2026年现实世界资产代币化 (RWA) 现状报告：从市场碎片化走向全球统一市场

From Fragmentation to a Unified Global Market In collaboration with: Disclaimer This report is for informational purposes only and is not intended to provide, and should not berelied on for, financial, investment, legal, tax, or any other advice. You should consult your ownprofessional advisors before making any investment decisions. The information contained in this report has been obtained from sources believed to be reliable.However,RWA.io does not guarantee the accuracy,completeness,or timeliness of theinformation. The information and opinions expressed in this report are subject to change withoutnotice. Any forward-looking statements are based on assumptions and are subject to risks anduncertainties. References to any specific companies, protocols, digital assets, or commercial products do notconstitute an endorsement or recommendation by RWA.io. The views and opinions expressed bythird-party contributors are their own and do not necessarily reflect the views of RWA.io or itsaffiliates. RWA.io is not responsible for the content provided by third parties. Under no circumstances shall RWA.io or its affiliates, partners, suppliers, or licensors be liable foranyindirect,incidental,consequential,special,or exemplary damages arising out of or inconnection with your access or use of or inability to access or use the information in this report,whether or not the damages were foreseeable and whether or not the company was advised ofthe possibility of such damages. About This Report This report was researched and authored by RWA.io. It analyses the real-world asset (RWA)tokenization market entering 2026, with a focus on how market fragmentation affects growth andwhat is required for a universal interoperability layer. The work combines quantitative analysis ofon-chain activity and market data with qualitative input from industry participants. We thank the contributing organisations and expert contributors listed on this page for sharingdata, insight and review. Their perspectives helped validate the framework and sharpen thefindings. Responsibility for any remaining errors or interpretations rests with RWA.io. This report is intended for institutional investors, financial service providers, technology buildersand policymakers who seek a structured view of the opportunities and constraints in the on-chainasset ecosystem. The scope is technical and economic and does not constitute financial, legal,tax or investment advice. Unless noted otherwise, data is current as of November 2025. Marko VidrihCo-Founder and COO,RWA.io Shaul KfirCo-Founder,Canton Network Kevin LeffewGTMLead, CDP,Coinbase Ben SafaricCWA SWAT,BNB Chain Michael TannenbaumCEO,Figure Nicolás Poggi,Chief Marketing Officer,CosmosLabs Mike CagneyMember of the Board ofDirectors, Provenance BlockchainFoundation Ian De BodePresident,Ondo Finance Mike ReedSenior Vice President, Headof Digital Asset PartnershipDevelopment,Franklin Templeton Investments Sam ElfarraCommunity Spokesperson,TRON DAO Jan VidicCTO,VeritasProtocol Serena LeungHead of RWA Tokenization,Polygon Sharif BouktilaCo-Founder and CEO,Defactor Table of Contents Foreword The tokenization of real-world assets represents more than just a technological evolution; it is afundamental restructuring of financial markets as we know them. At RWA.io, we have tracked thisburgeoning sector from its nascent stages to its current position as a market on the cusp ofexponential growth. The promise is immense: a future where any asset, from a skyscraper to aTreasury bond, can be traded on-chain and in real time, with unmatched efficiency, and accessedby a truly global investor base. However, this rapid innovation has not been without its challenges. The very decentralization thatgives this technology its power has also led to a critical bottleneck: market fragmentation. Today,the RWA landscape is a vibrant but disconnected archipelago of blockchain networks, each adigital jurisdiction with its own rules, standards, and liquidity pools. This fragmentation is thesingle greatest impediment to the market realizing its multi-trillion-dollar potential. Thesolution is interoperability-the technical infrastructure that allows blockchains tocommunicate and transact seamlessly. This report examines where that infrastructure standstoday, analyzes the competing approaches being developed, and maps what needs to happen forthe RWA market to reach its next phase. Technology is emerging. The question is whether it arrives fast enough to prevent fragmentationfrom stalling the market's momentum. Executive Summary The tokenized real-world asset (RWA) market has reached a critical inflection point in 2025, with atotal on-chain value exceeding $36 billion (ex. Stablecoins) [1]. This represents a staggeringgrowth of over 2,200% since 2020, demonstrating a clear and accelerating trend towards theadoption of this technology for managing tangible and intangible assets. Projections indicate thatthe market