Next-Generation Digital Asset Infrastructure: From Asset Tokenization to On-Chain Application Ecosystems

In 2026, the tokenization of real-world assets (RWAs) has moved from the proof-of-concept stage into a pivotal period of large-scale expansion. As of June 30, 2026, the market size for publicly distributed RWA offerings excluding stablecoins reached $32.65 billion, up about 50.7% from the start of the year. If broader accounting is included—such as institution-internal assets—the total market size for tokenized RWA has already surpassed $60 billion. However, rapid market growth has not automatically translated into on-chain activity. A report released by BeInCrypto Research and rwa.xyz shows that among more than 7,000 tokenized products tracked, of the 1,289 assets with a value exceeding $100k, 910 had no on-chain transfer records during a typical week. These dormant assets account for 56% of the total value.

This data reveals a core proposition: asset tokenization is only the starting point; the real value release depends on whether the underlying infrastructure can make these assets “come alive” on-chain. From asset tokenization to building on-chain application ecosystems, this is becoming the central narrative of the next generation of digital asset infrastructure. This article will analyze the logic and path of this process across three dimensions: market scale, trend evolution, and infrastructure development.

RWA Tokenization Market: Scale, Structure, and Growth Logic

A Multi-Dimensional View of Market Size

RWA market size figures vary significantly across different statistical methodologies. This is not a statistical error; rather, it stems from disagreements over the definition of “tokenized assets.” A narrow definition typically excludes stablecoins and repurchase agreements, focusing on publicly distributed assets. A broad definition includes mappings of institution-internal assets. Understanding this difference helps capture the true picture of the market more accurately.

As of June 30, 2026, the market size for publicly distributed RWA offerings excluding stablecoins was $32.65 billion. The number of asset holders increased from 579k at the beginning of the year to 947k, rising about 63.6% over the first half. If institution-internal markets are included in the statistics, the total market size for tokenized RWA reached approximately $60 billion as early as May 2026.

In terms of asset structure, tokenized U.S. Treasuries remain the core foundation of the market. In the first half of 2026, the tokenized U.S. Treasuries market grew from $9.07 billion to $14.82 billion, an increase of about 63.4%. Their share in the publicly distributed RWA market was roughly 45.4%. Meanwhile, tokenized equities became the most important source of user growth in the first half: size rose from $670 million to $1.80 billion, and the number of holders increased from 122k to 395k. a16z’s analysis notes that as of the end of June 2026, the total market capitalization of tokenized equities worldwide reached $1.7 billion, up more than fivefold from $329 million a year earlier, and most of the incremental value came from newly tokenized on-chain assets rather than price increases of existing tokens.

Growth Drivers

The rapid expansion of the RWA tokenization market is driven by multiple factors. First is the maturity of stablecoins as “on-chain cash.” In the first half of 2026, stablecoin total market value remained broadly stable at around $300 billion, while the number of holders rose from 207 million to 270 million. Stablecoins have validated the product-market fit for on-chain value transfer, laying the groundwork for capital to flow into tokenized assets. Second is deep participation from traditional financial institutions. Firms such as BlackRock, JPMorgan Chase, and The Bank of New York Mellon are making tokenization a strategic priority. Survey results show that 84% of financial institutions have listed asset tokenization as a strategic focus. Third is the gradual clarity of regulatory frameworks. After the MiCA transition period in Europe ended, the number of licensed institutions rose to 294. The tokenization consultation process being advanced by the UK’s Financial Conduct Authority (FCA) is expected to provide clearer regulatory guidance in 2026.

From “Asset On-Chain” to “Asset Usable”: Infrastructure Becomes the Key Bottleneck

A Liquidity and Activity Dilemma

The market’s rapid growth contrasts sharply with weak on-chain activity. BeInCrypto Research’s report shows that among 1,289 tokenized assets worth more than $100k, only 379 had any on-chain transfer records during a typical week. Even among active assets, activity is highly concentrated in a small number of top products—only 62 assets account for nearly 88% of market value. More importantly, out of approximately $30 billion in total tokenized RWA, only about $2.5 billion is actually used for open DeFi lending, accounting for less than 10%.

This data does not mean tokenization itself has failed. Some asset categories—such as tokenized U.S. Treasuries products and private credit instruments—naturally have low turnover rates. Holders buy these assets to earn steady yields rather than trade frequently. However, the report also indicates that many tokenized assets currently resemble “digital ownership records” more than actively traded financial instruments with deep secondary markets.

A Paradigm Shift From “Issuance” to “Utility”

Industry consensus is shifting. The most core tokenization trend in 2026 is no longer asset creation, but asset utility. SCB 10X research suggests that tokenized assets need to be able to function as collateral, integrate into capital management processes, support efficient settlement, enable institutional custody, and circulate within regulated financial infrastructure. While issuing a tokenized asset has increasingly been standardized technically, the real challenge is ensuring the asset can operate within existing financial workflows.

This shift means the market is moving from the narrative of “everything can be tokenized” to the practical question: “what makes tokenization valuable?” As observed by Eugene Kwok, head of business at QCP Group: “Tokenizing an illiquid asset does not automatically create buyers.” Technology can improve settlement efficiency, transparency, and accessibility, but it cannot manufacture investor demand out of thin air. The value of tokenization lies in enabling assets that already have institutional demand to settle more cheaply—not in creating new buyers.

