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The assets of the real world tokenized (RWAS) reached a little less than $ 300 billion in 2025, with some projections that placed the market at $ 30 billion by 2034.
Much of the impulse is directed by Stablcoins, with Ethereum only registering a supply of $ 165 billion of $ 165 billion this week. But in a world of high rates, high friction and clumsy UX, are the blockchain rails ready to absorb such demand?
Despite the many advances in RWA tokenized, cryptographic innovatives are very aware that a truly without problems system remains a mobile objective.
“It is evolving,” admits Aishwary Gupta, head of global payments at Polygon Labs. With experience in web2 payments and treasure management in American Express (“moving money through the borders”), for Aisshwary, the problem is not the technician: the technical rails themselves are moving quickly.
“For Polygon, we have just updated to 1,000 TPS, and in two months, we will be around 5,000 TPS. So the infrastructure is available … Polygon can climb to have 50,000 transactions per second if the demand is arriving.”
Ashwary argues that the old scale challenges are fading rapidly, but they are quickly being replaced by other hooks, such as regulatory obstacles and liquidity bottlenecks.
In just four years, the difference is 180
Aisshwary joined Polygon in 2021 as his “first full -time employee in Defi.” Comparing the status of tokenized payments today with at that time, he says, the difference is night and day. Four years ago, according to Ashwary, the rates were higher and the experience of incorporation much worse.
“Four years ago, I would pay 5%, perhaps 10% as a input ramp rate. It would have to try five different entrance ramps; perhaps one works. Therefore, from that situation until today, it is much easier to leave and make those transactions and obtain entry ramps for their money. We have not fully evolved, but from a four -year perspective, it has become much further further.”
The problem, says Aishwary, is that rates are formed by the structure of the market and the mosaic of local rules:
“There are only one or two players in private markets that have a license or have liquidity sandboxes. Therefore, the number of people who are effectively authorized to make the ignition ramps and ramps out of place. Therefore, you will see all this arbitration entering …
In the chain, he is still paying only one penny, even if he moves one billion dollars … it is just that the regulatory arbitration is on the road. “
Regulatory clarity: Who is winning the tokenization career?
If Stablecoin emitters and other suppliers of RWA tokenized are taking advantage of the regulatory arbitration, where are they going? What regions are best prepared for multimillionaire explosion in this sector, taking technology and executing with it, so to speak?
Ashwary points out four main regions. The financial capitals of the world, the United States, Singapore, Europe and the Middle East:
“These are the first four in which we are seeing mass acceptance.”
The United States leads the burden, he says, after being a lag for so long, thanks to years of regulatory opacity. Like the Bitmex CEO, Stephan Lutz, he told me a few weeks before, they [the Trump administration] He practically changed the situation during the night with the genius law, which establishes clear criteria for the issuance of stable and provides regulatory clarity long -awaited to US issuers.
Singapore is another pioneer in Rwas Tokenized space, particularly when it comes to Stablecoins. Its payment services law and the Law on Financial Services and Markets create a clear license regime for Token Digital Services Suppliers, which are strictly supervised by the monetary authority of Singapore and aligned with international AML/CFT standards.
The main companies such as Nium, Zodia Custody and Crypto.com have chosen Singapore for their innovative payment rails and regulatory framework. AISHWARY ACTIONS:
“In addition to US dollars in the payment space, I think we see the second highest volume in Singapore dollars.”
Europe is the following for Aisshwary as an example of “slow and stable” progress. While Mica’s legislation could do with some adjustments, he says they have made “a lot of due diligence” for Stablecoin issuers, and the companies established as Bitstamp and the fire blocks now offer regulated services for payment of digital assets under the Mica regime.
Finally, the Middle East is not far away. In Abu Dhabi, for example, regulators have described the requirements for banks issued by Stablecoins, creating clear guidelines for the management and fulfillment of the reserve.
Inactive capital will always pursue yield
As Aisehwary mentioned the genius law, I ask him what he thinks about the performance clause, which prohibits Stablecoin emitters from paying any form of interest or performance to the holder. He says:
“The problem is that this capital, which is sitting in the banks, is sitting because they are accumulating at least some interest, not high, yet something. Now, if the same dollar for you is providing a better interest in the chain instead outside the chain, then you will effectively want to keep your dollar in the chain, which actually impacts the entire bank flow.”
In fact, the Tradfi institutions and the administrators of crypto-national assets equally seek more and more chain products such as US Treasury bonds, private credit and monetary market regulated funds.
In mid -2025, the tokenized treasure bonds exceeded $ 7.4 billion in AUM, with main actors such as Goldman Sachs, Bny Mellon, and actively titled the capital of allocation to these products for higher yield, instantaneous liquidation and flexible collateralization, often exceeding conventional banking instruments outside chain.
Trends in Tokenized Rwas beyond Stablcoins
We move from stablocoins to other trends within the Tokenized RWA. While tokenized actions are becoming a favorite conversation issue between centralized exchanges such as Kraken and Coinbase, and Platforms Defi as Synthetix and Mirror Protocol, Aisshwary is as frank as analytical:
“Everyone is in the frenzy of the tokenized actions. They think that the tokenized actions are the best. In Polygon, we did tokenized actions a year and a half return. It does not work. There is no demand.”
I scratch my head and wonder why so little interest. He explains:
“Until it is from North Korea and does not have access to Apple’s actions, I already have access to Apple’s actions in my bank account. Even sitting in India, even sitting in Dubai, anywhere in the world. Therefore, you don’t really go to people who do not have access to it.”
In addition, he says, liquidity is still an unsolved problem.
“Liquidity in the chain is also a big problem at this time. They do not have so much liquidity. Therefore, most of the time it will end up having a bad price or have a bad rate.”
It is not exactly the progress that many expected.
Basic products and stablecoins that are not USD
Where does Aisehwary see a true promise in this world of tokenized money? Two main trends that “people are not yet focusing on enough” are non -USD stables and tokenized products.
“If we look at Polygon, we have more than 50 or 60% of the total market share of the USD stable, and that is growing. Actually, we are expanding much more. The products are also something, like gold, silver, so that they are accessible and negotiable.”
Worldwide, stables do not now comprise about 30% of volumes in active cross -border corridors outside the United States.
For tokenized products, the size of the global market reached approximately $ 25 billion in 2024, with gold tokens only valued at ~ $ 1.7 billion and tokens of agricultural products, and agricultural products constantly increase their participation. Ashwary adds:
“We already have these products or active in the chain, but they have not yet grown up in a way in which they become an ecosystem, so that is something that is missing.”
The road to $ 30 billion
As the Rwas tokenized balloon in Los Billones, it will be interesting to see how space is shaken. With gold reaching a historical maximum in strategic reserves as global governments run to accumulate more hard active, it is logical that tokenized gold follows.
In just a few years, tokenization has gone from the concept of the concept of global infrastructure, with thousands of millions that now flow towards various real world assets on all continents.
The following is not just about expanding and clearing regulatory obstacles; This is how the industry can unlock new types of value and utility, reaching far beyond what Stablecoins has already begun.
