The Market Structure of Tokenized Real-World Assets: Evidence on Access, Rights, and Secondary Trading

Abstract

Tokenization converts claims on real-world assets (RWAs) into blockchain-based tokens. It is often presented to lower minimum investment requirements, expand investor access, enable transfers at any time, and improve liquidity for assets that have traditionally been difficult to buy or sell. However, there is limited evidence in the current literature on whether tokenized RWA products achieve these goals in practice. This study examines the tokenized RWA market using a hand-collected dataset of more than 80 products across nine asset classes: stablecoins, U.S. Treasuries, non-U.S. government debt, credit, commodities, active strategies, stocks, private equity and venture capital, and real estate. We review legal documents, regulatory filings, and blockchain records of transfers. We compare investor eligibility, token-holder rights, transfer restrictions, redemption terms, and secondary-market activity across products. While many tokens can technically be transferred at any time, they are mostly held as buy-and-hold investments. Ownership is often concentrated in a small number of wallets, with limited secondary trading. Many products also exclude U.S. or retail investors, and token holders may not have the same rights as direct owners of the underlying assets. Overall, tokenization currently changes the distribution and access structure of RWA products more than it changes the economic function or liquidity of the underlying assets.