Tokenized RWAs Could Tap Into $400T TradFi Market, Says Animoca

Animoca Research says tokenization could unlock one of the biggest opportunities in finance. In an August report, researchers Andrew Ho and Ming Ruan estimated the addressable market for real-world assets (RWAs) at around $400 trillion.

Animoca points to private credit, U.S. Treasuries, commodities, stocks, and bonds as core areas of growth. “The estimated $400 trillion addressable TradFi market underscores the potential growth runway for RWA tokenization,” the researchers wrote in the report.

Tokenized Assets Hit Record $26.5B

Data from industry tracker RWA.xyz shows tokenized assets are now worth $26.5 billion, an all-time high after climbing 70% since the start of 2025.

Private credit and Treasuries make up nearly 90% of tokenized value today. Ethereum (ETH) holds the largest share of the ecosystem, at 55% on its base layer and 76% when layer-2 networks like Polygon, ZKsync Era, and Arbitrum are added.

Animoca said Ethereum’s lead comes from liquidity, security, and a strong developer base, though new blockchains are emerging to challenge it.

Animoca Expands With NUVA Marketplace

Animoca also launched its own RWA marketplace, NUVA, to expand its presence. The firm noted that platforms controlling the full lifecycle of tokenized assets could gain long-term advantage. Interoperability between blockchains is expected to play a key role.

Outlook and Challenges Ahead

A separate Skynet report by CertiK predicted that tokenized RWAs could reach $16 trillion by 2030. U.S. Treasuries are driving much of the current activity, with $4.2 billion projected for 2025. The report noted challenges like thin secondary-market liquidity, uneven legal frameworks, and security risks. At the same time, regulatory clarity in Hong Kong, Singapore, and the U.S. could encourage faster adoption.

Major banks, asset managers, and crypto-native firms are starting to use tokenized products for credit, trade finance, and money market products. For now, retail participation is limited, but easier access and clearer rules could change that.

Even with this growth, tokenized RWAs are still small compared with the $400 trillion market they could tap. If more players join, it could change how traditional finance and crypto work together.