Asset Tokenization in Financial Markets 2025

Contents22 Tokenized assets 3.2 Asset issuance Equities Public equities are shares of publicly traded companies listed on stock exchanges and offered to a broad investor base. The global public equity market was valued at nearly $115 trillion in 2023.10 The market capitalization of tokenized public stocks was estimated at nearly $16 million by March 2025.11 Current public equities markets in AEs are already highly efficient and benefit from decades of technology modernization and proven intermediary chains delivering financial services. Due to existing efficiencies in AEs, tokenizing public equities may not be prioritized over other asset classes.12 However, opportunities exist, particularly in EMEs, to improve efficiencies and provide access to equity markets.13 Source: RWA.xyz (2025)FIGURE 7 Tokenized stocks Backed-issued stocks bCSPX, bCOIN and bNVDA represent almost 90% of tokenized stocks in value. bCSPX bCOIN bNVDA sMSTR TSLA.d Others$18M $16M $14M $12M $10M $8M $6M $4M $2M $0M Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 Jan 24 Mar 24 May 24 Jul 24 Sep 24 Nov 24 Jan 25 Mar 25 Sep 24