The tokenization of real world assets has taken a practical turn, with most issuers now prioritizing fundraising capabilities over secondary market trading opportunities, according to new industry research from Q4 2025.
Data from tokenization platform Brickken shows that over half of surveyed RWA issuers (53.8%) identify capital formation and fundraising efficiency as their primary motivation for tokenizing assets. In contrast, only 15.4% cited liquidity needs as their main driver.
Market Maturity Reveals Different Priorities
The findings suggest a maturation in how companies approach tokenization, moving beyond the early hype to address specific operational challenges. Jordi Esturi, Chief Marketing Officer at Brickken, explains this evolution as a transition from tokenization as a buzzword toward tokenization as genuine financial infrastructure.
This operational focus comes at a time when major U.S. exchanges are pushing toward 24/7 trading for tokenized assets. The CME Group plans to launch round the clock trading for crypto derivatives by late May, while both the New York Stock Exchange and Nasdaq have announced similar initiatives for tokenized stocks.
Despite exchange enthusiasm for extended trading hours, many issuers remain in what industry experts describe as a validation phase. This period involves establishing regulatory frameworks, testing investor interest, and building compliant issuance processes.
Regulatory Friction Dominates Implementation
Regulatory challenges continue to create the most significant obstacles for tokenization projects. The Brickken survey found that 53.8% of respondents experienced operational slowdowns due to regulatory issues, while another 30.8% reported partial regulatory friction. Combined, 84.6% of issuers faced some level of regulatory drag during their tokenization journey.
By comparison, only 13% of respondents identified technology or development challenges as their primary difficulty. This stark difference highlights how regulatory uncertainty, rather than technical limitations, remains the primary barrier to tokenization adoption.
Alvaro Garrido from Legal Node notes that compliance considerations now shape projects from inception rather than being addressed after launch. The legal framework demands have created growing demand for customized legal structures that align with specific project requirements and underlying technology.
Asset Diversification Beyond Real Estate
The tokenization landscape has expanded well beyond its initial real estate focus. Current data shows equity and shares now represent the largest category at 28.6% of tokenized or planned assets, while real estate accounts for just 10.7%. Intellectual property and entertainment assets comprise 17.9% of the market.
This diversification reflects across multiple sectors, with technology platforms leading at 31.6% of surveyed participants. Other active sectors include entertainment (15.8%), private credit (15.8%), renewable energy, banking, carbon assets, aerospace, and hospitality.
The shift toward equity tokenization aligns with perspectives from established players like Ondo, which manages over $2 billion in tokenized assets. Ondo Finance focuses on stocks and ETFs specifically because of their established price discovery mechanisms and deep liquidity characteristics.
Infrastructure Development Takes Priority
Current market dynamics reveal a focus on building foundational infrastructure rather than rushing toward trading functionality. Nearly 70% of surveyed issuers (69.2%) have completed tokenization and are operational, while 23.1% remain in progress and 7.7% are still planning.
Industry observers emphasize that robust issuance infrastructure must precede meaningful secondary trading. Without compliant, structured, high quality assets entering the market, trading platforms lack substance for meaningful transactions.
Patrick Hennes from DZ PRIVATBANK suggests that the real connection between traditional finance and decentralized finance lies in issuance infrastructure that can translate regulatory requirements and investor protection standards into programmable systems.
Liquidity Expectations Remain Measured
While 38.4% of issuers indicated that liquidity was not required for their current operations, this does not suggest permanent disinterest in trading capabilities. Instead, it reflects the long term horizons typical in private markets.
Among those expecting eventual liquidity, 46.2% anticipate secondary market development within six to twelve months. This timeline suggests that while immediate liquidity may not drive tokenization decisions, eventual trading capabilities remain part of longer term strategic planning.
The measured approach to liquidity development reflects practical market realities. Sustainable secondary markets require sufficient issuance volume and institutional adoption to support meaningful trading activity.
Market Evolution Continues
The tokenization sector appears to be entering a more mature phase, where practical business needs drive adoption rather than speculative potential. This evolution toward operational utility suggests growing confidence in tokenization technology and regulatory frameworks.
As major exchanges prepare infrastructure for 24/7 tokenized asset trading, the foundation building currently underway by issuers may prove essential for supporting expanded trading models. The focus on capital formation and regulatory compliance today could enable the liquid, always available markets that exchanges envision for tomorrow.
The combination of improving regulatory clarity, expanding asset categories, and infrastructure development indicates that tokenization is moving from experimental phase toward mainstream financial tool, even as challenges with regulatory friction persist across the industry.
