Tokenization Frenzy Ignites as Crypto Assets Struggle for Relevance

Tokenization in crypto is gaining momentum as traditional financial instruments migrate onto blockchain rails. Over the last three years, on-chain real-world assets have grown from $1 billion to $30 billion.

This growth has been driven by the increasing adoption of stablecoins and tokenization technology, which are becoming an 'infrastructure layer' that most users won't even notice. For example, Zelle's new stablecoin for US-to-India remittance is one such development.

Tokenization firm Securitize is set to raise approximately $400 million through its SPAC merger ahead of its expected NYSE debut under ticker SECZ on July 2. Meanwhile, the DTCC has confirmed a one-day tokenization interoperability test event for July 13 across two blockchains, with a full-scale rollout targeted for October 2026.

However, despite this growth, several related crypto assets continue to struggle, with some arguing that not every project needs a token. For instance, ONDO's token has been criticized for lacking direct value accrual mechanisms that benefit holders, and its supply dynamics have also come under scrutiny, with nearly 20% of its total supply unlocked in January 2026.