The tokenisation of real-world assets (RWAs) is rapidly transforming finance, with marketplaces now emerging to make diverse asset classes as accessible as cryptocurrencies. Since the start of 2024, the total value of tokenised RWAs (excluding stablecoins) has surged from around $8.5 billion to nearly $25 billion. But while tokenisation offers promise, the infrastructure to connect investors seamlessly across different products is only just taking shape.
Fragmented Growth in Tokenised Assets
Private credit has emerged as the largest tokenised asset class, with platforms like Figure and Maple collectively issuing billions of dollars’ worth of loans. Yet despite this growth, access remains fragmented.
Maple primarily operates with USDC, while Figure relies on its proprietary YLDS stablecoin, leaving investors unable to consolidate holdings or move easily between products. Compounding this, many flagship RWA products remain geared toward institutional investors, with BlackRock’s BUIDL fund requiring a $5 million minimum buy-in, far from retail-friendly.
The result is a tokenisation landscape that, while expanding, risks becoming siloed unless more universal and user-friendly platforms are built.
Animoca Brands Steps In with NUVA
On 7 August, Animoca Brands announced NUVA, a vault-based marketplace designed to connect RWA issuers with investors under a single umbrella. Developed in partnership with Provenance Blockchain Labs (ProvLabs), NUVA will launch with vaults backed by Figure’s YLDS and home equity line of credit (HELOC) tokens.
What sets NUVA apart is its DeFi-style vault system. Once RWAs are deposited into these vaults, investors receive permissionless receipt tokens that can be freely traded across platforms much like cryptocurrencies. This model removes the restriction of direct-issuer RWA tokens, which can typically only be exchanged among accredited investors.
ProvLabs CEO Anthony Moro said the approach “unlocks true liquidity for tokenised assets, while still complying with KYC and AML requirements.” Over time, NUVA plans to expand beyond private credit into insurance, commodities, real estate and more.
Expanding Access to Securities
Beyond private credit, tokenisation is beginning to reshape access to traditionally exclusive markets such as private equity and securities. In the EU, fully on-chain stock exchanges for small companies are already under development.
Meanwhile, U.S. equities have become a focal point for tokenisation pioneers. In early 2025, Ondo Finance launched Ondo Global Markets, listing more than 1,000 U.S. stocks, ETFs, and fixed-income assets. Each token is backed one-to-one by real securities held in custody, offering international investors exposure to U.S. markets around the clock.
Ondo is not alone. Competitors like Securitize and various crypto exchanges have begun offering “stock tokens” blockchain-based representations of equities that can be traded 24/7 on familiar crypto-style interfaces. Though liquidity remains a challenge, momentum is clearly building.
The Road Ahead for Tokenised Marketplaces
The rapid rise of tokenised RWAs illustrates investor appetite for more accessible, diversified opportunities. But for tokenisation to deliver its full promise, marketplaces must evolve beyond isolated silos. Platforms like NUVA and Ondo Global Markets mark a significant step towards unified ecosystems where investors can trade multiple asset classes seamlessly.
If adoption continues to grow, RWA marketplaces could soon function like mainstream crypto exchanges offering instant, borderless access to everything from private loans to stocks and real estate. The potential is nothing short of transformative: democratising finance and reshaping how investors interact with global markets.
