A Brickken survey reveals that RWA issuers focus on capital development rather than liquidity.

Exclusive fourth quarter data indicates that 69.2% of issuers are operational, while 84.6% cite regulatory challenges affecting the rollout of tokenization.

Nasdaq, NYSE, and the CME are all set to initiate tokenized stock trading around the clock. (By Luca Marfè -Wikimedia Commons/Modified by CoinDesk)

What to know:

• A recent survey by Brickken indicates that the majority of real-world asset issuers are employing tokenization mainly to enhance capital formation and fundraising efficiency, rather than to facilitate secondary market liquidity.
• While prominent exchanges like CME, NYSE, and Nasdaq move towards 24/7 trading for tokenized assets, numerous issuers are still engaged in a validation phase, concentrating on regulatory frameworks, issuance procedures, and compliance with asset quality.
• Regulatory issues remain the primary obstacle to tokenization initiatives, even as activities extend beyond real estate to include equities, intellectual property, and entertainment, with industry leaders stressing that issuance infrastructure is crucial for bridging traditional and decentralized finance.

A new fourth quarter 2025 survey conducted by the tokenization platform Brickken suggests that most real-world asset (RWA) issuers are utilizing tokenization to secure capital rather than to access secondary market liquidity, according to a report shared with CoinDesk.

Among the respondents, 53.8% indicated that capital formation and fundraising efficiency is their primary motivation for tokenizing, while 15.4% cited the necessity for liquidity as their principal incentive. An additional 38.4% stated that liquidity was not a requirement, and 46.2% anticipated secondary market liquidity within six to twelve months.

STORY CONTINUES BELOWDon't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newslettersSign me upBy signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy.

“What we’re observing is a transition from tokenization being a buzzword to it serving as a financial infrastructure layer,” stated Jordi Esturi, CMO at Brickken, to CoinDesk. “Issuers are leveraging it to address genuine challenges: access to capital, investor outreach, and operational complexities.”

Brickken’s report arrives as major U.S. stock exchanges announce intentions to broaden trading models for tokenized assets, including 24/7 markets. CME Group announced that it will implement continuous trading for its crypto derivatives by May 29, while the New York Stock Exchange (NYSE) and Nasdaq revealed their plans to introduce 24/7 tokenized stock trading.

Esturi noted that the exchanges’ initiatives are more aligned with the evolution of business models rather than a disconnect in issuer demand. “It’s not merely about preempting demand; it’s more about exchanges adapting their business strategies,” he explained. “Exchanges can enhance revenue by boosting trading volume, and extending trading hours serves as a logical lever.”

Concurrently, many issuers are still in what he characterized as a validation phase, where they are establishing regulatory frameworks, assessing investor interest, and digitizing issuance processes. “Liquidity is not yet their primary concern as they are laying foundational work,” he stressed, emphasizing that they regard tokenization as “the upstream engine that supports trading venues.”

The Brickken CMO further remarked that without compliant, structured, high-quality assets entering the market, secondary trading platforms will lack substantial trading opportunities. “The genuine value creation occurs at the issuance level,” Esturi pointed out.

Optional liquidity versus mandatory

While 38.4% of the surveyed issuers indicated that liquidity was not essential, Esturi highlighted the distinction between “optional liquidity and mandatory liquidity,” noting that many private market issuers operate on extended timelines. “Liquidity is inevitable, but it must scale in tandem with issuance volume and institutional acceptance, not in advance of it.”

Ondo, which initially focused on tokenized U.S. Treasuries and now manages over $2 billion in assets, is concentrating on stocks and ETFs due to their “strong price discovery, deep liquidity, and clear valuation,” stated Chief Strategy Officer Ian de Bode in a recent discussion with CoinDesk.

“You tokenize an asset either to facilitate easier access or to utilize it as collateral,” de Bode explained. “Stocks satisfy both criteria and have valuations that people readily understand, unlike a property in Manhattan. If traditional finance transitions to 24/7 operations, that would be highly beneficial,” de Bode added. “It represents our largest bottleneck.”

The survey indicates that tokenization is already functional for a significant number of participants: 69.2% of respondents reported having completed the tokenization process and are active, 23.1% are currently in progress, and 7.7% remain in the planning stage.

Regulations are still an issue

Regulation is a significant concern among those surveyed: 53.8% of respondents stated that regulations hindered their operations, while 30.8% noted partial or contextual regulatory friction. In total, 84.6% encountered some form of regulatory delay. In contrast, 13% identified technology or development challenges as the most difficult aspect of tokenization.

“Compliance is not a matter issuers address after launch; it is a consideration they integrate from the outset,” remarked Alvaro Garrido, founding partner at Legal Node. “There is a growing demand for legal frameworks customized to the specific needs of projects and the underlying technology.”

The report also indicates that tokenization is extending beyond real estate. Real estate constituted 10.7% of tokenized or planned assets, compared to 28.6% for equity/shares and 17.9% for intellectual property and entertainment-related assets. Respondents represented sectors including technology platforms (31.6%), entertainment (15.8%), private credit (15.8%), renewable energy (5.3%), banking (5.3%), carbon assets (5.2%), aerospace (5.3%), and hospitality (5.2%).

“The true link between traditional finance and decentralized finance is not ideological,” asserted Patrick Hennes, head of digital asset servicing at DZ PRIVATBANK. “It is the issuance infrastructure that translates regulatory demands, investor protection, and asset servicing standards into programmable systems.”