Since I started venturing into the world of RWA tokens, I have realized that regulation is the decisive factor in scaling this market. In the United States, for example, the advancement of the GENIUS Act, which establishes a clear regulatory framework for stablecoins and tokenization, was a real game changer.

The new milestone brought sufficient legal certainty to boost the sector: in 2025, the market for RWAs in the US grew by 260%, exceeding US$ 23 billion. Private credit accounted for 58% of this volume, followed by Treasury securities (34%).

In Europe, the MiCA (Markets in Crypto-Assets Regulation) regulation came into full effect in December 2024, creating a standardized legal environment for issuers and providers of services of crypto assets, including security tokens and stablecoins. The harmonization between the member countries of the European Union increases the predictability and reduces barriers to the market.

Meanwhile, Hong Kong recently launched a policy to encourage tokenization, integrating it into the regime for licensing crypto assets. This approach opens the way for tokenization of real estate, credit and other assets traditional.

In Brazil, we are still waiting for a robust regulatory framework, but we are already seeing progress. The Brazilian Securities and Exchange Commission (CVM) included part of the sector in Resolutions 88 and 135, and the Central Bank has signaled its intention to regulate stablecoins and tokens linked to Drex. This indicates that we will soon see more concrete progress.

For the RWA sector to grow in an institutionalized manner, the regulation of VASPs (Virtual Asset Service Providers) is a central pillar. Globally, FATF guidelines, such as the Travel Rule, require:

• data sharing between senders and beneficiaries;
• Strict KYC;
• continuous diligence;
• monitoring of suspicious transactions.

Today, around 98 jurisdictions have adopted these rules — including the US, Hong Kong, Japan and countries in the EU.

In Brazil, Law No. 14,478/2022 (BVAL), in force since June 2023, defined VASPs, requiring registration with COAF, application of KYC/AML, and reporting of transactions. The Central Bank, based on Decree 11.563/2023, now has the power to regulate, authorize and supervise these companies, including custodians and intermediaries. In November 2024, it held public consultations on criteria for authorization, operation, and custody, including in the areas of authorization, operation and custody, including in jurisdictions foreign with agreements formal.

This regulatory advancement is vital for RWA token issuers to operate safely:

• ensuring transparency in the custody of assets (real estate, credit or energy);
• ensuring that issuers are identified, classified and report financial risks.
• It is this robust environment of compliance that enables the integration of RWA into the traditional financial system and enables sustainable growth.

RWA Market

In addition to the regulatory aspect, the tokenized assets market continues to diversify.

• Real estate: platforms have already tokenized hundreds of millions of reais in funds and real estate credits, with compliance and in funds and credits real estate, with compliance and identity verified of investors.
• Agro: initiatives demonstrate how agricultural commodities can be tokenized, democratizing global access to investment in crops.
• Energy: although the data is more limited, there is growing tokenization of carbon credits and green assets, integrating with ESG on-chain infrastructure.

According to RWA.xyz, the total value of on-chain RWAs already exceeds US$25 billion, with a 2.5% increase in the last 30 days, 333,000 holders, and 257 active issuers.

Data from CoinGecko shows that the market for tokens linked to RWAs totals US$230 billion, with the following breakdown:

• Stablecoins: $224.9 billion
• Tokenized Treasuries: $5.5 Billion
• Commodities: US$1.9 billion
• Private credit: US$558 million

There is also a race for infrastructure and interoperability. Ethereum dominates (around 60% of RWA market cap), but L2s such as zkSync Era and L1s such as Aptos are rapidly gaining ground, offering scalability and efficiency.

In the global scenario, companies such as Securitize are consolidating: it has already managed US$ 2.8 billionsecurities from the Treasury tokenized for BlackRock and maintains >70% of market share in tokens funds and fixed income tokenized.

With these elements, we can state that the RWA sector is fully maturing:

• Regulation advancing in key markets (US, EU, Asia);
• Brazil in the preparation phase;
• Tokenized assets growing in private credit, real estate, agricultural commodities, and energy;
• Robust infrastructure and solid compliance paving the way for integration into the global financial system.

Source: Money Times