On-chain asset tokenization is迎来 a critical turning point. From early conceptual exploration to now institutional deployment, clear compliance frameworks, and accelerated ecosystem expansion, 2026 will become the watershed year for this track from experimentation to maturity.

**Who is driving this transformation?**

Traditional financial giants like BlackRock, Goldman Sachs, and Standard Chartered have made significant entries. The funding structure is quietly shifting—retail allocations are giving way to institutional investors, with an expected 45% of institutional funds by 2026. Currently, the on-chain US debt scale has surpassed $7.3 billion, a growth of over 300% compared to 2024. Tokenized government bonds, high-rated bonds, and money market funds have become the main products driving this growth.

**Regulatory frameworks are taking shape.** The EU’s MiCA has been implemented, the US SEC is advancing an official framework for on-chain securities, and Hong Kong and Singapore are gradually becoming cross-border trading hubs through regulatory sandboxes and clear rules. This has indeed increased compliance costs, giving leading projects a competitive advantage, while small and medium projects need to rely on exemption frameworks and technological innovation to break through.

**Asset types are expanding.** Currently, financial assets account for 92.7% of the total on-chain RWA, but this proportion is being challenged. Physical or intangible assets such as green energy, carbon credits, computing power, real estate, and gold are gradually being tokenized. Notably, green asset tokenization and gold tokenization are worth watching—gold tokenization is expected to become a highlight in 2026, with Hong Kong likely to become the center of Asian gold tokenization.

**Technical infrastructure is upgrading.** The "consortium chain + public chain" dual-layer architecture has become the mainstream choice, with compliance standards like ERC-3525 and Chainlink DTA accelerating adoption. AI technology is beginning to empower the space, with smart valuation, automated compliance screening, and cross-chain efficiency optimization underway.

**Market size growth is hard data.** By early 2026, the total market cap of on-chain RWA has reached $21.22 billion, a 5.76% quarter-over-quarter increase. It appears steady, but non-stablecoin RWAs are expected to surpass $100 billion in 2026. Looking at a longer cycle, the global RWA market could reach $16 trillion by 2030—an important figure to take seriously.

**What will happen in the near term?**

In the next 1-3 years, standardized assets with high credit ratings and clear cash flows (government bonds, bonds, funds) will be prioritized for expansion. The development focus of physical assets will shift toward new energy and other sectors capable of verifying cash flows. Stablecoins and tokenized assets will deeply integrate, with compliant stablecoins becoming the core tools for trading and settlement. Offshore RMB stablecoins may become a new growth point. Cross-chain technology and privacy computing will see significant breakthroughs at this stage, reducing costs and improving transaction efficiency.

**Where is the long-term imagination space?**

In the medium to long term (3-10 years), large but illiquid assets like real estate and private equity will become the next frontier for tokenization. This will not only change asset liquidity but also reshape the participation structure of financial markets.