자산 토큰화 시장 : 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

The asset tokenization market size was valued at USD 2.08 trillion in 2025 and estimated to grow from USD 3.01 trillion in 2026 to reach USD 18.74 trillion by 2031, at a CAGR of 44.25% during the forecast period (2026-2031).

Regulatory clarity in North America and the European Union, rapid institutional capital re-allocation, and the maturing of cross-chain interoperability now underpin the commercial viability of large-scale token issuance and secondary trading. Permissioned architectures still dominate issuance volumes, yet surging demand for open networks signals rising comfort with decentralized liquidity as compliance tooling improves. Commodities tokenization is emerging as the clear growth frontier as corporates use carbon-credit and precious-metal tokens to hedge ESG liabilities and inflation exposure. Platform vendors that can fuse robust legal wrappers with seamless ISO-20022 messaging are gaining a tangible advantage in winning tier-1 banking mandates.

Global Asset Tokenization Market Trends and Insights

Rising Institutional Adoption and Tokenized Funds

Institutional allocations into tokenized money-market and fixed-income products are accelerating. BlackRock's USD Institutional Digital Liquidity Fund attracted over USD 550 million within months of launch, showing clear appetite for on-chain treasury alternatives that offer daily dividend distribution and intraday redemption windows. Goldman Sachs is preparing three tokenized products for roll-out by year-end 2025, while JPMorgan's Kinexys network has processed USD 1.5 trillion in tokenized transactions by end-2024 and is piloting on-chain foreign-exchange settlement for early-2025 release. These moves create network effects that encourage custodians, fund administrators, and asset managers to build compatible rails.

Demand for Fractional Real-Estate Ownership

Token-enabled fractional structures lower minimum ticket sizes, allowing a broader investor base to enter prime property markets. T-RIZE Group's USD 300 million residential development tokenization illustrates how sponsors are securing diverse investor pools while reducing financing costs through wider market reach . Enhanced transparency from immutable performance data also mitigates information asymmetry, a long-standing barrier in commercial real-estate investing, which in turn boosts secondary liquidity. Crowdfunding regulations aligned with tokenization frameworks in the United States and the European Union further reinforce growth potential for retail-accessible real-estate products.

Cyber-Security and Smart-Contract Vulnerabilities

High-profile exploits continue to dent market confidence. In January 2024 the KiloEx decentralized exchange lost USD 7 million after attackers manipulated an on-chain price oracle, exposing gaps in real-time data validation. Insurance premiums for smart-contract cover have since risen as underwriters reprice risk. Platforms are now mandating multi-layer audits, automated circuit breakers, and real-time monitoring to regain trust. Yet the evolving threat landscape means even rigorously vetted code can harbor latent flaws, keeping security a top-tier boardroom concern for tokenization providers.

Other drivers and restraints analyzed in the detailed report include:

1. Advancements in Blockchain Interoperability
2. ISO-20022 Integration Enabling Seamless Settlement
3. Custodial Liability During Insolvency Events

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Real-estate contributes the largest revenue slice, accounting for 30.12% of the asset tokenization market in 2025. Institutional demand centers on flagship office towers and logistics assets that deliver predictable cash flows, while token structures reduce entry thresholds and amplify portfolio diversification across regions. The segment uses permissioned networks where audited smart contracts automatically distribute rental income, thus easing reconciliation for fund administrators. Commodities, though smaller today, are posting the fastest trajectory with a 48.35% CAGR through 2031, powered by carbon-credit and precious-metal token launches underpinned by ESG mandates. Renewable energy producers see tokens as a liquid instrument for monetizing verified emission reductions, which boosts bilateral trading volumes on digital commodity exchanges. Debt instruments also show steady interest, with municipal-bond token pilots in the United States offering same-day settlement and lower issuance fees.

Regulatory harmonization is pivotal for real-estate sponsors seeking cross-border investor pools. Jurisdictions such as the United Arab Emirates and Luxembourg now recognize on-chain share registries, easing secondary transfers and collateral pledges. For commodities, standardization initiatives like the London Bullion Market Association's blockchain provenance project are spurring confidence in digital gold products. Carbon-credit tokens benefit from transparent lifecycle data that supports compliance reporting for corporate buyers. As interoperability frameworks mature, exchanges can list multi-asset pools that bundle real-estate and commodities tokens, improving risk-adjusted returns for institutional portfolios and enlarging the addressable asset tokenization market.

