Welcome to the January edition of The State of Tokenization. Every month, we dive into the biggest updates in the space, metrics, what’s going onchain and offchain, who’s integrating with whom, and more.
This is a new endeavor, so we’re all ears for making it even better. If you’d like to see any specific stats, updates or information, let us know at [email protected].
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RWA distributed asset value: $23.48B (+12%)
Number of RWA holders: 663K (+10.81%)
Transfer volume: $15.16B (-1.55%)
Total stablecoin value: $296.82B (-0.43%)
Tokenized treasuries total value: $10.08B (+5.38%)
Tokenized private credit (active loans value): $20.45B (+8.49%)
Top 3 institutional funds by market cap:
Superstate Crypto Carry Fund (USCC): $312.3M (-1.98%)
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
Top 3 Launches
The New York Stock Exchange is developing a platform for trading and onchain settlement of tokenized securities, and intends to seek regulatory approval to operate it. The platform will feature 24/7 trading of tokenized shares that are 1:1 fungible with regular shares, dollar-sized orders, instant settlements, and stablecoin-based funding.
Ondo Finance has expanded its 24/7 tokenized equity trading platform to Solana, adding more than 200 tokenized U.S. stocks and ETFs to the network, and allowing traditional financial assets to be traded onchain around the clock.
Figure has deployed the Onchain Public Equity Network (OPEN), allowing companies to list their public shares natively on blockchain. The platform supports continuous trading, onchain custody, and DeFi-compatible features supported by BitGo and Jump Trading.
Additional RWA & Tokenization Developments
Laser Digital launched a natively tokenized bitcoin yield fund through KAIO, with Komainu as a custodian, offering onchain access to arbitrage, lending and options-based bitcoin strategies.
RedStone has acquired Security Token Market and the TokenizeThis RWA conference. The deal will provide RedStone with historical data on more than 800 tokenized RWA products used across public and institutional blockchain networks.
Carlos Domingo, co-founder and CEO of Securitize, spoke about how tokenization is moving from crypto into traditional finance on the Crypto in America podcast. He also detailed the company’s plan to go public via a SPAC deal with Cantor Equity Partners at a $1.25B valuation.
Chainlink launched 24/5 U.S. Equities Streams, giving onchain platforms access to U.S. stock and ETF prices for trading equities and derivatives onchain.
South Korea passed amendments to its Electronic Securities Act and Capital Markets Act, establishing a regulated framework that will enable legal issuance, trading, and onchain management of debt, equity, and investment contracts.
State Street launched a Digital Asset Platform that will let its institutional clients issue, hold and manage tokenized assets onchain including ETFs, money market funds, and cash products.
Galaxy Digital launched a $75M tokenized collateralized loan obligation on Avalanche, anchored by a $50M investment from institutional protocol Grove.
Superstate has raised $82.5 million in a Series B round led by Bain Capital and Distributed Global. The company plans to use the fresh cash to fund its expansion into an issuance layer for trading equities on Ethereum and Solana. It’s also developing its transfer agent infrastructure, and adding support for more functions to its onchain equity platform, Opening Bell.
BNY has added tokenized deposits to its Digital Assets platform, which enables programmable settlement for institutional collateral, margin, and cash workflows.
Barclays invested in Ubyx, a clearing system for tokenized deposits and regulated stablecoins used by banks and financial institutions.
Giang Bui joined Securitize as its new Vice President and head of issuer growth. She previously worked at Nasdaq, where she led U.S. equities & ETP strategy.
Tokenized commodities, such as gold, silver, and soybean oil, have surpassed $5 billion in total market cap, with Ethereum being the largest contributor at $4.29 billion.
Term of the month: Onchain Custodian
Definition: An entity that securely holds, transfers, and manages tokenized assets to ensure compliance with smart contract protocols and regulatory standards. As opposed to buying crypto on an exchange, custodians allow investors to own the crypto they’re purchasing using onchain mechanisms like private keys.
Used in a sentence: Anchorage Digital acts as an onchain custodian by storing tokenized assets for investors, while allowing them to be traded on decentralized exchanges.
Want to learn more?
Mary Gooneratne, co-founder of Loopscale, spoke on Talking Tokenization about tokenized private credit, payment streams, real-world lending, and why credit is where crypto offers the biggest step-function improvement
The World Economic Forum hosted a panel about tokenization in 2026 with Brian Armstrong (co-founder and CEO of Coinbase), Brad Garlinghouse (CEO of Ripple), Valérie Urbain (CEO of the Euroclear group), François Villeroy de Galhau (Governor of the Bank of France), and Bill Winters (CEO of Standard Chartered)
BlackRock’s ETF and index mutual fund brand iShares has a 2026 outlook report that highlights the growing interest for tokenization and that stablecoin transaction volume is now exceeding spot crypto trading volume
This is the State of Tokenization: January
This product was built by Token Relations.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
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