Real World Asset Tokenization: Which Projects Are Leading the Charge in 2024?

The real world asset tokenization market has exploded into mainstream consciousness, with the total market cap exceeding $8.4 billion as of March 2024. But not all projects are created equal. Some are quietly building the infrastructure that’ll define this space for years to come.

Why Real-World Asset Tokenization Matters

The fundamentals are simple but powerful: converting physical assets into blockchain-based digital tokens unlocks liquidity, enables fractional ownership, and democratizes investment access. What started with Bitcoin’s colored coins in the early 2010s has evolved into a full-fledged financial revolution powered by Ethereum and beyond.

BlackRock’s entry into the space with BUIDL—its tokenized fund on Ethereum—was the validation moment. The asset management giant isn’t just experimenting; it’s betting serious capital on real world asset tokenization becoming the backbone of modern finance.

The Projects Reshaping Finance

Ondo Finance (ONDO) took the institutional playbook and ran with it. Their OUSG product pioneered tokenized US Treasuries, and they’ve already begun migrating $95 million in assets to BlackRock’s BUIDL—a move that signals serious interoperability between crypto protocols and traditional finance giants. The Flux Finance lending protocol shows how tokenized assets work as DeFi collateral.

Polymesh (POLYX) is building the infrastructure layer. As a specialized Layer 1 blockchain designed specifically for securities tokenization, it handles the gnarly problems of governance, compliance, and settlement that traditional blockchains struggle with. Their approach: combine private network security with public chain transparency.

Mantra (OM) secured $11 million in funding to tackle a specific geography: the Middle East and Asia. Their Layer 1 platform focuses on making real world asset tokenization accessible in regions where traditional finance infrastructure is limited. It’s not flashy, but it’s strategically smart.

OriginTrail (TRAC) took a different angle entirely. Their Decentralized Knowledge Graph enables AI-ready Knowledge Assets across supply chains, healthcare, and other sectors. By creating trusted, verifiable data layers, they’re enabling real world asset tokenization at the infrastructure level.

Pendle (PENDLE) solved a yield management puzzle: separate Principal Tokens from Yield Tokens on an AMM. Their recent integration of RWAs like fUSDC and MakerDAO’s Boosted Dai Savings shows they’re bridging DeFi with tokenized traditional assets—including US Treasury Bonds.

TokenFi (TOKEN) democratizes the process itself. No coding required to launch ERC20/BEP20 tokens or create NFTs. With the RWA market projected to hit $16 trillion by 2030, TokenFi’s user-friendly approach to real world asset tokenization could capture significant market share.

Institutional-Grade Players

Securitize has already proven its model: by 2022, just three years after launch, they were among the top 10 US stock transfer agents with over 1.2 million investor accounts. BlackRock’s board appointment and strategic investment signals where institutional real world asset tokenization is heading.

MakerDAO (MKR) shows the mature approach. Real-world assets now comprise nearly 30% of their $6.6 billion TVL—over $2.06 billion in RWAs. Institutional investors are using DAI and tokenized T-bills directly within their ecosystem. This isn’t experimental anymore; it’s operational.

The Broader Ecosystem

Swarm Markets (SMT) maintains a TVL over $5.4 million and emphasizes regulatory compliance, making real world asset tokenization palatable to traditional finance. Their Mattereum partnership expands their on-chain securitization capabilities.

Untangled Finance launched on Celo with $13.5 million in funding, targeting private credit assets—traditionally illiquid instruments now becoming tradeable on-chain.

What’s Next?

The real world asset tokenization space is consolidating around winners: projects that solve genuine problems (Polymesh), reach underserved markets (Mantra), or build essential infrastructure (OriginTrail). Market liquidity is improving, regulatory frameworks are crystallizing, and DeFi innovations keep expanding what’s possible on-chain.

The $8.4 billion market cap in March 2024 is just the opening act. As institutional adoption accelerates and real world asset tokenization becomes standard practice rather than novelty, expect the projects building compliance-first infrastructure and cross-ecosystem bridges to dominate.

The tokenization revolution isn’t coming—it’s already here.