Executive Summary
Tokenized real-world assets (RWAs) are shifting from static “digital wrappers” to programmable, composable collateral that can settle, earn yield, and move across venues 24/7. This redesign turns settlement infrastructure into code and repackages offchain assets as onchain building blocks, opening a new liquidity and fee stack at every layer of capital markets.
- Public blockchains secure ≈ US $22B in RWAs today, up more than 4× from 2023 despite a hostile regulatory cycle.
- Tokenize...