The $37 Billion Tokenization Boom Has an Ownership Problem

How big is the tokenization market? Well, it's big enough that the grand machinery of capital markets is now flooding in. Some of the key stats from 2026 show the shocking scale of growth in tokenized assets.

• Tokenized RWAs reached $37.29 billion on public blockchains as of August 3, excluding stablecoins.
• Treasury and money-market products accounted for $16.16 billion, roughly 43% of the total.
• Commodities stood at $4.60 billion, while equities and ETFs reached $2.16 billion.

What's more, US regulators are beginning to draw firmer lines. In January, SEC staff divided tokenized securities into issuer-sponsored products and third-party-created versions.

An issuer can integrate distributed-ledger technology into its "master securityholder file," allowing an on-chain transfer to move the security on the official register, while third-party structures can leave legal ownership recorded elsewhere and give the token holder a separate entitlement.

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