J.P. Morgan, Binance, Coinbase, Robinhood, and Revolut have all pushed into the tokenized real-world asset market, each with a different strategy. The non-stablecoin segment sits near $25 billion today and is projected to surpass $51 billion by mid-2026, with equities and credit products gaining traction alongside the Treasuries that have driven growth so far.
J.P. Morgan, Binance, Coinbase, Robinhood, and Revolut have all moved into the RWA market with varying degrees of ambition, turning what was once a long-tail curiosity into something closer to mainstream financial infrastructure. The non-stablecoin tokenized RWA market currently sits around $25 billion and is projected to surpass $51 billion by mid-2026.
Five firms, five different plays
J.P. Morgan's Kinexys platform, formerly Onyx, has built out tokenized money-market fund products including one called MONY. In December 2025, the bank facilitated a commercial paper issuance by Galaxy Digital on the Solana blockchain, settled in USDC, with Coinbase and Franklin Templeton acting as buyers.
Coinbase has taken a product-first approach, rolling out tokenized equities, equity perpetual futures, and pre-IPO offerings for non-US customers, and has integrated Yahoo Finance tickers into its trading experience. Binance, meanwhile, has expanded its tokenized asset portfolio through partnerships with protocols like Ondo Finance and reintroduced its tokenized stock trading feature, a product it had pulled back from in 2021 under regulatory pressure.
Robinhood now offers tokenized derivatives of US stocks to European clients, giving them economic exposure to private companies like OpenAI and SpaceX through synthetic instruments delivered on-chain rather than direct ownership stakes. Revolut, for its part, has been pursuing a MiCA license in the EU to offer compliant digital asset services across the European market.
The composition is shifting
Fixed-income assets, particularly tokenized Treasuries, have driven growth so far. But equities are gaining traction as the next frontier, and credit products are expanding too, adding another layer of diversification to the on-chain ecosystem. The projected move from roughly $25 billion to over $51 billion by mid-2026 marks more than 100% growth in about 18 months.
Why the convergence matters now
MiCA in Europe gives tokenized asset offerings a clear compliance pathway. J.P. Morgan's choice to use Solana and Base, a Coinbase-incubated Layer 2 on Ethereum, for commercial paper transactions signals that public blockchains have reached a performance and reliability threshold acceptable to traditional finance.
Source: Crypto Briefing
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