Building the Next-Gen Infrastructure

Upgrading the Payments and Settlement Layer

The circulation and utility of tokenized assets depend on underlying payment and settlement infrastructure. Traditional payment systems face issues such as data silos, high verification costs, and low cross-institution collaboration efficiency—these become natural barriers to liquidity after assets are put on-chain.

KONET Network’s positioning is precisely to address these pain points. As a Layer-1 blockchain built for payment scenarios, KONET provides enterprises and individuals with transparent, verifiable, and low-cost digital payment infrastructure through stablecoin settlement, an on-chain receipts system, and high-performance transaction processing capabilities. It adopts an EVM-compatible architecture and a validator governance mechanism, and introduces an EIP-1559-based fee model, using a fee-burning mechanism to remove part of network fees from circulation—linking token economics and actual network usage.

In terms of ecosystem composition, KONET consists of components including the mainnet, the native token KONET, an on-chain receipts system, wallet services, cross-chain infrastructure, and the KONET LAB development platform. By 2026, KONET has developed around 80 DApps and an active developer community. This specialized infrastructure built around payment scenarios differs from general-purpose L1 chains—it focuses more on data movement in payment contexts, capital settlement, and enterprise application needs.

Compliance and Interoperability

Another key dimension of infrastructure is compliance and interoperability. Cross-chain interoperability is also a challenge. As Freshfields points out, as tokenized money market funds become stablecoin reserve assets, regulators are paying increasing attention to interoperability risk. Legal clarity, cross-chain interoperability, and a unified identity system remain essential prerequisites for expanding the tokenized asset market.

From Infrastructure to Application Ecosystems

The ultimate goal of infrastructure development is to foster application ecosystems. Currently, RWA tokenization has become one of the most widely watched areas in 2026 Web3. Data shows that among more than 200 Web3 startups, 29% focus on RWA and tokenization, surpassing DeFi’s 23%.

At the application level, tokenized assets are gradually evolving from simple hold-to-earn tools into on-chain financial modules that are tradable, collateralizable, and composable. In June 2026, the total monthly on-chain transfer volume of tokenized equities reached $9.22 billion, up more than 170 times from $53 million in the same period last year. DTCC completed the first batches of real-time trading of tokenized U.S. Treasuries and equities on Digital Asset’s Canton network, and plans to fully launch the service in October 2026, connecting approximately $11.4 trillion in assets held in DTC custody. Robinhood also launched its own blockchain on the mainnet, integrating traditional markets, cryptocurrencies, and RWAs into a single open network. These developments show that improvements in infrastructure are driving tokenized assets to evolve from “digital records” into “usable financial instruments.”

Conclusion

The RWA tokenization market in 2026 is at a critical turning point. Market size has surpassed $60 billion, traditional financial institutions are accelerating entry, and regulatory frameworks are gradually taking shape. However, the reality that 56% of tokenized assets lack on-chain activity and that less than 10% of value flows into the DeFi ecosystem indicates that putting assets on-chain by itself does not automatically create liquidity or utility.

The core of competition in the next phase will shift from “who can issue more tokenized assets” to “who can provide usable infrastructure for these assets.” The efficiency of the payments and settlement layer, the flexibility of compliance architecture, the maturation of cross-chain interoperability, and the richness of the application ecosystem will jointly determine whether tokenized assets can truly evolve from “digital ownership records” into “active on-chain financial instruments.” Payment infrastructure projects represented by KONET, as well as broader Web3 infrastructure layers, are laying the underlying tracks for this process. Once the “road” of infrastructure is built, the “cars” of tokenized assets can truly start running.

FAQ

Q: What is RWA tokenization?

RWA (real-world assets) tokenization refers to converting the ownership or收益 rights of traditional assets such as stocks, bonds, real estate, and commodities into programmable digital tokens using blockchain technology. Its core value lies in improving asset liquidity, reducing transaction and settlement costs, enabling the division of partial ownership, and bridging value flows between traditional finance and DeFi.

Q: How large is the RWA tokenization market in 2026?

As of June 30, 2026, the market size for publicly distributed RWA offerings excluding stablecoins was $32.65 billion. If institution-internal assets are included, the total market size for tokenized RWA reached approximately $60 billion as of May 2026. Differences across statistical methodologies mainly come from differing definitions of the scope of “tokenized assets.”

Q: Why do many tokenized assets lack on-chain activity?

BeInCrypto Research’s report shows that 56% of tokenized assets have no on-chain transfer records during a typical week. Some of the reason is that asset categories such as tokenized U.S. Treasuries and private credit naturally have low turnover rates—holders pursue stable yields rather than frequent trading. More fundamentally, the current infrastructure is still insufficient to support broad circulation, settlement, and compliant use of tokenized assets.

Q: What role does Web3 infrastructure play in the RWA ecosystem?

Web3 infrastructure provides the underlying support connecting tokenized assets to on-chain application ecosystems, covering key modules such as payments and settlement, compliance frameworks, cross-chain interoperability, and custody solutions. Without robust infrastructure, tokenized assets can only exist as “digital ownership records,” making it difficult to genuinely integrate into financial workflows and realize practical utility.

Q: What is KONET’s positioning in RWA infrastructure?

KONET is a Layer-1 blockchain built for payment scenarios. Through stablecoin settlement, an on-chain receipts system, and high-performance transaction processing capabilities, it offers transparent, verifiable, and low-cost payment infrastructure to enable on-chain circulation of RWA assets. Its EVM-compatible architecture and EIP-1559 fee model aim to link token economics with actual network usage.