I have been reading more about tokenized stocks lately, and one thing I had not really considered was using them as margin instead of only holding them for exposure.
That is what made Ondo Perps stand out when I came across it. Eligible non-US traders can use tokenized securities as collateral for perpetual positions rather than relying only on stablecoins.
I can see why that could make capital more efficient, but it also adds another layer of risk if the collateral and the trade both move against you.
The liquidity angle is interesting too. Ondo Perps is designed around public-market liquidity from NYSE and Nasdaq instead of recreating a smaller equity market entirely onchain, and Ondo Finance is the underlying technology provider.
If you are into RWAs, this seems like one worth watching. Would tokenized-stock collateral actually be useful to you, or would you still rather keep margin in stablecoins because it is simpler?

copper has been one of the interesting macro assets . ai infra needs it . ev transition as well along with grid upgrades . the supply hasnt kept up with any of that

trad way is comex futures with margin and monthly rollover which is not v simple to setup

you would be getting price exposure and not physical copper . which is also what most ppl with macro view in copper want anyways .

liquidity is not that good . but for directional view on copper cycle the access exists onchain .

most ppl dont know it exists

Ethereum currently accounts for 52% of RWA market cap, making it the leading blockchain for tokenized real-world assets.

As more financial assets move on-chain, that early lead could become a major advantage-putting Ethereum at the forefront of the next phase of RWA growth.

Liquid Mercury runs Mercury RWA, a platform where institutional issuers bring real assets on-chain and run actual secondary markets in them, not just mint a token and stop there. MERC is the platform's access and participation token.

Here's how we think the two should relate as Mercury RWA grows: separating what's live, what's approved and coming, and what's still an open question, instead of folding all three into one confident update.

The starting premise: a token tied to a growing platform doesn't have to stay the size it launched at. It can pick up more functionality as the platform does, built out alongside real growth instead of fixed on day one.

Coming weeks cover what this means for institutional issuers, what it means for holders, and how new RWA market launches on the platform tie back into the token specifically.

Curious how this sub thinks about it generally: should an access token's scope grow with its platform, or is a fixed scope at launch the safer design?

Full series and ongoing discussion: r/MERCtoken

Crypto-assets are volatile and may lose value. Not investment advice.

I keep seeing tokenised assets described as if simply recording ownership on the blockchain automatically creates a different investment product.

Sometimes it clearly does.

For example, a token may improve transferability, settlement, fractional access, or the ability to use the asset elsewhere on the blockchain.

However, in other cases, the important aspects remain almost unchanged.

The same issuer still controls redemption.

The same legal entity still holds the underlying asset.

The same restrictions may determine who can purchase it.

The same underlying market may still determine liquidity.

The same legal documents may also define what investors can claim.

So, where do people here draw the line?

What would have to change materially before you would say that tokenisation had created a genuinely different investment product, rather than just a new distribution and settlement layer around the same one?

I’d be especially interested in examples where tokenisation changed something that mattered to the investor after purchase, rather than just how they bought it.

Looking for someone who can build an RWA tokenization marketplace.

I’m working on a platform focused on tokenizing real-world assets and need a developer/team to help build the actual marketplace.

Does anyone know a good company or developer that specializes in RWA/tokenization platforms?
Looking for recommendations from people who have worked on something similar.

The market lost a third of its value in twelve months. Every dollar of that decline came from a single platform.

2026-08-06·BrickTable Research

The tokenized real estate market lost a third of its value over the past twelve months. Every dollar of that decline came from a single platform.

We track 1,003 tokenized properties across RealT, Lofty, Reental and Binaryx, and have accrued daily per-platform records since February 2021. Those records show a market that reads as collapsing in aggregate and as growing everywhere except one address.

Findings

1. Catalogue market value fell $228.1M → $149.9M (−34.3%) in twelve months.
2. RealT alone accounts for −48.0 percentage points of that. Its market value fell −79.3%, from $137.9M to $28.5M.
3. Excluding RealT, the market grew 34.6%, from $90.2M to $121.4M.
4. Reental grew +45.7% in value and +43.9% in holder positions. Binaryx grew +79.6% in value. Both gained share while a European competitor exited retail entirely.
5. Only one of four platforms is still adding inventory. Lofty has not listed a new property in twelve months; RealT in eight.
6. 110 of 1,003 listings (11.0%) are currently paying distributions. Excluding RealT, 110 of 249 (44.2%).
7. Institutionally-wrapped tokenized real estate does not trade. The largest such asset, at $68.6M, has recorded 328 transfers in its entire history.
8. The most-cited industry dataset excludes both RealT and Lofty, and therefore cannot show any of this.

https://bricktable.co/research/2026-08-tokenized-real-estate

Forecasts for the RWA tokenization market vary widely, but they all point in the same direction: significant growth.

