Tokenised real-world assets

Tokens can represent conventional investments

Tokenised real-world assets are interests in funds, bonds, shares or other conventional assets represented on a blockchain. The token’s legal rights come from the issuer’s documents. A token can represent a direct fund holding, a debt claim or another contractual interest, so the product terms determine what the holder owns and how redemption works.

On 11 October 2026, RWA.xyz recorded $39.16bn in distributed asset value, up 0.36% over 30 days. That dashboard measure excludes stablecoins. The site separately displays represented asset value, which covers a different category; comparisons should use the same measure and date.

A blockchain record still needs legal ownership rules

BlackRock’s explanation of tokenised money market funds describes a token as the on-chain representation of a fund holding, while the transfer agent maintains the official shareholder register. Eligible investors may gain a different way to transfer their holdings, subject to the fund’s conditions.

The underlying investment still has its own assets, fees and dealing terms. Tokenisation changes how an interest is recorded and moved. The investor needs to check the issuer, custodian, official ownership record and the process for converting the token back into money or securities.

Transfer and redemption can follow different hours

A blockchain may run around the clock while a fund processes subscriptions and redemptions during its stated dealing hours. The ability to transfer a token between eligible holders therefore needs to be assessed separately from access to cash on demand.

Liquidity also depends on the available buyers, permitted venues and transfer restrictions. An asset can be recorded on a fast network and still take time to sell or redeem. Read the product’s dealing cutoffs and settlement terms before comparing it with a bank balance or an ordinary exchange-traded fund.

Compare the assets and the rights behind them

For each product, identify the underlying asset, the holder’s legal claim, eligibility rules, custody arrangement and redemption process. For market totals, keep distributed assets, represented assets and stablecoins distinct. The stablecoin guide covers tokens designed to track a currency, while the Robinhood stock-token guide explains one form of tokenised securities exposure.