As more organizations delve into blockchain-enabled finance, some leaders in the sector assert that tokenized real-world assets (RWAs) could exceed $30 trillion by the 2030s. However, not everyone shares this optimistic outlook.
In June 2024, a forecast by a prominent bank and a consulting firm indicated that RWAs might surpass $30 trillion by 2034. This perspective remained prevalent in the latter half of 2024, with several analysts echoing similar views.
At the Paris Blockchain Week 2025, a panel discussion led by a key editor featured executives from various areas of the tokenization sector, all focused on the future of RWAs. Participants included Charles Adkins from Hedera, Dotun Rominiyi of the London Stock Exchange, Shy Datika of INX, Steven Gaertner from Tiamonds, and Michael Sonnenshein, the COO of Securitize.
While most panelists supported the $30 trillion projection, Sonnenshein voiced his reservations.
### Conservative Estimates for RWAs
Sonnenshein, previously the CEO of Grayscale Investments, suggested that tokenized assets may not achieve the projected $30 trillion benchmark. He emphasized that there are already effective systems in place for trading conventional assets, stating:
> “At the moment, there are indeed some very effective systems that allow for the trading of these assets. Just because something can be tokenized doesn’t necessarily mean it should be. Therefore, I would bet against the $30 trillion figure.”
Despite his cautious stance, Sonnenshein remains optimistic about the potential of RWAs, expressing that his perspective “doesn’t imply tokenization is going away.”
He asserted that the industry is likely to witness a significant influx of investors who will start to view their wallets not only as tools for cryptocurrency speculation but also as repositories for genuine investments, akin to their traditional brokerage and investment accounts.
### Tokenization’s Challenge with Real Estate
Sonnenshein also raised concerns regarding the practicality of real estate as a primary application for RWAs.
In the UAE, government entities are working to connect tokenization with real estate initiatives. In January, a prominent local developer announced a $1 billion partnership with a blockchain firm to tokenize property assets in the region.
While some stakeholders are bullish on tokenized real estate, Sonnenshein expressed skepticism: “I’ll take the contrarian view here and say I don’t believe tokenization should focus primarily on real estate,” he remarked during the discussion.
He acknowledged the potential advantages of tokenizing real estate but contended that this approach does not effectively reflect ownership.
“I’m confident there are numerous efficiencies to be gained through blockchain technology—such as reducing the need for intermediaries and escrow services in real estate. However, what the current on-chain economy seems to require are more liquid assets,” he further added.