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Key Insight
Tokenized real-world assets have crossed $5B in AUM as of mid-2025. US Treasuries and money market funds ($3B+) lead the market with BlackRock BUIDL, Franklin Templeton BENJI, and Ondo Finance. Private credit ($1B+) and real estate ($500M+) follow. Barriers: secondary market liquidity, tax/legal standardization, and regulatory clarity. Boston Consulting Group projects $16T by 2030; McKinsey projects $2T (more conservative).
Asset Classes Currently Tokenized at Scale
US Treasuries and money market funds ($3B+):
The fastest-growing segment. BlackRock BUIDL, Franklin Templeton BENJI, Ondo Finance USDY and OUSG, Maple Finance, Mountain Protocol USDM. All built on Ethereum or Ethereum L2s. Yield: 4.5–5.5% APY (tracking Fed funds rate). Minimum: $5M (institutional) to $1 (retail-accessible products via Ondo).
Private credit ($1B+):
Maple Finance, Goldfinch, Centrifuge tokenizing institutional loan pools. Yield: 8–12% APY. Higher yield than Treasuries but with credit risk and illiquidity risk.
Real estate ($500M+):
Smaller than expected given the hype. Fragmented — many single-asset offerings under $20M each. Hamilton Lane SCOPE (private equity) and RealT (residential rental properties) are leading examples.
Commodities ($200M+):
Gold (PAXG, Tether Gold), carbon credits (Toucan, Flowcarbon), and oil-backed products. Gold is the most mature category.
What Is Slowing Broader Adoption
Secondary market liquidity: Most tokenized real estate and private credit has limited or no secondary market. Investors cannot sell their tokens without waiting for asset maturity or finding a direct buyer. ATS infrastructure is developing but not yet deep.
Tax and legal standardization: K-1 generation for LLC-structured offerings is not automated. Standardized subscription agreements for tokenized securities are not yet industry-standard.
Regulatory clarity: The SEC's position on specific tokenized asset structures is still evolving through enforcement action and guidance. Lawyers are cautious.