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Institutions fuel tokenized RWA boom as retail looks set to follow suit
From treasuries and funds today to equities and private assets tomorrow.
Updated Feb 11, 2026, 3:26 a.m. Published Feb 11, 2026, 3:21 a.m.
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What to know:
- Current drivers are tokenized treasuries, money market funds, and efficient collateral use by institutions.
- Next frontier includes tokenized equities, private credit, and illiquid assets like real estate, targeting retail demand for 24/7 fractional ownership.
Industry leaders discussed demand for tokenized real world assets (RWA) during a Consensus Hong Kong 2026 panel featuring Evan Auyang (group president at Animoca Brands), Christian Rau (senior vice president, digital assets and blockchain at Mastercard), Nicola White (VP of crypto institutions, Robinhood), and moderator Marcin Kazmierczak (co-founder, RedStone).
The panel echoed BlackRock COO Rob Goldstein’s bold claim: Digital ledgers are the most exciting development in finance since double-entry bookkeeping 700 years ago.
STORY CONTINUES BELOW
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Today, tokenized real-world assets (RWAs) remain firmly institutional territory. Demand centers on tokenized money market funds, U.S. Treasuries, stablecoin integrations, and collateral optimization products like BlackRock’s BUIDL and offerings from Robinhood/Bitstamp highlight the trend.
Retail participation lags, with few attendees raising their hands to confirm holding tokenized RWAs in their wallets. Panelists pointed to Europe’s clear regulations as a launchpad for tokenized listed equities, while private credit, real estate, art, and private equity show strong future potential, especially as companies stay private longer and demand for fractional, 24/7 access grows.
The consensus: RWAs have moved from hype to real utility for institutions. The next wave of mainstream retail onboarding could unlock trillions in illiquid markets once barriers fall.
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