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Two years ago, RWA meant one thing: tokenized Treasuries.
I watched the space quietly expand. Now it is private credit. Pre-IPO equity. Insurance products. Infrastructure. The total is $33.8B, up 1600% since 2024.
Here is what most analysts miss: not every asset should be tokenized. A public stock on NYSE already settles in T+1 and trades globally. There is no edge there.
Tokenization wins where TradFi is broken. Illiquid assets that sit on a shelf for a decade. Settlement that takes 5 business days. Markets closed on weekends. Investors locked out by geography or minimums.
I would rather build infrastructure for the 10% of assets that actually need this, than chase the 90% that do not. The next phase is not about bigger numbers. It is about better plumbing. That is where the real value gets captured.