created by Gpt
Which countries lead the market and set the rules in RWA
An overview of RWA and market developments in the US, Hong Kong, UAE, and the EU.
As of May 2026, the tokenized real-world asset (RWA) market continues its steady upward trajectory.
Total RWA market (excluding stablecoins): $34B
Growth: Up more than 10x since mid-2024 (when the market was below $3B)
Tokenized US Treasuries: The largest segment, having reached nearly $16B
Standard Chartered forecast: The tokenized asset market could reach $30T by 2034
Additional context: $31B in real-world assets are now settled on-chain — a 4x increase from January 2025 to May 2026.
What is RWA?
RWA (Real World Assets) refers to physical or financial assets — such as real estate, government bonds, and export contracts — converted into digital form on a blockchain.
Key Benefits of Tokenization
Enhanced liquidity for previously illiquid assets
Lower barrier to entry for investors
Transaction transparency via smart contracts
These characteristics make RWAs attractive to institutional investors and are driving regulatory development across different jurisdictions.
United States: Integration into Existing Infrastructure
The US remains the largest regional RWA market.
The key feature is the absorption of blockchain technology into the existing regulatory framework without creating separate legal regimes.
The SEC treats tokens that entitle holders to profits derived from managerial efforts as securities. This requires:
Registration of issuance
Disclosure of information
Operation through broker-dealers and alternative trading systems (ATS)
Top Funds in the US
Circle (USYC)
BlackRock (BUIDL)
Franklin Templeton (BENJI / FOBXX)
BENJI minimum entry threshold: $20 (accessible to a broad range of investors). Current BENJI yield: Approximately 3.03%
Key development: In December 2025, the SEC approved a three-year DTC pilot for settling tokenized securities.
Hong Kong: A Licensed Bridge for Asian Capital
Hong Kong is building a regulated gateway for Asian capital into the RWA segment.
Stablecoin legislation took effect on August 1, 202
100% backing by high-liquidity asset
Local incorporation required
Minimum capital: HKD 25M
Key Update: The first licenses to issue fiat-backed stablecoins were granted to:
HSBC
Anchorpoint Financial (a JV of Standard Chartered, Animoca Brands, and HKT)
This marks a breakthrough following the 2025 cooling-off period. The SFC continues to expand its licensing framework for trading and custodial services of digital assets through the ASPIRe roadmap.
UAE: Regulatory Precision and Real Estate
The UAE demonstrates one of the most structured regulatory approaches globally.
VARA completed the first phase of its real estate tokenization pilot
Phase two launched on February 20, 2026
Secondary trading of tokenized real estate shares is now permitted
Coverage: 7.8 million tokens
Dubai's long-term goal : By 2033 — digitize 7% of the emirate's real estate market (approximately $16B).
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European Union: Harmonization via MiCA
The EU has implemented enhancements to the MiCA framework (Markets in Crypto-Assets).
Uniform standards for issuance, custody, and investor protection across the bloc
Regulatory predictability → driving institutional adoption
Emerging Markets & Global Trends
Search interest in RWA (analyst data): US, Indonesia, Turkey
TokeniTokenized commodities: ~5"-" 6B *Gold accounts fo 99.85B
Asset-backed credit: Exceeded $3B
Tokenized US Treasuries account for approximately 50% of the total market (experts say 47 up to 65%)
The EDENEX Platform
Within the RWA market structure, the Edenex platform occupies the niche of an aggregator for tokenizing export contracts and trade finance flows.
"When you're working with exporters, every deal is a race against the clock.", - says Sergey Abisher, Head of New Ventures, EDENEX
