2 weeks Ago By Dan Yoo
Keyrock, a global crypto investment firm leading in market making, OTC, and options trading for digital assets, and Centrifuge, the platform for onchain finance, have released The Great Tokenization Shift: 2025 and the Road Ahead - a report that analyzes the transformative impact of tokenization across financial markets and asset types. Although tokenization of real-world assets (RWAs) is gaining traction across financial markets, with a leading example in stablecoins having grown into a $210+ billion market, its adoption patterns differ greatly across asset classes such as U.S.
Treasuries, private credit, equities, stocks, and commodities. The report provides specific insight into each of these asset classes from a technological, regulatory, and market perspective, with the following widespread themes across them all: “All assets will eventually be tokenized. This is not a matter of philosophy, simply an economically superior way of representing value,” says Kevin de Patoul, CEO of Keyrock.
“All other things being equal, a digital asset is superior to a traditional one because it is a lot easier and a lot more efficient to exchange, transfer, and store.” The tokenization of RWAs is set to gain significant momentum and have a breakout year in 2025. With the report’s predictions aggregated, it forecasts a bull case scenario seeing tokenized RWAs increase to around $50B (from under $20B) and a base case, still extremely positive, predicting an increase to $30B.
Key findings per asset class include: - US Treasuries: Beyond stablecoins, onchain real-world asset value grew ~85% year-on-year in 2024 to reach $15.2 billion, spanning private debt, commodities, real estate, and bonds. Tokenized U.
S. Treasuries alone surged from $1B to $4B in just nine months, driven by investors seeking onchain yields from government debt. Other contributors to the report include industry leaders such as Backed, Ondo Finance, Maple Finance, Paxos, Chainlink Labs, Plume, Securitize, and Ostium Labs.
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