Institutional investors controlled 69.10% of deployed capital in 2025, reflecting their readiness to navigate complex legal structures and their sizeable balance sheets. Asset managers leverage tokenized funds to gain operational efficiencies, including near-instant share issuance and automated corporate-action processing. Securitize has crossed USD 1 billion in issued tokens and now administers USD 38 billion across 715 funds after acquiring MG Stover, positioning itself as an end-to-end service provider linking primary issuance and secondary marketplaces. Pension funds also view tokenized real-estate and infrastructure as a match for long-duration liabilities given the potential for improved liquidity.

Retail participation is scaling swiftly at 50.20% CAGR, helped by compliant crowdfunding exemptions and intuitive mobile wallets that mask blockchain complexity. Accredited retail segments occupy a bridging role, bringing higher average ticket sizes yet still benefiting from fractional exposure to venture-fund tokens and commercial real-estate. Education portals embedded into issuance platforms guide new entrants through wallet creation, risk disclosures, and tax documentation, broadening funnel conversion rates. Looking ahead, embedded-finance integrations with neobanks will further lower onboarding friction, expanding the overall asset tokenization market by tapping under-served demographics in emerging economies.

Asset Tokenization Market is Segmented by Asset Class (Real Estate, Debt Instruments, Investment Funds, Private Equity, and More), Investor Type (Institutional Investors, Accredited Retail Investors, and More), Tokenization Platform Type (Permissioned (Private) Blockchains, and More), Offering (Tokenization Platforms / Middleware, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Geography Analysis

North America remains the largest regional contributor, holding 39.10% of global revenue in 2025. The United States benefits from April 2025 SEC guidance clarifying that certain USD-backed stablecoins are not securities, which in turn catalyzes bank participation in tokenized deposit pilots. Canada's regulatory sandbox supports experimentation with tokenized mortgage pools, and its pension funds are beginning to acquire minority stakes in infrastructure-backed security tokens. Venture investment also concentrates in the region, with specialized blockchain funds closing USD 2.4 billion in fresh capital in 2024 according to PitchBook, further reinforcing the innovation loop.

Asia-Pacific is the fastest-growing region, expanding at a 53.75% CAGR through 2031. Singapore's Project Guardian now involves over 40 financial institutions testing tokenized bonds, deposits, and funds on interoperable ledgers governed by the Monetary Authority of Singapore. Hong Kong's June 2025 digital-asset roadmap introduces a stablecoin licensing regime and government tokenized-bond issuance, signaling official endorsement that will likely mobilize regional banks and insurers. Japan is advancing a framework that reclassifies certain digital assets, paving the way for tokenized exchange-traded funds and broadening retail access to alternative assets .

Europe posts steady progress under the Markets in Crypto-Assets (MiCA) regulation that sets passport-able licensing for crypto-asset service providers. Germany's electronic securities law recognizes bearer bonds and fund units on DLT registers, prompting public-sector issuers to test fully digital workflows. France's public blockchain sandbox accepted three tokenization projects focused on green-bond distribution, reflecting the continent's climate-finance focus. Meanwhile, the Middle East and Africa are piloting energy-backed security tokens inside regulatory sandboxes in Abu Dhabi and Johannesburg, and South America is evolving from proof-of-concepts toward limited public offerings as infrastructure matures.

1. Securitize Markets, LLC
2. tZERO Group, Inc.
3. Tokensoft Inc.
4. Polymath Research Inc.
5. Tokeny Solutions SA
6. Fireblocks Inc.
7. Chainlink Labs, Inc.
8. INX Digital Company, Inc.
9. Anchorage Digital Bank N.A.
10. Bitbond GmbH
11. Tassat Group LLC
12. Rialto Markets, LLC
13. ADDX Pte. Ltd.
14. DigiShares A/S
15. Smartlands Platform Ltd.
16. Blockstream Corporation Inc.
17. Figure Technologies, Inc.
18. Provenance Blockchain, Inc.
19. Maple Finance Ltd.
20. Stokr S.A.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Market Definition and Study Assumptions
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Regulatory clarity in key financial hubs
  • 4.2.2 Rising institutional adoption and tokenized funds
  • 4.2.3 Demand for fractional real-estate ownership
  • 4.2.4 Advancements in blockchain interoperability
  • 4.2.5 ISO-20022 integration enabling seamless settlement
  • 4.2.6 Emergence of tokenized carbon-credit instruments
• 4.3 Market Restraints
  • 4.3.1 Regulatory fragmentation and compliance costs
  • 4.3.2 Cyber-security and smart-contract vulnerabilities
  • 4.3.3 Oracle manipulation and off-chain data risks
  • 4.3.4 Custodial liability during insolvency events
• 4.4 Value / Supply-Chain Analysis
• 4.5 Evaluation of Critical Regulatory Framework
• 4.6 Impact Assessment of Key Stakeholders
• 4.7 Technological Outlook
• 4.8 Porter's Five Forces Analysis
  • 4.8.1 Bargaining Power of Suppliers
  • 4.8.2 Bargaining Power of Consumers
  • 4.8.3 Threat of New Entrants
  • 4.8.4 Threat of Substitutes
  • 4.8.5 Intensity of Competitive Rivalry
• 4.9 Impact of Macro-economic Factors

