Last week at the Real-World Asset Summit Series in New York City, we shared a report with a select group of institutions, builders, and policymakers — a deep dive into where tokenization is succeeding today, where it’s headed, and what it means for capital markets.

Today, we’re making that report public.

The Great Tokenization Shift: 2025 and the Road Ahead is a 70+ page analysis of the current state of real-world asset tokenization across U.S. Treasuries, private credit, equities, and commodities.

Produced in collaboration with Keyrock, it features data-backed insights, regulatory analysis, and expert interviews with participants from across the ecosystem. From early breakthroughs like the BlockTower structured credit fund on Centrifuge to the latest composable U.S. Treasury funds, the report tracks how tokenization has evolved from promise to infrastructure and now entering the mass adoption phase. We’ve included forward-looking adoption scenarios for each asset class and a macro view of where the tokenized asset market could reach by the end of 2025.

Key topics include:

• The institutional adoption curve for tokenized U.S. Treasuries, now at $4B+

• How institutional-grade private credit is scaling onchain

• Standardization initiatives like ERC-7540 and the role of onchain liquidity infrastructure

• The evolving regulatory environment for tokenized equities

• The trade-offs between physical and synthetic commodity tokens

Where are we headed next?

Combining projections across all tokenized asset classes in 2025, we outlined three potential growth scenarios in the report:

• Bull case ($50B): Regulatory clarity drives institutional adoption and full DeFi integration

• Base case ($30B): Continued steady growth from improved infrastructure and stable demand

• Bear case ($20B): Conservative growth held back by lingering regulatory uncertainty

“Tokenization is not about replicating the old financial system onchain — it is about building something better. By integrating real-world assets into decentralized finance, we create markets that are more transparent, automated, global and capital-efficient than ever before. This shift demands a careful balance between innovation and regulation, security and transparency, compliance and decentralization, and other often opposing forces. Only by achieving this equilibrium can we build resilient systems capable of driving sustainable, long-term transformation.” –– Bhaji Illuminati, CEO, Centrifuge & Kevin de Patoul, CEO, Keyrock

Read the full report here.

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