Disclosure: The opinions expressed in this piece belong exclusively to the author and do not reflect the views of crypto.news’ editorial team.
Although real-world asset tokenization started as a niche experiment in crypto, the landscape is rapidly evolving. Investors are increasingly engaging with tokenized treasuries, real estate, and commodities.
Summary
- RWAs are revolutionizing finance — with over $7B in U.S. Treasuries on-chain and forecasts of $2–4T by 2030, tokenized assets offer quicker settlements, fewer intermediaries, and enhanced efficiency.
- Custody risks persist — inadequate key management, evolving custody standards, and insufficient global regulation threaten trust and acceptance.
- A hybrid future is emerging — tokenized assets are unlikely to completely replace TradFi; interoperability (with entities like SWIFT serving as neutral facilitators) is essential for expanding global liquidity.
- Leaders vs. laggards — firms that perceive RWAs as more than a mere upgrade, redesign their processes from the ground up, and incorporate risk expertise will steer the future of finance.
With over $7 billion in U.S. Treasuries already on-chain and major names like Goldman Sachs entering this domain, RWAs are poised to become the most transformative element in digital finance since the early 2020s. The critical question now is not whether RWAs will alter market structure — but how they will do so.
Value drivers vs. risks
Despite the current buzz around RWAs, the most significant advancements are occurring behind the scenes. Tokenized assets facilitate near-instantaneous settlements, operate continuously, and eliminate layers of intermediaries that have burdened traditional markets for years.
From my viewpoint, the primary catalyst behind their expansion is less about reinventing finance and more about resolving longstanding back-office challenges. Decreased settlement risks, expedited reconciliations, and reduced intermediaries not only signify technical progress; they enhance market efficiency and directly impact profitability.
McKinsey estimates that tokenized assets could reach $2-4 trillion by 2030. The enormity of the potential is staggering. Exchanges and asset managers that optimize these procedures will gain substantial competitive advantages before the wider retail market recognizes the shift.
However, there is a significant blind spot that could hinder the ongoing adoption of RWAs. Specifically, I refer to storage infrastructures and custody protocols. The reality is that we have not yet achieved enterprise-grade benchmarks in this area. Key management, incident response, and sub-custody controls are still developing, and a single mishandled key could jeopardize years of advancements and create immense legal risks.
Regulatory bodies are attempting to catch up, but as of now, any potential legal frameworks are only in their early stages. There is no existing global standard for this domain. Until one is established, every new tokenized treasury or asset agreement will be built on shaky ground. Without appropriate infrastructure, trust in RWAs could wane, causing the industry to lose momentum just as it begins to grow.
A hybrid future: TradFi meets tokenization
I do not foresee tokenized markets completely displacing traditional ones. The infrastructure and support for established markets are too embedded in global society for that. Instead, looking ahead three to five years, it is more probable that we will observe a hybrid model in which both systems coexist and enhance each other.
The success of creating such a hybrid system will hinge on interoperability. Without various systems, chains, and ledgers being able to communicate, tokenized assets risk remaining confined within silos. I have long maintained that SWIFT could — and should — occupy a central role here. With its global presence and existing trust among financial institutions, it can function as a neutral switchboard for tokenized finance.
Its purpose would not involve holding or controlling assets but rather providing the messaging, routing, and compliance checks that allow assets to move across borders and networks effortlessly.
I envision a singular connection capable of transferring any asset across any ledger, while the assets themselves remain on their unique native chains. If executed correctly, this method would enable institutions to “plug in” once and scale globally — trading across various systems and easily accessing worldwide liquidity.
How to not get left behind
The unfortunate reality I often observe is that numerous banks, exchanges, and enterprises are approaching RWAs as though this were merely another system upgrade. It is not. Advancing in this space necessitates a comprehensive overhaul. This is new technology that demands new processes, systems specifically engineered for their purpose, and, perhaps most crucially, a fresh mindset.
If your strategy treats RWAs as an integral enhancement of your current stack, in a couple of years, you will find yourself at a strategic disadvantage and vulnerable to displacement. The true winners will be the visionary firms willing to embrace bold strategies and the discipline to implement them. Additionally, these firms should recruit risk specialists who understand the nuances of financial innovation and can offer valuable guidance.
The emergence of tokenized RWAs is not simply a fleeting trend. Yes, substantial work remains ahead, but that wave is undoubtedly on its way. If firms adhere to a “bolt-on” strategy, they will swiftly fall behind. Conversely, those who proactively prepare and innovate will define industry standards, establish benchmarks, and emerge as leaders in the forthcoming financial era.
