According to Amber Group, Managing Partner Yi Bao told CVC Summit SG that tokenized finance will be the new norm within five years, emphasizing secure bridges between institutional finance and crypto, source: Amber Group official X post dated Nov 24, 2025. This view aligns with live institutional tokenization programs, including BlackRock’s BUIDL fund launched on Ethereum in March 2024, source: BlackRock press release March 2024. Tokenized U.S. Treasuries outstanding exceeded 1 billion dollars in 2024, signaling growing demand for on-chain fixed income, source: RWA.xyz 2024 dashboard. JPMorgan’s Onyx Tokenized Collateral Network executed its first live collateral settlement in 2023 using tokenized money market fund shares between BlackRock and Barclays, source: JPMorgan announcement November 2023. Franklin Templeton operates a U.S.-registered on-chain money market fund with tokenized shares on Stellar and Polygon, expanding institutional-grade settlement options, source: Franklin Templeton updates 2023–2024. Singapore’s regulator advanced Project Guardian pilots with global banks in 2023, underscoring policy support for institutional tokenization in the region, source: Monetary Authority of Singapore press releases 2023. For traders, the most direct exposure themes are RWA infrastructure, tokenized Treasuries and MMFs, and base-chain activity on Ethereum (ETH) and select L2s where these deployments operate, source: BlackRock press release March 2024; Franklin Templeton updates 2023–2024; JPMorgan announcement November 2023. Liquidity and activity tend to cluster around these institutional rails as tokenization scales, making sector flows and ETH on-chain metrics timely to monitor, source: BIS 2023 tokenization analysis.

According to the source, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) remains a leading tokenized U.S. Treasuries vehicle by AUM on Ethereum, while Franklin Templeton’s OnChain U.S. Government Money Fund (BENJI/FOBXX) and Ondo’s OUSG have expanded issuance, increasing market diversification; sources: BlackRock newsroom, 2024-03-20; RWA.xyz Treasuries dashboard; Franklin Templeton Benji portal; Ondo Finance docs. Investor access for many tokenized Treasury products is restricted to qualified purchasers or accredited investors, including BUIDL and OUSG, which directly impacts liquidity and secondary trading depth; sources: Securitize BUIDL fund documentation; Ondo Finance OUSG eligibility page. Redemptions and subscriptions generally follow traditional fund cutoff times and banking rails (e.g., same-day or next-day windows), constraining intraday liquidity relative to 24/7 crypto markets; sources: Franklin Templeton FOBXX prospectus and Benji app disclosures; Securitize operational details for BUIDL. When used as collateral on crypto derivatives venues, tokenized T‑bill tokens or yield-bearing notes face materially higher haircuts than in U.S. Treasury repo, reducing available leverage and raising funding costs (e.g., Bybit lists USDY with a significant haircut while typical Treasury repo haircuts are near 0–2%); sources: Bybit Collateral Haircut schedule; Federal Reserve Bank of New York analysis on Treasury repo haircuts. Trading takeaway: these frictions affect on-chain basis trades, collateral efficiency, and DeFi yield allocation across ETH and stablecoin venues; desks should model collateral haircuts and redemption windows when sizing positions and liquidity buffers; sources: Galaxy Research 2024 Tokenized Treasuries market map; Coinbase Institutional research on RWA yields and DeFi liquidity.

According to the source, a former TD Ameritrade Chair stated that all assets will be tokenized within five years, highlighting the accelerating real‑world asset adoption trend relevant to crypto markets (source: Oct 15, 2025 public social media post). RWA traction is visible on major chains: BlackRock launched the BUIDL tokenized U.S. dollar fund on Ethereum in March 2024, signaling institutional tokenization activity on ETH (source: BlackRock press release, March 2024). Franklin Templeton operates the Franklin OnChain U.S. Government Money Fund via the BENJI token on Stellar and Polygon, extending tokenized money market access across public chains (source: Franklin Templeton product documentation, 2023–2024). JPMorgan’s Onyx has executed tokenized collateral and intraday repo transactions using JPM Coin, demonstrating tokenized settlement in traditional finance workflows (source: JPMorgan announcements, 2023). Regulators are piloting tokenization at scale through MAS Project Guardian, which includes tokenized funds, FX, and collateral with global banks (source: Monetary Authority of Singapore updates, 2023–2024). For trading, these deployments concentrate RWA flows on Ethereum and EVM ecosystems, making ETH a key asset to monitor for fee dynamics and liquidity, while AUM and wallet growth in BUIDL and BENJI serve as on-chain leading indicators of RWA demand (source: BlackRock and Franklin Templeton public updates, 2024).

According to the source, a post on X dated 2025-09-16 states Galaxy Digital will debut a tokenized money market fund to compete with BlackRock and Franklin Templeton, source: X post dated 2025-09-16. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) is an existing tokenized money market fund issued via Securitize on Ethereum for qualified investors, source: BlackRock; Securitize. Franklin Templeton’s OnChain U.S. Government Money Fund (FOBXX) offers BENJI tokens on Stellar and Polygon to KYC investors and invests in U.S. government securities and repos, source: Franklin Templeton. For trading context, tokenized money market funds provide on-chain access to U.S. Treasury–backed yields for institutions, serving as a benchmark for on-chain cash management, source: BlackRock; Franklin Templeton.

According to @BitMEXResearch, tokenisation of real-world assets is superior to traditional securitization, spotlighting institutional focus on onchain issuance and settlement, source: BitMEX Research post on X dated Aug 9, 2025. Live deployments support this thesis: BlackRock launched the BUIDL tokenized fund on Ethereum in March 2024, showing large asset managers are using public blockchains for real-world asset exposure, source: BlackRock press release March 2024. Franklin Templeton operates the Franklin OnChain U.S. Government Money Fund with BENJI tokens on Stellar and Polygon, confirming multi-chain distribution for tokenized money market products, source: Franklin Templeton official fund materials updated 2023–2024. Interoperability has been validated at the messaging layer as SWIFT and Chainlink demonstrated tokenized asset transfers across public and private chains using Chainlink CCIP, highlighting infrastructure relevance for LINK in RWA workflows, source: SWIFT and Chainlink joint pilot report September 2023. Trading signals: increased RWA activity on Ethereum can translate into higher demand for gas as all Ethereum transactions require ETH to pay fees, making ETH network usage a direct onchain indicator to track, source: Ethereum.org documentation on transactions and gas. Additionally, tokenized Treasuries and cash-equivalent products such as Ondo Finance’s OUSG and USDY provide observable onchain inflow data that traders can use as proxies for RWA adoption, source: Ondo Finance product documentation and onchain transparency pages.