Tokenization Market Could Hit $30 Trillion
Halborn CEO Jacques Boschung projects the tokenized assets market will grow from $22 billion in 2025 to as much as $30 trillion by 2034. He called tokenization the “third digital revolution in finance,” but noted adoption is still early, citing one large bank client that had only a single smart contract.
Forecasts from other financial heavyweights echo this bullish sentiment. Boston Consulting Group (BCG) projects the market for tokenized assets could reach $16 trillion by 2030, while more conservative estimates from McKinsey place the figure between $2 trillion and $4 trillion. Ripple and BCG also collaborated on a report predicting an $18.9 trillion market by 2033. The on-chain real-world asset (RWA) market stood at approximately $36 billion as of November 2025, with private credit and tokenized U.S. Treasurys being the largest non-stablecoin categories. This represents significant growth from a market valued at just a few billion dollars in the preceding years. Major financial institutions are actively entering the space, signaling a significant shift. BlackRock launched its BUIDL fund on the Ethereum network in March 2024, while JPMorgan, Goldman Sachs, BNY Mellon, and HSBC are all developing their own tokenization platforms and pilots for assets like money market funds and bonds. BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) invests in cash, U.S. Treasury bills, and repurchase agreements, aiming to maintain a stable $1 token value while distributing dividends directly to investors' wallets on the blockchain. Beyond financial instruments, tokenization is being applied to a wide range of illiquid assets. Real estate, fine art, commodities like gold, and private equity are all being converted into digital tokens to allow for fractional ownership and increased liquidity. The primary drivers behind this push are the potential for enhanced liquidity in traditionally stagnant markets, lower transaction costs, and faster settlement times. Widespread tokenization could lead to annual savings of $20 billion in global clearing and settlement costs alone. However, significant hurdles remain. The industry is still navigating regulatory uncertainty, the need for robust institutional-grade infrastructure, and solving for challenges like low secondary market liquidity for many existing RWA tokens.
