代币化备忘录：加密货币向现实世界资产的转型（1/n）

Mahika Sapra+912268421408 mahika.sapra@bernsteinsg.comSanskarChindalia+912268421445sanskar.chindalia@bernsteinsg.comHarshMisra+912268421457 harsh.misra@bernsteinsg.com The Tokenization Memo: Crypto's transformation to real worldassets (1/n) Markets.Expecttoseeaweeklymemo (rotatingbetweentokenization,stablecoinsandpredictionmarkets)coveringthelatestindustrydashboards,news and market commentary.TheDigital Assetsmemo shall continuetocoverthelatestin crypto markets. Tokenized RWA Industry Metrics -Tokenized real-world assets (RWA)are digital representation of real world assets like credit, equities,treasuries, commodities etc. on blockchain. Marketcap of tokenized real-world assets has crossed $51Bn (up 42% YTD), demonstratingstrongresilience vs broader cryptomarkets that are down~15%YTD (Exhibit 1).Privatecredit remains thedominant assetclass at~44%oftotal RwAmarketcap,followed byUS Treasury at~30% and commodities at~14% (Exhibit 2).EthereumandProvenance continue tohostthe bulk of onchain RWA activity, representing ~75% of total tokenized assets (Exhibit 5).Total RWA assetholders have crossed 810K,up~40% YTD (Exhibit 7). We highlight recent trends on RWA tokenization: 1.RWA traction on Hyperliquid: Hyperliquid has emerged as leading venuefor onchain RWA derivatives, with RWA open interest reachingan all-time high of $2.6Bn in May. Hyperliquid's HiP-3 upgrade allows builder/developers to list perpetual futures referencing real worldassets like equities, commodities, currencies etc.Developers can stakeHYPEtokens and launch their own perpetualsmarkets withHyperliquid acting as the infrastructure layer.RWA derivatives on Hyperliquid has rapidly scaled up with HIP-3now representing~35% oftotal Hyperliquid perpetuals volume inless than eight months of launch (Exhibit 4). In April'26, RWA derivatives contributed $65Bn volumeson Hyperliquid led by commodities (metals and oil) and indices (Exhibit 3). would have established a clear regulatory framework forthird-party issued digital stock tokens.However,both crypto andtraditional playersarebuildingtokenized equityofferingthatalreadyfitswithintheexistingSEC rulesthroughtheissuer-ledmodelforequitytokenization.Theseblockchainnativeequitytokensrepresentreal equityinthecompanyandtokenholdersaretheregisteredshareholderswiththetransfer agents and hence are entitledto all the rights associated with share ownership (voting, dividends,corporateactions etc.).Thepenetration of tokenized equities remains nascent with just~$1.5Bn in tokenized stocks currently outstanding and $3Bn monthly transfervolumes (Exhibit 9). We highlight recent moves by industry participants: Bullish has entered into a definitive agreementto acquire Equiniti,a global transferagent serving~3,000 issuer clients.This acquisitionallows Bullish to operate a unified ledgerrecording ownership for both traditional and tokenized shares, and provides a ready target clientbase to accelerate the rollout of its issuer-led equity tokenization offering. DTcCis collaborating with 5O+financial services firms, including Citi,Canton Network,Charles Schwab and J.P.Morgan,to launchtokenizationservicesforDTCC-custodiedassets.TheserviceisexpectedtolaunchinOct'26. Securitize has partnered with Jump Tradingand Jupitertolaunchfullyonchain andregulatedtrading oftokenized equities.Jumpwillprovide liquidity and price discovery, Jupiter handles distribution, and Securitize brings end-to-end regulatory infrastructure. securities platform, with Securitize designated as its first digital transfer agent. issuanceonOPENafterFigure'sownblockchainshares. Figure's credit and tokenization infrastructure is driving institutional adoption of tokenized credit, supported by a network of 380+ loanoriginators and 15+ bluechip private credit investors. In CY26 YTD, Figure alone has tokenized $5Bn consumer loans on blockchain, with anall-time high monthly loan volume of $1.3Bn in April'26 (Exhibit 8).Figure's blockchain marketplace for credit (Connect) contributed 56% oftotal loan volumes in Q1'26.Democratized Prime is Figure'sblockchain alternativeto traditional warehouse that allows originators to accessDeFi and institutional capital poolsforshort-term financing at attractiverates (SOFR+2oObps recently) bluechipassetmanagerstolaunchonchainfunds.Tokenization enables fundmanagers toofferinstant subscriptions and redemptions,atomic settlementand programmable yield distribution, replacing the T+1/T+2 NAV cycle with real-time onchain execution.Blackrock'sBUIDLfundhas grown to>s2.5Bn in AUM and Blackrock is planningto launchtwonewtokenizedfunds onblockchain.Standard Charteredand OKX now allow clients to post BUiDLastrading margin without forfeiting yield, integrating tokenized collateral with trading markets. RWATOKENIZATIONDASHBOARDEXHIBIT 1: Tokenized RWA - Market Cap ($Bn) Hyperliquid Perpetuals (%)-April'26 EXHIBIT 5: Tokenized RWA split by blockchain network References to"Bernstein"or theFirm" in these disclosures relate to the following