The real-world asset (RWA) tokenization sector is experiencing explosive growth and intense debate, as evidenced by developments at Consensus Hong Kong 2026 and new market data. On Ethereum, the market capitalization of tokenized RWAs, excluding stablecoins, has now surpassed $15 billion, marking an approximate 200% year-over-year increase. This growth, accelerating since 2024, is dominated by tokenized funds and commodities, signaling a shift from institutional experimentation to active capital deployment on-chain.
The conference revealed a key consensus: stablecoins are now widely viewed as the most successful existing RWAs. CJ Fong of GSR stated, "The most successful RWA is USDT," while Paxos Labs' Chunda McCain highlighted surging demand for their gold-backed token, PAXG. This underscores a convergence where stablecoins are backed by real-world assets like T-bills and gold, and RWA platforms settle in assets like USDC.
A sharp architectural divide emerged between major players. Securitize, with BlackRock's $1 billion BUIDL fund as a flagship example, advocates for permissioned, native on-chain issuance with built-in compliance to ensure investor protection. In contrast, Ondo champions permissionless wrapper models that prioritize DeFi composability and global distribution, particularly across Asian markets like Hong Kong, Singapore, and Japan. Some, like Conflux, are already implementing hybrid models that blend regulated assets with permissionless distribution.
Settlement speed was repeatedly cited as tokenization's killer feature. Conflux's CSO, Forgiven, provided a concrete benchmark: deposits and redemptions can be completed within an hour, far faster than traditional finance's T+ cycles. This enables immediate use of assets as collateral, a functionality native to on-chain environments.
The event positioned Asia, and Hong Kong specifically, as the center of gravity for RWA development, with multiple companies prioritizing expansion in the region due to regulatory clarity. Meanwhile, the sector grapples with the friction of tokenizing physical assets like precious metals, where logistics and custody remain significant challenges.
