Firepan – The State of Tokenization and Real World Assets (RWAs), Mid-2025

The main topic of the report is the state of tokenization of real world assets (RWAs) by mid-2025.

Key findings include: Tokenization of real assets has entered a phase of rapid growth and institutional adoption. The market for tokenized assets (excluding stablecoins) has grown to $13-15 billion, increasing by more than 60% in 2024. The drivers of this growth are improved regulatory clarity, mature blockchain infrastructure, and the entry of major financial players. Industry forecasts suggest that by 2030, trillions of dollars of assets could be on the blockchain, ranging from $2-5 trillion in conservative scenarios to $16 trillion (10% of global GDP) in more optimistic forecasts.