Onchain markets gain traction as RWA tokenization picks up

Industry estimates putting tokenized securities at a potential $400 billion market by 2026 and on a path toward multi-trillion-dollar scale in the years that follow.

Intercontinental Exchange, the parent company of the NYSE, has said it intends to launch a tokenized venue for stocks and ETFs later in 2026, allowing trading and settlement to run around the clock on blockchain infrastructure. The initiative positions blockchain not just as a wrapper for assets, but as a distribution and settlement rail for traditional markets, bringing equities and funds into continuous, on-chain trading environments.

The NYSE effort sits alongside a broader push by large financial institutions to operationalize tokenization across core products. ICE is working with banks including BNY and Citi on tokenized deposits to support clearing and cash management outside standard banking hours. BNY has also rolled out a real-time blockchain auditing tool, introduced tokenized deposit services, and expanded crypto custody for existing clients, signaling deeper integration of on-chain workflows into day-to-day institutional finance.

Treasuries and money-market funds remain at the center of current activity, with private credit, equities and fund structures following close behind. Stablecoins are also being positioned as a key settlement layer for these platforms, enabling on-chain transactions that retain fiat price stability while offering faster transfer and easier cross-border movement. With stablecoins seeing broad uptake in 2025, institutions are preparing for wider deployments as tokenized markets scale.

The acceleration comes despite ongoing political and regulatory headwinds in the crypto sector. In the US, debate around digital asset oversight continues, with market-structure legislation still unresolved and exchanges and banking groups raising concerns over proposed frameworks. At the same time, regulators are reviewing filings tied to tokenized products and blockchain-based trading venues, with any NYSE launch required to meet existing securities rules on custody, reporting and settlement. That process is pushing issuers toward designs that emphasize transparency, auditable on-chain records and tighter internal controls.

Institutions are also making deliberate choices about infrastructure. Some projects are being built on permissioned blockchains to satisfy compliance, identity and data-access requirements, while others rely on public networks for liquidity and interoperability. In practice, many firms are pursuing hybrid models, using private ledgers for regulated activity while connecting to public chains for settlement or distribution.

Outside the US, Asian financial hubs are moving in parallel. Hong Kong has advanced licensing regimes for virtual asset platforms and has encouraged tokenization pilots involving bonds and funds, while regional banks and exchanges continue to test blockchain-based settlement and custody. The contrast highlights a global race to define how regulated assets migrate on-chain, with jurisdictions competing to attract issuers and institutional capital.

Market participants say that bringing more assets on-chain also introduces higher transparency. Tokenized securities and deposits require integrated compliance across multiple ledgers, forcing firms to align reporting, attestations and internal controls as activity spreads across blockchain networks. For institutions, that infrastructure work is becoming as important as the assets themselves.

While crypto markets remain volatile and policy debates continue, traditional finance is steadily advancing blockchain adoption. With the NYSE preparing a tokenized exchange, banks rolling out on-chain deposits and auditing tools, and stablecoins moving deeper into settlement workflows, real-world asset tokenization is shifting from pilot programs toward live market infrastructure, setting the stage for broader institutional participation over the next several years.