Interest in the real-world asset (RWA) market is shifting from simple asset tokenization toward infrastructure that spans issuance, distribution, trading, and settlement. The change reflects the growing importance of platforms that institutional financial firms can use, as global asset managers including BlackRock, Apollo, and Hamilton Lane roll out tokenized products. The leading company in this market is Securitize.
RWA refers to issuing real financial assets such as bonds, funds, and stocks as blockchain-based tokens. It offers advantages including improved investor accessibility and reduced trading and settlement procedures. Because tokenized assets can also be used as collateral to design loans or derivatives, the technology is regarded as one that could change the way existing financial markets operate.
Securitize listed on the New York Stock Exchange (NYSE) on the 2nd of this month through a merger with the special purpose acquisition company (SPAC) Cantor Equity Partners 2. Rather than simply issuing assets as tokens, it is a comprehensive infrastructure operator providing investor registration, regulatory compliance, asset management, and secondary trading. It holds the functions of a transfer agent, securities broker, and alternative trading system (ATS) registered with the U.S. Securities and Exchange Commission (SEC). This is a structure in which institutional financial firms can operate tokenized products on a single platform.
A representative case is BlackRock's tokenized Treasury fund "BUIDL." BUIDL is operated on the Securitize platform. The company has expanded its scope of cooperation to major asset managers such as Apollo and Hamilton Lane, holding a 15.4% share of the entire RWA market.
The revenue structure is also shifting from a focus on issuance fees toward recurring revenue. First-quarter revenue for 2026 was 19.5 million dollars, a record high. Tokenization issuance revenue and asset management revenue accounted for 57% and 43%, respectively. RWA net assets grew to 3.4 billion dollars, and assets under management including fund administration rose to 24.9 billion dollars. The platform structure, in which management fees accumulate as asset size grows, is being strengthened.
However, the RWA market is still in its early stages. Institutional participation, regulatory clarity, and the activation of a secondary trading market must follow. It also needs to be confirmed whether the efficiency from tokenization actually translates into increased investment demand and liquidity. Nonetheless, if the market's focus shifts from "what to tokenize" to "who provides the issuance, management, and trading infrastructure," Securitize's first-mover advantage could grow.
