The initial phase of the tokenized real-world asset (RWA) revolution, spanning approximately from 2018 to 2025, focused primarily on bringing traditional assets onto blockchain networks. This period was marked by the development of secure custody infrastructure, modernization of transfer agency operations, regulatory adaptation, and the launch of the first generation of tokenized investment funds at significant scale.
During this phase, tokenized RWAs experienced remarkable growth of 256.7% over a fifteen-month period, with total on-chain asset value surpassing $32 billion by early May 2026. Notably, tokenized U.S. Treasury products alone accounted for nearly $15 billion in value, according to RWA.xyz.
Ref: https://investax.io/blog/the-next-phase-in-rwa-tokenization-from-issued-assets-to-usable-portfolios
