RWA Tokenisation Shows Limited On-Chain Maturity

A new analysis of the real-world asset (RWA) tokenisation sector suggests that the true scale of blockchain-based finance may be significantly smaller than commonly reported, once stablecoins are excluded from market calculations.

According to the data, removing stablecoins from the estimated $321 billion RWA market leaves approximately $28 billion in non-stablecoin tokenised assets. This figure is being viewed by analysts as a more accurate reflection of what is often described as “tokenised finance” in its current form.

The findings have sparked discussion across the crypto industry, including commentary circulating in research circles and discussions linked to the official X account of CoinBureau, reflecting broader interest in how mature the sector actually is beneath headline figures.

Source: Xpost

Stablecoins dominate the RWA category due to their widespread use in trading, payments, and liquidity across digital asset markets. However, analysts argue that they distort the overall picture of tokenised finance when included in total market size estimates.

When focusing only on non-stablecoin assets, the analysis describes the sector as still relatively early-stage, assigning it a maturity score of 2 out of 5.

A dataset covering 542 tokenised assets reviewed by Pantera Capital shows that 77.6% of these instruments function primarily as blockchain-based representations of off-chain assets, rather than fully native digital financial products.

Only 2.7% of the assets are considered fully native on-chain instruments, meaning they operate entirely within blockchain infrastructure without reliance on traditional systems.

In addition, 91.1% of tokenised assets still require intermediaries to issue or redeem the underlying value, highlighting the continued dependence on centralized financial institutions.

Despite these structural limitations, the non-stablecoin RWA market has still grown from approximately $17 billion to $28 billion over the past year, showing steady expansion in institutional experimentation and adoption.

However, analysts note that much of this growth remains concentrated in hybrid systems that combine blockchain technology with traditional financial infrastructure, rather than fully decentralized markets.

Tokenisation of real-world assets is often promoted as a key innovation in blockchain finance, with potential applications in bonds, credit, real estate, commodities, and equities.

While the benefits include faster settlement, improved transparency, and fractional ownership, the current data suggests that full-scale on-chain adoption remains limited.

Regulatory uncertainty and reliance on custodial infrastructure continue to be major barriers to deeper decentralisation in the sector.

Market observers say the findings highlight a gap between the narrative of rapid tokenisation growth and the actual level of on-chain financial independence.

Stablecoins remain the dominant component of the RWA category, reinforcing their role as the primary bridge between fiat systems and crypto markets.

By excluding them, the data presents a more conservative but arguably more realistic view of tokenised finance maturity today.

Hokanews understands that while the sector continues to expand, the ecosystem is still in an early phase where traditional financial infrastructure remains deeply embedded in most tokenisation models.