Since the revival of RWAs in 2024, progress in regulatory clarity has enabled major TradFi institutional players to dip their toes in. As early experiments paved the way by turning into best practices and playbooks, the pace of tokenization has noticeably accelerated.
🗓 2025 has proven to be a watershed year for RWAs. For both crypto-native and traditional players, competition within the RWA and tokenization stack has intensified, with issuers now differentiating on regulatory standing, asset coverage, and distribution reach.
CEXs are also leading adoption with dedicated TradFi strategies that improve access to trading these assets.
Top 7 Highlights
1️⃣ Tokenized RWAs tripled to $19.3B in Q1.
2️⃣ Tokenized commodities hit $5.5B, driven heavily by gold (XAUT & PAXG).
3️⃣ Gold spot trading volume in Q1 ($90.7B) already beat the entire 2025 total!
4️⃣ Tokenized stocks scaled to $0.5B, with tech leading the way.
5️⃣ Stock spot volume hit $15.1B in Q1, overtaking all of H2 2025.
6️⃣ Tokenized ETFs steadily reached the $0.3B mark.
7️⃣ RWA perps volume jumped to $524.8B in Q1, crushing 2025's yearly total ($313B).
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