The great tokenisation paradox: if real assets are worth trillions, why won't anyone fund them?

Few sectors in finance have generated as much excitement as real-world asset (RWA) tokenisation. Depending on which research report one reads, tokenised assets could represent between $10 trillion and $30 trillion of value by the early 2030s. Consultants, banks and blockchain foundations routinely describe tokenisation as one of the largest opportunities in modern financial history. Yet a fundamental question remains largely unasked. If the opportunity is genuinely so large, why do many issuers of real assets struggle to attract capital, liquidity and meaningful support from the very ecosystem promoting tokenisation?

The answer may reveal a significant gap between the industry’s rhetoric and its current reality. The original vision of tokenisation was compelling. By placing ownership rights onto blockchain infrastructure, assets could become more accessible, transferable and programmable. Investors would gain fractional ownership, settlement could occur instantly and secondary markets …