The tokenized real-world assets market has expanded significantly, reaching $39.3 billion onchain by late October 2026, reflecting an 80% increase since January. However, Grayscale's Sebastian Pulido, Head of Onchain Asset Management, argues that by 2030 the industry's focus will shift from the volume of tokenized assets to their actual utility once deployed onchain.
Tokenized real-world assets are blockchain-based claims on offchain assets such as Treasury bills, money-market fund shares, or private credit. According to Pulido, simply placing an asset on a blockchain does not inherently improve its value. Instead, he identifies three key measures of success: pricing reliability, liquidity, and acceptance as collateral.
Current Use Cases
Some practical applications of tokenized assets are already emerging. Tokenized money-market funds are currently accepted as margin across several exchanges, allowing traders to earn yield on positions while simultaneously using them to support leveraged trades.
For tokenized assets to be trusted as collateral, exchanges and lenders require confidence in pricing mechanisms, redemption pathways, and operational infrastructure. Stablecoins are positioned as a critical infrastructure piece, enabling continuous trading and settlement of tokenized assets across traditional and blockchain markets.
Future Outlook
Pulido's longer-term vision extends beyond collateral improvements. He envisions a future where assets are issued natively on blockchain from inception rather than tokenized after creation. In such a system, credit assessment could rely on transparent, continuously updated data rather than periodic financial reports.
Before joining Grayscale in July 2026, Pulido held roles at Aave Labs, where he led the launch of Aave Horizon, a lending platform for tokenized assets. He also previously worked at JPMorgan and Goldman Sachs.
For investors, the implication is that headline growth figures for the RWA market may become less meaningful over time. The real indicators to monitor will be deployment as collateral, trading volume depth, pricing reliability, and whether tokenized assets see broader acceptance beyond money-market funds.