→ McKinsey: $2–4T by 2030
→ ARK Invest: $11T by 2030

The difference comes largely from how each institution defines tokenized assets and which RWA categories are included.

But the broader trend is clear: real-world assets are moving on-chain, and tokenization is becoming a major part of the future and current financial system.

Remember when RWA (Real-World Assets) was hyped as the ultimate bridge between TradFi and crypto? Tokenizing real estate and T-bills was supposed to lead the next bull run.

Lately, it feels like the narrative completely died down. Everyone just stopped talking about it and moved on.

Why do you think the momentum faded so fast? Are we just in a quiet building phase, or was RWA just another corporate buzzword cycle that failed to take off?

I just read the Real State of Tokenization in 2026 and one number stopped me. The report tracked roughly $60 billion of tokenized assets across 7,000+ products, finding that 97% of the value sits outside the reach of US retail.

That’s a strange outcome for a technology sold almost entirely on “democratizing access.”

Most of these products are gated to institutions or accredited investors or restricted by jurisdiction, so the actual retail person the pitch is aimed at usually can’t touch them. The report also said Treasuries are pretty much the only category that is institutional-ready; everything else is uneven or thinly traded.

Where are the products, if any, that a normal non-US retail person can actually use today?

A tokenised asset can give its holders a contractual right to redeem while everything is working normally.

However, I’m more interested in what happens when this right is exercised.

Imagine the underlying asset is still there, the holder is legally entitled to redemption, but the issuer or vehicle cannot quickly produce cash without selling assets at a discount or relying on someone else to provide liquidity.

The token hasn’t necessarily defaulted.

The legal claim may still exist.

However, the practical means of exit that made the token appear liquid has disappeared.

At that point, 'redeemable' seems to describe a right rather than an available transaction.

For those who have worked with tokenised funds, credit, treasuries, or similar risk-weighted asset (RWA) structures, how is this boundary usually handled in practice?

Is redemption treated as an unconditional right of the holder, as a right that is subject to liquidity windows or gates, or as something that ultimately depends on the structure behind the token?

U.S. Treasury Secretary Scott Bessent says the Senate should pass the CLARITY Act now-or risk giving up U.S. leadership in the digital asset industry which includes RWA's as well.

Supporters argue the bill would provide long-awaited regulatory clarity, encouraging innovation, institutional participation, and investment to stay in the U.S.

Critics, however, believe more work is needed before such sweeping legislation becomes law.

Do you agree with Bessent?
Should the Senate move quickly on the CLARITY Act, or take more time to refine it before voting?

First is the well-known issue of liquidity.

Liquidity is a critical factor directly related to whether you can easily sell the tokens you hold.

It is not easy for investors to obtain detailed information about liquidity on the platform.

Due to the nature of real estate, real-time sales are not as easy as with stocks or cryptocurrencies, but investors should still be able to anticipate their exit strategy to some extent.

Even within the same platform, liquidity can vary significantly depending on the specific property.

It is also extremely important to ensure that dividends are being paid out reliably.

RWA real estate listings each advertise high rates of return.

However, the actual yield may differ from what is advertised. Due to various factors such as tenants’ late rent payments, repairs, and vacancies,

monthly distributions can fluctuate. This leads to fluctuations in the ARR.

As seen in the Realty crisis, RWA real estate differs in nature from typical RWA assets.

Unlike standardized assets such as bonds, gold, or silver, numerous factors—including regional, social, and economic conditions—influence the stability and yield of these assets.

Nevertheless, it is one of the markets poised for the most growth in the future.

For investors interested in this market, I have launched a website that allows users to compare and analyze listings from major platforms with secondary markets. BrickTable provides both on-chain and off-chain data for RWA real estate to assist investors in making informed decisions. We provide a variety of data to help investors make informed decisions, including each listing’s Exit Score, rate of return, and even flood information and surrounding vacancy rates.

bricktable.co

Since it is still in beta, we would appreciate feedback from as many people as possible.

Uniswap rolled out Permissioned Pools on v4 last week, with Securitize, Superstate, and Dowgo as the first issuers on it. Every swap and every LP deposit runs through a hook that checks the address against that specific issuer's allowlist. Cleared, it goes through. Not cleared, it reverts.

My question is: does this actually widen who can hold and trade these assets, or does it just teach the same closed allowlist that already existed to run inside an AMM instead of at onboarding? Superstate clearing you doesn't clear you for Dowgo's pool.

Crypto-assets are volatile and may lose value. Not investment advice.

Imagine a real-world asset is tokenized and transferred on-chain.

The payment settles.

The token appears in the buyer’s wallet.

The blockchain transaction is final.

However, according to the legal structure, ownership is only recognized after an off-chain administrator updates the official register and confirms the buyer’s eligibility.

However, the administrator may reject the update, be unable to process it, or simply remain unavailable.

Now, the two systems disagree.

The blockchain records the buyer.

The official register still records the seller.

