly environments. The recent Stablecoin Act introduced in the U.S. Senate also signals growing regulatory attention​.

The Financial Services Committee held a hearing on 5 June on Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets. The fact that a US congressional hearing was held on this topic is in itself validation of the potential transformative value this technology may have on existing financial services. 

Highlighted Milestones in 2024 RWA Tokenization

In 2024, the tokenization landscape witnessed several pivotal events that underscored its growing significance in global finance.

1. Monetary Authority of Singapore's Project Guardian expansion. 

The Monetary Authority of Singapore (MAS) announced plans to support the commercialization of asset tokenization. These plans include forming commercial networks to deepen liquidity of tokenized assets, developing an ecosystem of market infrastructures, fostering industry frameworks for tokenized asset implementation, and enabling access to common settlement facilities for tokenized assets. Read more.  ‍

2. Tokyo Subsidizes Digital Securities Issuance Costs

In May 2024, the Tokyo Metropolitan Government announced a subsidy for security token issuances, offering support of up to five million yen ($31,785).

"Tokyo acknowledged two major benefits of security tokens – lower denominations for issuances and the removal of intermediaries." Read more.

3. Project Agorá - Central Banks Exploring Asset Tokenization

The Bank for International Settlements (BIS) has teamed up with the central banks of France, Japan, South Korea, Mexico, Switzerland, the United Kingdom and the United States Federal Reserve Banks to explore asset tokenization within the monetary system alongside private financial institutions. Read more.

4. The Financial Services Committee held a hearing on “Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets.” 

The fact that a US congressional hearing was held on this topic is in itself validation of the potential transformative value this technology may have on existing financial services. Read more.

5. US Senators Introduce Comprehensive Stablecoin Bill

In April 2024, U.S. Senators introduced the Lummis-Gillibrand Payment Stablecoin Act, a bipartisan bill aimed at establishing a clear regulatory framework for payment stablecoins. The proposed legislation seeks to protect consumers, enable innovation, and promote U.S. dollar dominance in the digital asset space. Read more. 

6. BlackRock's Entry into Tokenization

In March 2024, BlackRock launched its inaugural tokenized fund, BUIDL, on the Ethereum network. This fund rapidly became the world's largest tokenized fund at that time, capturing nearly 30% of the $1.3 billion tokenized Treasury market within six weeks. Its assets under management (AUM) hit $657.41M.

7. Citibank's Exploration of Private Equity Tokenization 

In February 2024, Citibank collaborated with Ava Labs to conduct a proof-of-concept for tokenizing private equity funds on the Avalanche blockchain. This initiative aimed to enhance liquidity and accessibility in the private equity sector through blockchain technology. Read more.

8. Slovenia's Sovereign Digital Bond Issuance

In July 2024, Slovenia issued $32.5 million in digital bonds through digital ledger technology, becoming the first European Union nation to issue sovereign digital bonds. Read more.

9. Stablecoin Adoption Surges

The adoption of stablecoins saw a significant increase, with the number of stablecoin holders exceeding 100 million accounts, reaching approximately 140.53 million as of January 2, 2025.

Growing RWA Tokenization Landscape

In 2024, the growth of the RWA market is not confined to asset volumes alone; it encompasses the entire landscape of service providers, infrastructure, and market participants that are redefining the future of finance.

The RWA tokenization ecosystem’s growth in 2024 sets a strong foundation for further expansion in 2025. As more service providers join the space and existing players innovate, tokenization is poised to redefine the financial industry, offering unmatched accessibility and efficiency.

Conclusion

2024 has been a landmark year for blockchain and tokenization, with significant advancements and growth at both the business and regulatory levels. These developments highlight the transformative power of tokenization in driving efficiency, accessibility, and transparency across financial markets.

At the forefront of this revolution, InvestaX has played a pivotal role in advancing the adoption of tokenization. As a leading Tokenization SaaS Platform licensed by the Monetary Authority of Singapore, InvestaX empowers issuers and investors to leverage blockchain technology for seamless asset tokenization and investment opportunities.

Contact InvestaX today to tokenize your asset efficiently and compliantly.