Bridging the Gap Between AMC Issuers and Crypto Investors
Key Takeaways
- Real-world asset tokenisation surged from $5.5B to over $18.6B on-chain in 2025, a 238% increase.
- BlackRock’s BUIDL tokenised Treasury fund reached $18B AUM across nine blockchain networks by early 2026.
- MiCA (EU) and the GENIUS Act (US) created the first comprehensive regulatory frameworks for tokenised assets.
- Private credit dominates the RWA market at $14B, followed by US Treasuries at $7.3B.
- Platforms like Aerapass enable wealth managers to access both traditional AMCs and tokenised assets from a single integration.
The financial industry’s most significant structural shift is not a new asset class - it is the tokenisation of existing ones. What began as a niche experiment connecting Actively Managed Certificate (AMC) issuers with crypto-native investors has evolved into a market exceeding $18.6 billion in on-chain value, attracting the world’s largest asset managers and reshaping how securities are issued, traded, and settled.
For wealth managers and institutional allocators, this is no longer a question of whether tokenised real-world assets (RWAs) will matter. The question is how quickly existing infrastructure can adapt.
What Are Tokenized Real-World Assets (RWAs)?
Tokenized real-world assets are traditional financial instruments - private credit, government bonds, commodities, real estate, and fund shares - represented as digital tokens on a blockchain. Each token corresponds to a specific ownership stake in the underlying asset, with rights and obligations encoded in smart contracts. The process works through a chain: an issuer acquires or originates the asset, a custodian holds it, and a tokenisation platform creates corresponding digital tokens that investors can buy, sell, and trade on blockchain networks.
RWA tokenisation matters because it addresses structural inefficiencies in traditional capital markets: settlement that takes days instead of minutes, minimum investments that exclude smaller allocators, trading hours limited to business days, and intermediary layers that add cost at each step. The asset classes currently being tokenised range from US Treasuries ($7.3B on-chain) and private credit ($14B) to commodities, real estate, and institutional fund shares.
The RWA Tokenisation Boom
The numbers tell a clear story. On-chain tokenised RWAs (excluding stablecoins) grew from approximately $5.5 billion in early 2025 to over $18.6 billion by year-end - a 238% expansion in twelve months. Including broader tokenised assets, the total market crossed $36 billion by mid-2025.
RWA Tokenisation Market Growth by Asset Class
| Asset Class | Early 2025 | Late 2025 | Growth | Key Players | Source |
|---|---|---|---|---|---|
| Private Credit | ~$6B | ~$14B | 133% | Centrifuge, Maple, Goldfinch | RWA.xyz |
| US Treasuries | ~$2B | ~$7.3B | 265% | BlackRock BUIDL, Ondo OUSG, Franklin BENJI | RWA.xyz |
| Commodities | <$1B | ~$2B | >100% | Paxos (PAXG), Tether (XAUT) | CoinLaw |
| Institutional Funds | <$0.5B | ~$2B | >300% | Securitize, Hamilton Lane | InvestAX |
| Real Estate | <$0.5B | ~$1B | ~100% | RealT, Lofty | Electroiq |
Sources: RWA.xyz Q3 2025 Market Report, CoinLaw Asset Tokenization Statistics 2026, InvestAX Q3 2025 Report
Private credit has emerged as the dominant segment at $14 billion, driven by platforms like Centrifuge that allow SMEs to tokenise invoices and receivables. US Treasuries follow at $7.3 billion, led by BlackRock’s BUIDL fund and Ondo Finance’s OUSG product.
From AMCs to Tokenised Everything
When this article was first published in 2023, the bridge between AMC issuers and crypto-centric investors was a narrow path. Investors needed to convert cryptocurrency holdings into fiat before accessing managed products, a process involving multiple intermediaries and significant friction.
That bridge has widened dramatically. Aerapass’s platform now enables direct allocation across both traditional AMC products and tokenised assets, eliminating the conversion bottleneck that defined the early market. By leveraging blockchain-based settlement, the platform provides transparent, auditable transactions with reduced intermediary involvement.
The shift is not just technological. Investor demand has fundamentally changed. By 2026, high-net-worth individuals aim to allocate 8.6% of their portfolios to tokenised assets, while institutional allocators target 5.6%, according to industry surveys. This is no longer a crypto-native phenomenon - it is a mainstream portfolio construction trend.
Regulatory Clarity Accelerates Adoption
Two landmark regulatory frameworks removed the largest barrier to institutional participation in 2024-2025:
MiCA (Markets in Crypto-Assets Regulation) - The EU’s comprehensive framework went fully live in phases from June 2024 to December 2024, creating harmonised rules across all 27 member states. MiCA established passporting rights for crypto-asset service providers, mandatory 1:1 reserve backing for stablecoins, and comprehensive AML/KYC requirements. The final grace period for unlicensed operators expires July 2026.
GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) - Signed in July 2025, this was the first comprehensive US federal legislation for stablecoins, requiring 100% reserve backing with liquid assets, monthly public disclosures, and strict AML compliance. The CLARITY Act, expected to follow, would formally assign CFTC jurisdiction over most digital assets while preserving SEC oversight of tokenised securities.
For platforms like Aerapass that operate across multiple licensed jurisdictions, regulatory clarity creates a competitive advantage. Firms with existing compliance infrastructure can onboard institutional clients that were previously sidelined by regulatory uncertainty.
Institutional Validation
The entry of traditional asset management giants has transformed RWA tokenisation from experiment to infrastructure:
BlackRock’s BUIDL fund launched in March 2024 and reached $18 billion in AUM by early 2026, deployed across nine blockchain networks including Ethereum, Solana, Avalanche, and BNB Chain. BUIDL now serves as accepted collateral on major exchanges, blurring the line between traditional treasury management and DeFi.
Franklin Templeton’s BENJI platform - the first US-registered mutual fund to use a public blockchain as its system of record - reached $742 million in AUM across ten blockchain networks by September 2025.
Ondo Finance has tokenised over $500 million in Treasuries through its USDY and OUSG products, while Securitize provides end-to-end infrastructure for digital securities issuance, investor onboarding, and compliance enforcement.
These are not crypto startups. They are the firms that manage trillions in traditional assets, choosing blockchain rails for efficiency, transparency, and 24/7 settlement.
What This Means for Wealth Managers
The convergence of traditional and digital asset markets creates both opportunity and urgency for wealth managers and AMC issuers:
Expanded investor base. Tokenisation opens AMC products to a global pool of digital-native investors who expect fractional ownership, instant settlement, and 24/7 market access. The crypto-to-traditional asset conversion barrier is disappearing.
Operational efficiency. Blockchain-based settlement reduces the involvement of custodians, transfer agents, and clearinghouses. Franklin Templeton’s patent-pending intraday yield feature on BENJI demonstrates how tokenisation can extract value from previously dead time in settlement cycles.
Portfolio diversification. Investors can now access private credit, real estate, commodities, and managed certificates from a single platform, diversifying beyond the volatility of pure crypto holdings while maintaining the speed and transparency of digital infrastructure.
See how Aerapass bridges traditional and digital asset management on a single platform
The Road Ahead
Analysts project the tokenised asset market could reach $2 trillion by 2030, with some estimates as high as $30 trillion by 2034. The infrastructure is being built now. Regulatory frameworks are in place. Institutional capital is flowing.
For AMC issuers, the opportunity is clear: tokenisation is not replacing active management - it is making it more accessible, more liquid, and more efficient. For wealth managers evaluating their technology stack, the choice of platform determines whether they can participate in this shift or watch from the sidelines.
Frequently Asked Questions
Which Asset Classes Can Be Tokenized?
The five largest tokenised asset classes by on-chain value are private credit ($14B), US Treasuries ($7.3B), commodities including tokenised gold ($2B), institutional funds ($2B), and real estate (~$1B). Private credit leads because invoice-backed lending and receivables financing benefit most from blockchain’s transparency and automated settlement. US Treasuries gained traction through products like BlackRock’s BUIDL ($18B AUM) and Ondo’s OUSG, which offer institutional investors tokenised exposure to short-term government debt with 24/7 liquidity. The total addressable market is significantly larger - analysts project $2-30 trillion in tokenised assets by 2030-2034.
How Does RWA Tokenization Work for Institutional Investors?
The process follows a custody-issuance-settlement chain. An asset manager originates or acquires the underlying asset (e.g., a pool of private credit receivables or a portfolio of Treasury bonds). A regulated custodian holds the asset and provides attestations. A tokenisation platform (such as Securitize or the Aerapass multi-asset exchange) creates digital tokens on a blockchain, each representing a proportional claim on the underlying. Institutional investors purchase tokens through compliant platforms with KYC/AML verification. Settlement occurs on-chain in minutes rather than the traditional T+1 or T+2 cycle. Token holders can trade, transfer, or redeem their positions subject to the product’s terms and applicable regulation.
The content on this page is produced by Aerapass for general informational purposes only and does not constitute financial advice, investment advice, or any other form of professional advice. Aerapass is a technology platform provider serving financial institutions, wealth managers, and fintech companies. Before making any financial decision, you should consult with a qualified, licensed financial advisor who can take your individual objectives and circumstances into account.
