- Most RWA issuers prioritize capital formation over secondary market liquidity.
- Liquidity is expected to follow issuance growth, not lead tokenization strategies.
- Regulatory friction remains the primary barrier to RWA tokenization adoption.
RWA Issuers Focus on Capital Raising as Liquidity Takes Back Seat, Brickken Survey Finds Real-world asset (RWA) issuers are turning to tokenization as a capital-raising tool rather than a mechanism for secondary market liquidity, according to Brickken’s fourth-quarter 2025 survey.
The findings show that most participants view tokenization as an issuance and fundraising infrastructure, while liquidity remains a longer-term objective tied to broader market development.
Among respondents, 53.8% identified capital formation and fundraising efficiency as their main reason for tokenizing assets. By contrast, 15.4% cited liquidity as their primary motivation, while 38.4% said liquidity was not required for their projects. However, 46.2% expect secondary-market liquidity within 6 to 12 months.
Jordi Esturi, chief marketing officer at Brickken, said issuers are moving beyond conceptual use cases and focusing on operational objectives such as capital access, investor reach and process efficiency.
He noted that many remain in a validation phase, where regulatory frameworks are tested and issuance processes are digitized before liquidity becomes a central priority. Esturi added that exchanges expanding trading hours reflect business model adjustments rather than a disconnect with issuer demand.
His comments follow announcements from major U.S. exchanges. CME Group plans to introduce 24-hour trading for its crypto derivatives by May 29, while the New York Stock Exchange and Nasdaq have outlined intentions to support round-the-clock trading of tokenized stocks.
Related: Institutions Lead RWA Growth, Panel Says at Consensus Hong Kong
Issuance Progress Outpaces Liquidity Plans
The survey reveals that tokenization is already operational for most respondents. About 69.2% reported completing the tokenization process and going live, 23.1% said projects are underway, and 7.7% remain in planning.
Esturi distinguished between “optional” and “mandatory” liquidity, noting that many private market issuers operate with long-term investment horizons. He said liquidity is expected to scale alongside issuance volumes and institutional participation rather than precede them.
Ondo, which began with tokenized U.S. Treasuries and now manages more than $2 billion in assets, is focusing on tokenized stocks and exchange-traded funds. Chief Strategy Officer Ian de Bode said equities offer strong price discovery and established valuation frameworks, making them suitable for collateral use and broader access.
Regulation Remains a Primary Obstacle
Regulatory complexity continues to weigh on issuers. In the survey, 53.8% said regulation slowed operations, while 30.8% reported partial friction. In total, 84.6% experienced some level of regulatory drag. Only 13% identified technology or development as the primary challenge.
Alvaro Garrido, founding partner at Legal Node, said compliance considerations are embedded from the outset of projects, with growing demand for legal structures tailored to specific assets and technologies.
Related: How is RWA Performing in 2026 and Its Upcoming Outlook?
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