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Before the age of the internet, tokens were used to ride the subway, play arcade games, or run laundry machines. These physical coins gave people access to centralized closed systems but held no value outside those systems.

Now the word “tokenization” can be used to describe the digital representations of real-world assets (RWAs) recorded on a blockchain ledger. These cryptocurrency tokens can be governed by smart contracts, which automate tasks like interest payments and recordkeeping. They open up new ways for participants to manage, leverage, and transfer value.

Why Real-World Asset Tokens Are Getting Noticed

Although RWA remains a niche sector, interest in tokenization is growing among financial leaders due to its broad potential. In his 2025 Annual Chairman's Letter to Investors, BlackRock CEO Larry Fink wrote, “Every stock, every bond, every fund—every asset—can be tokenized. If they are, it will revolutionize investing”.

Fink’s comments are part of a larger discussion around how blockchain infrastructure could change the way capital markets operate by facilitating more efficient and transparent transactions. RWA projects are under consideration from both public and private institutions alike. Potential benefits of trustless blockchain utilization include real-time audits and reduced insurance costs, two examples of the many efficiencies tokenization could unlock.

Overview of Newton-Listed RWA Project Ondo

Ondo Finance is a platform that lets users access digital versions of traditional financial products, such as crypto-backed Treasury bills, with on-chain minting and redemption. One of its offerings is the ONDO governance token, which is available on Newton. Ondo Finance also has a product, the Ondo Short-Term US Treasuries Fund (OUSG), which gives its users exposure to U.S. Treasury bills through a digital format allowing customers to interact with fixed-income debt vehicles in a blockchain environment.

To use OUSG, investors must complete identity verification, similar to what is required on most regulated exchanges or trading platforms. Ondo Finance works with well known firms, including BlackRock, which manages the ETF backing the underlying asset. This strategy merges decentralized finance (DeFi) and traditional financial (TradFi) through blockchain tooling with legacy financial oversight. These two systems are demonstrating synergies and a possible future that includes an integrated approach rather than one completely disrupting the other. 

How Tokenized Treasury Bills Work

In conventional markets, Treasury bills are processed through intermediaries such as banks, brokers, and custodians. These systems are account-based, operate during traditional business hours, and often involve delayed settlement times.

In contrast, tokenized Treasury bills operate on blockchain networks that run twenty-four hours a day, seven days a week.These tokens can be traded, posted as collateral, or integrated into automated lending systems. Since blockchains operate continuously, transactions may settle faster and with fewer steps, offering a convenience factor.

From Accounts to Wallets: Lowering Operational Burden

Blockchain adoption proposes a shift away from traditional account-based systems toward wallet-based infrastructure. In the traditional model, each centralized institution keeps its own records, increasing the complexity of reconciliation and compliance.

In a wallet-based system, individuals control assets directly, with transactions verified through blockchain cryptography. This can reduce administrative costs for issuers and custodians while improving transparency for users. Additionally advancements in privacy protocols allow blockchains to offer both privacy and compliance through zero knowledge proofs. These let users verify information such as identity or transaction validity without revealing sensitive data.

Revisiting Tokenization Early Stage Proof of Concept 

As early as 2018, projects began exploring how real-world assets like bonds or commodities could be represented on-chain. Security Token Offerings (STOs) were among the first attempts to bridge traditional finance and blockchain. While the technology worked, adoption was limited by the absence of DeFi infrastructure and clear regulations surrounding the applicable of securities laws to such offerings.

Today, platforms are live and integrated into active ecosystems. Still, adoption depends not only on technical functionality but also on building secondary markets with active participants who see long-term value in these systems.

Snapshot: Real-World Asset Tokens 

What are some examples of tokenized real-world assets currently available?

Below is a list of  RWA tokens arranged by market cap. These tokens represent different approaches to bringing traditional financial products, like Treasury bills or real estate, onto the blockchain. They are just a few of the many cryptocurrencies available today.

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