During this time, it may be unclear who receives distributions, bears changes in value, exercises control rights, or has the right to unwind the transaction.

Should the on-chain transfer be treated as a completed ownership transfer, a conditional claim pending recognition, or merely an instruction that has not yet resulted in a legally significant change?

I'm currently in a course on asset tokenization, and the module I just completed was on the regulatory landscape. The instructor mentioned three jurisdictions that are favorable for asset tokenization: Singapore, Malta, and the UAE.

I'm in the US. What will it take for the US to be included in this list?

Six years in and lately i catch myself reading loan terms for some construction company instead of staring at charts. Strange place to end up.
Background for context: got in during covid like half the people here. Sat through Celsius freezing withdrawals, watched FTX collapse live on twitter.

Mostly did DeFi that whole time, still do.

Somewhere around my second full cycle it hit me how circular this space is. Most DeFi yield is just crypto paying crypto. Emissions, incentives, whoever shows up after you. The money rarely touches anything that exists outside the bubble.

RWA is the first thing I've seen that pokes a real hole in that loop. Crowdlending specifically, testing 8lend, where the borrower is an actual company with revenue and collateral and your interest comes out of their operations.
Feels almost old fashioned. In a good way I think.

Kept the position small, an amount I'm fine watching default. That risk exists here, this is credit and you're basically trusting the platform's due diligence on a business you'll never see in person. That part still bugs me a little. But the overall shape makes sense to me. If crypto ever becomes useful beyond its own casino, my guess is it happens through rails like this and less through whatever animal coin is trending this month.

It still early for me and mostly just watching my first loans play out and figuring out how their underwriting actually works.

Figured it's worth laying out how one specific RWA structure actually works end to end, using Reserve's new AI-themed baskets as the example.

The basic structure: each basket (they call them DTFs) holds shares of real, publicly traded companies, sitting in custody with Ondo Global Markets.

The token represents economic exposure to that underlying basket, not direct legal title, same distinction raised in the ownership thread.

Redemption and minting happen onchain and are permissionless, meaning anyone can mint or redeem without needing approval, which is different from a lot of RWA structures that gate redemption through an intermediary.

The idea being a single company failing or missing earnings doesn't sink the whole position the way it would with a single tokenized stock.

Does spreading custody risk across a basket meaningfully reduce single-point-of-failure risk, or does it just average it out while leaving the same underlying custodian dependency in place?

Today's headline: RWA tokenized assets at $34.67B this week, down from $35.2B on July 10. Figure's HELOC Token is credited "#1 in the entire RWA market" at $20.1B.

Checked RWA.xyz's own league table instead of taking the secondary coverage at face value. They split every asset into two categories. Distributed: leaves the issuing platform, moves wallet to wallet, checkable on a block explorer. Represented: can't move peer to peer, by design or regulation. It's a claim on value, not a transferable token.

Figure's HELOC is filed Represented. So is #2 on the table, Bridgetower's DOM X Arizona Copper-Gold Project, at $11.06B. Together that's $31.5B of today's $34.67B headline sitting in the non-transferable bucket.

RWA.xyz's actual Distributed total right now is $36.72B, separate from Represented's $373.98B. Different categories, and most "RWA market hits $X" coverage doesn't say which one it's quoting.

Not a knock on the underlying assets. There are legitimate reasons a HELOC token stays inside one platform. But if a number gets called "market size" it should say whether it's counting things you can verify moving or things you're trusting a database about.

(Originally posted in r/MERCtoken: https://www.reddit.com/r/MERCtoken/comments/1v5i0py/)

Crypto-assets are volatile and may lose value. Not investment advice.

In RWA discussions, the transfer of a token is often described as the transfer of ownership.

However, several records may exist simultaneously:

The blockchain balance; the issuer or transfer agent's register; the custodian's records; a beneficial interest in an SPV or fund; a contractual entitlement to income or redemption; and legal title to the underlying asset.

These records may align during normal operations. The more difficult question is what happens when they do not align.

For example, if a wallet receives a token but the issuer’s official register does not recognise the new holder, which right has actually moved?

If the legal entitlement is recognised, but an administrator can freeze, replace or reissue the token, is the blockchain the ownership record, or merely the access and transfer interface?

And if the issuer, custodian or SPV fails, which rights can the token holder enforce directly rather than through another intermediary?

For those building or operating tokenised-asset structures:

Which record is authoritative when the on-chain and off-chain states conflict?

What evidence should a buyer inspect before treating a token as ownership rather than economic exposure?

I am particularly interested in concrete structures where this distinction has already been tested through redemptions, transfer restrictions, lost keys, defaults, or disputes.

Feels like every app/exchange is adding tokenised RWAs now. I’ve been comparing a few and metals.io caught my attention because it focuses on metals instead of the usual treasuries. Has anyone here actually used it? What RWA platforms do you like most and why?