Tokenization Takes Center Stage: CoinShares‘ Optimistic Outlook
The digital asset investment firm CoinShares has released its 2026 Digital Asset Outlook report, painting a bullish picture for the burgeoning market of tokenized real-world assets (RWAs). The report highlights 2025 as a year of significant growth, with the trend expected to accelerate into 2026, spearheaded by the tokenization of US Treasuries. This shift signifies a crucial evolution in how traditional assets interact with the crypto ecosystem.
US Treasuries: The Leading Edge of Tokenization
A key takeaway from the report is the remarkable expansion of on-chain US Treasuries. According to CoinShares, these tokenized assets have more than doubled in value this year alone, climbing from $3.91 billion to $8.68 billion. This substantial increase demonstrates growing investor appetite for yield-generating products within the crypto space. The report underscores the appeal of US Treasuries, suggesting they are favored over stablecoins when yield is available with minimal incremental risk.
Ethereum Dominates, But Competition Heats Up
Ethereum currently reigns supreme as the preferred network for tokenized US Treasuries. Data indicates that over $4.9 billion worth of these assets are tokenized on the Ethereum blockchain, making it the leader by market capitalization. However, CoinShares also acknowledges the competitive landscape, with multiple networks vying for market share in the RWA arena. This competition could lead to platform-specific advantages and potentially reshape the industry.
Beyond the Crypto Niche: Institutional Adoption
CoinShares emphasizes that RWA tokenization is no longer confined to the realm of crypto enthusiasts. The report points to the involvement of established financial institutions issuing these assets, attracting significant capital and regulatory attention. Regulators are increasingly viewing blockchain technology as legitimate infrastructure, further solidifying the trend. This influx of traditional finance players is expected to accelerate the integration of digital assets into the broader economy.
Efficiency and On-Chain Settlement: The Future is Now
One of the core drivers of RWA adoption is the enhanced efficiency offered by on-chain settlement, issuance, and distribution. CoinShares notes that these processes are increasingly happening directly on the blockchain, bypassing legacy custodial processes. This shift promises to reduce costs, improve transparency, and accelerate the speed of transactions, making tokenized assets more attractive to a wider range of investors.
The Road Ahead: Consolidation and Growth
CoinShares forecasts that 2026 will be a year of consolidation and integration into the real economy. The impressive 229% growth in RWAs, excluding stablecoins, in 2025, from $5.5 billion to $18.1 billion, suggests that this trend has significant momentum. The firm’s CEO, Jean-Marie Mognetti, believes that digital assets are now embedded within the traditional economy, indicating a significant paradigm shift.
The growth of tokenized RWAs, particularly US Treasuries, signals a maturing crypto market and opens up exciting possibilities for both crypto and traditional finance. However, investors should remain vigilant, carefully assessing risks and understanding the evolving regulatory landscape as the sector continues its rapid expansion.
