Global real-world asset (RWA) tokenization is on a steady upward trajectory, with the market projected to reach US$16 trillion by 2030, as the global financial system undergoes a structural transformation. This transition is characterized by the increasing intersection of traditional assets with blockchain technology, with RWA tokenization being one of its most significant developments. The industry is moving beyond small pilot projects towards utility-driven adoption.
Large asset managers and banks are increasingly tokenizing short-term government debt and money market funds, allowing investors access to relatively stable, low-risk yields within digital systems. Traders can also gain direct exposure to global assets through digital wallets and blockchain-based platforms, potentially reducing some of the complexity associated with traditional brokerage accounts. Greater regulatory clarity is another driver, providing clear frameworks and compliance standards for financial institutions.
“The narrative has moved from pilot to plunging,” said Nirun Lukunanattawut, president of the Digital Asset Operator’s Trade Association.
**Institutional Tokenization**
In the US equity market, Digital Trustee & Clearing Corporation (CTCD) has brought together over 50 firms, including Goldman Sachs, JPMorgan, and Depositary Trust Company, to develop a tokenization service through its Digital Trustee subsidiary. Limited production trades began on July 15, with a full commercial launch planned for October. The initial target assets include the $1,000 Russell, major exchange-traded funds (ETFs), and US Treasuries.
The New York Stock Exchange and Nasdaq are also developing their own initial offerings. Nasdaq is building its own framework for companies to issue blockchain-based shares, partnering with Krane, a US-based cryptocurrency exchange, and a major US-based cryptocurrency exchange distributor for global distribution. Mr. Nirun, who is also the chief executive of The Bank of HK, sold The Bangkok Post.
“Thailand has already had a head start on this, just in a different asset class,” Mr. Nirun said. Thailand established an initial coin offering (ICO) portal under the Digital Asset Business Act in 2018, and the Securities and Exchange Commission (SEC) offered portal licensing regimes under the Digital Asset Business Act. In 2025, the SEC held a public consultation on tokenized mutual funds earlier this year. The latest test case is Blue Green Token (BLUB), which raised $480 million in a debt offering and launched on July 20, 2026.
“We’re hoping this will translate into approved securities tokenization products soon,” he said.
**Driving Factors**
Tokenization is being driven by several structural advantages, including fractional ownership and broader market access. Assets that previously required large minimum investments or were only accessible to institutional investors can now be divided into smaller units and made available to a wider investor base.
“With near-instant settlement, tokenized assets can trade and settle in T+1, instead of market hours,” he said. “It becomes productive within a broader system.” Mr. Nirun said tokenized Treasuries and money market funds are increasingly usable as a collateral, as the yield does not just sit static. Institutional participation is also significantly strengthening the market’s credibility.
The fact that firms like BlackRock, Franklin Templeton, JPMorgan, and CTCD are the ones building this, not just crypto-native firms, removes a lot of the credit overhang that has slowed tokenization for years. Mr. Nirun said. The value of on-chain RWAs increased from $5 billion in mid-2022 to $31 billion by mid-2026, a growth of over 400%. This growing institutional involvement is attracting more capital.
**Potential Hub**
Thailand could reach US$15 billion or US$1.7 trillion in tokenization in Thailand by 2030, positioning the country as Southeast Asia’s leading RWA tokenization hub. According to a report by Kubix, Thailand’s ICO portal led by Kasikornbank, the market opportunity for RWA tokenization in Thailand could reach US$1.7 trillion by 2030. Mr. Asawin Thananarubsom, managing director of Kubix, said the global expansion of RWA tokenization reflects the rapid emergence of digital systems as a new standard for managing traditional assets in international capital markets.
Kubix collaborated with Origin Capital, a venture capital fund launched by Saison Capital, to produce an in-depth report on Thailand’s growth trajectory in RWA tokenization. Mr. Asawin said Thailand has strong foundations for the sector, ranging from digital infrastructure to a relatively clear regulatory framework and strong institutional trust. The report aims to support Thailand’s transition from experimentation to large-scale execution by creating an effective and transparent bridge between the real economy and digital capital.
The report identifies asset classes that are expected to become viable as the regulatory landscape evolves, as well as those with the highest tokenization penetration under current regulations. The largest potential opportunity lies in government bonds, representing US$27 billion by 2030, followed by green and environmental, social, and governance (ESG) bonds at US$11 billion, and corporate bonds at US$7 billion. Other significant opportunities include foreign investment at US$4 billion, small and medium-sized enterprise loans and tradeable receivables at US$3 billion, and infrastructure and real estate funds at US$1 billion.
The SEC recently launched a public consultation on fund regulations for tokenized mutual funds under its 2026-2028 strategy. The SEC has recently received cabinet approval for a draft amendment to the Exchange and Securities Act concerning electronic securities. The report noted, “This will provide the essential legal foundation for issuing digital bonds and securities at scale.” This is the SEC’s finalization of regulations for crypto ETFs and crypto futures on the Thailand Futures Exchange by 2026.
**Policy Recommendations**
The Kubix report noted that the framework can work when there is a clear underlying asset and a licensed distributing partner, and Thailand already has the necessary licensing structure for ICO portals. Mr. Nirun said, “We probably should explore the limiting factors and how we can scale this further, whether it’s the timeline or regulatory documents, or eligible asset classes, more issuers actually come through the portal rather than seeking other markets.” However, the pipeline of projects remains relatively thin compared to the available infrastructure.
Mr. Nirun said, “Securities tokenization represents the next frontier, as tokenization of money market and bond markets has already reached institutional scale globally.” He added, “This is probably the right playbook for us, learning from how the US is doing this. My hope is that regulators are keeping pace at the moment, and we will see concrete examples before too long.” The report noted that such an approach would allow issuers to structure tokenized products according to genuine financing needs, focusing on economic substance rather than solely on formal regulatory classifications. “Tokenization evolves through live issuance, rather than isolated pilots,” he noted. “Adoption would also benefit from clear guidance on the permissible scope of tokenized products.”
Mr. Nirun said, “Thailand has already taken a real step in this direction with the SEC’s public hearing on tokenized mutual funds earlier this year.” He added, “This is likely the right playbook for us, learning from how the US is doing this. My hope is that regulators are keeping pace at the moment, and we will see concrete examples before too long.” Clear treatment of tokenized securities under existing regulations would reduce uncertainty for issuers and distributors, and regulators said that a clear regulatory framework and strong institutional trust would provide a transparent bridge between the real economy and digital capital.