Real-World Assets Go Digital as Institutions Scale Blockchain Funds

A series of recent developments highlights the momentum. The U.S. Securities and Exchange Commission has launched “Project Crypto,” signaling closer regulatory engagement with digital assets. BlackRock Inc. has argued that “every stock, every bond” can ultimately be tokenized, while Apollo Global Management has worked with Securitize to tokenize a private credit fund that attracted roughly $100 million.

At the same time, BlackRock’s tokenized U.S. Treasury fund has scaled to about $2 billion, one of the largest blockchain-based representations of traditional securities to date.

Institutions Move Beyond Pilot Programs

BlackRock recently made its BUIDL token available on decentralized exchange Uniswap and purchased UNI tokens, reflecting a growing overlap between traditional asset managers and decentralized finance platforms. Apollo has also acquired a stake in Morpho, a decentralized lending protocol, deepening institutional exposure to onchain credit markets.

JPMorgan Chase & Co. has launched a deposit token on Coinbase’s Base blockchain, and discussions have emerged among JPMorgan, Bank of America, Citigroup and Wells Fargo about a potential joint stablecoin initiative, according to people familiar with the matter.

Fidelity Investments is hiring for roles tied to decentralized finance infrastructure, further illustrating how legacy firms are positioning for blockchain-native capital markets.

Real-World Assets Approach $20 Billion

The value of tokenized real-world assets – including U.S. Treasuries, commodities, private credit and non-U.S. government debt – has climbed sharply over the past year, approaching $20 billion, according to data compiled by Bitwise Asset Management and RWA.xyz.

U.S. Treasury products account for the largest share, reflecting strong institutional demand for blockchain-based access to short-duration government securities. Private credit and alternative funds have also expanded, signaling appetite for programmable yield and faster settlement.

The rapid growth suggests tokenization is moving beyond experimentation and into scaled deployment. What began as proof-of-concept issuances has evolved into multibillion-dollar funds and active secondary-market liquidity.

While regulatory clarity and infrastructure constraints remain challenges, the direction of travel appears increasingly clear: core components of financial markets – from Treasuries to credit – are gradually migrating onchain.

For institutions once cautious about blockchain exposure, tokenization is no longer a fringe strategy. It is becoming part of mainstream capital markets infrastructure.

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