The study charts transition from isolated token issuance to live settlement infrastructure, despite crypto contagion risks and secondary liquidity hurdles.
The global market for tokenised real-world assets (RWAs), excluding stablecoin, expanded nearly fourfold from approximately US$10 billion in January 2025 to roughly US$39 billion by September 2026, according to a research paper published recently by the Deutsche Bank Research Institute titled ‘ Asset Tokenization 101: the Next Phase of Financial Infrastructure .’ Co-authored by Marion Laboure, managing director and macro strategist, and Camilla Siazon, associate on the macro and the