97% of the tokenized asset market is closed to retail investors in the United States

According to a new study conducted by BeInCrypto, the almost fully tokenized real-assets market remains largely out of reach for American retail.

The report, titled “The Real State of Tokenization in 2026,” covers tokenized real assets worth roughly $60 billion USD, spread across more than 7,000 products and 12 asset classes. The report concludes that only about $1.7 billion, or 3% of the market, is available to retail investors in the United States.

That leaves 97% of the value of tokenized assets behind private institutional channels, offshore structures, accredited investor rules, or unclear regulatory frameworks.

This finding contradicts one of the most common claims in the tokenization sector: that placing assets on blockchains automatically makes markets more open. In practice, most tokenized products are still constrained by the same legal and regulatory hurdles and investor-eligibility requirements that shape traditional finance.

Regulations remain a major gap
The report concludes that 39% of the market value of digital tokens has no defined regulatory framework.

This does not necessarily mean the assets are illegal or unsafe. But it shows how difficult it is to assess a large part of the market for investors, issuers, and institutions.

Access to digital assets is not limited to their presence on a blockchain. Investors also need to know their legal rights, the jurisdiction governing the product, who can buy it, how redemptions work, and whether the digital asset represents ownership or shares in an investment fund—or just exposure to its price.

These questions become even more important as tokenization moves into larger asset classes, including credit, commodities, equities, and funds.

Which investor segment can access the tokenized asset market? Source: BeInCrypto research

Tokenized stocks are not always stocks
The access problem is especially clear in tokenized equities.

Tokenized equities are among the fastest-growing categories by number of assets, with thousands of products tracked across different platforms. However, the report revealed that 59% of equity tokens provide synthetic price exposure rather than actual ownership of the underlying shares.

This distinction is crucial for investors. A token that tracks the share price of Apple or Tesla may give investors a chance to gain market exposure, but it may not grant them shareholder rights, voting rights, dividends, or a direct right to the underlying shares.

For retail investors, disclosure and structuring become critical. Two tokenized equity products may look similar on the surface, while providing completely different legal and economic rights.

The report concludes that tokenization technology has made tangible progress, but access remains one of the biggest unresolved problems. The market is growing, but it remains largely closed to most retail investors.
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