5 MARKET SIZE AND GROWTH FORECASTS (VALUE)

• 5.1 By Asset Class
  • 5.1.1 Real-Estate
  • 5.1.2 Debt Instruments
  • 5.1.3 Investment Funds
  • 5.1.4 Private Equity
  • 5.1.5 Public Equity
  • 5.1.6 Commodities
• 5.2 By Investor Type
  • 5.2.1 Institutional Investors
  • 5.2.2 Accredited Retail Investors
  • 5.2.3 Retail Investors
• 5.3 By Tokenization Platform Type
  • 5.3.1 Permissioned (Private) Blockchains
  • 5.3.2 Permissionless (Public) Blockchains
  • 5.3.3 Hybrid Models
• 5.4 By Offering
  • 5.4.1 Tokenization Platforms / Middleware
  • 5.4.2 Smart-Contract Development and Audit
  • 5.4.3 Custody and Wallet Services
  • 5.4.4 Compliance and Legal-Tech Services
  • 5.4.5 Secondary Trading and Exchanges
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 South America
    • 5.5.2.1 Brazil
    • 5.5.2.2 Argentina
    • 5.5.2.3 Rest of South America
  • 5.5.3 Europe
    • 5.5.3.1 Germany
    • 5.5.3.2 United Kingdom
    • 5.5.3.3 France
    • 5.5.3.4 Italy
    • 5.5.3.5 Spain
    • 5.5.3.6 Russia
    • 5.5.3.7 Rest of Europe
  • 5.5.4 Asia-Pacific
    • 5.5.4.1 China
    • 5.5.4.2 Japan
    • 5.5.4.3 India
    • 5.5.4.4 South Korea
    • 5.5.4.5 Australia and New Zealand
    • 5.5.4.6 Rest of Asia-Pacific
  • 5.5.5 Middle East and Africa
    • 5.5.5.1 Middle East
      • 5.5.5.1.1 Saudi Arabia
      • 5.5.5.1.2 United Arab Emirates
      • 5.5.5.1.3 Turkey
      • 5.5.5.1.4 Rest of Middle East
    • 5.5.5.2 Africa
      • 5.5.5.2.1 South Africa
      • 5.5.5.2.2 Nigeria
      • 5.5.5.2.3 Egypt
      • 5.5.5.2.4 Rest of Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products and Services, and Recent Developments)
  • 6.4.1 Securitize Markets, LLC
  • 6.4.2 tZERO Group, Inc.
  • 6.4.3 Tokensoft Inc.
  • 6.4.4 Polymath Research Inc.
  • 6.4.5 Tokeny Solutions SA
  • 6.4.6 Fireblocks Inc.
  • 6.4.7 Chainlink Labs, Inc.
  • 6.4.8 INX Digital Company, Inc.
  • 6.4.9 Anchorage Digital Bank N.A.
  • 6.4.10 Bitbond GmbH
  • 6.4.11 Tassat Group LLC
  • 6.4.12 Rialto Markets, LLC
  • 6.4.13 ADDX Pte. Ltd.
  • 6.4.14 DigiShares A/S
  • 6.4.15 Smartlands Platform Ltd.
  • 6.4.16 Blockstream Corporation Inc.
  • 6.4.17 Figure Technologies, Inc.
  • 6.4.18 Provenance Blockchain, Inc.
  • 6.4.19 Maple Finance Ltd.
  • 6.4.20 Stokr S.A.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

• 7.1 White-space and Unmet-need Assessment