NEW YORK — Real-world asset (RWA) tokenization passed a major milestone in 2025, with on-chain representations of cash, treasuries, and money market instruments crossing $36 billion across public and permissioned blockchains, according to RWA.xyz data.
The surge reflects a shift from pilot experiments to production-scale financial infrastructure. Companies increasingly treat tokenized dollars as 24/7 liquid cash, while stablecoin issuers are becoming significant buyers of U.S. Treasury bills.
JPMorgan through its Kinexys platform is piloting tokenized deposit-based settlement tools, while Société Générale launched EUR CoinVertible in August 2025. By 2026, on-chain dollars are expected to enter treasury workflows, cross-border settlement, and programmable B2B payments.
