Tokenised Asset Market Exceeds $32B but Faces Infrastructure Challenges

According to industry executives and Bullish CEO Tom Farley, the tokenised securities market has accelerated sharply over the past year, with tokenised real-world assets exceeding US$32 billion and blockchain-based US Treasury products climbing above US$15 billion. However, many products currently function as synthetic representations of shares rather than true blockchain-native securities, and liquidity fragmentation across incompatible blockchain formats continues to impede large-scale adoption. RWA.io estimated that these interoperability inefficiencies cost the market between US$600 million and US$1.3 billion annually. Bullish’s recent acquisition of Equiniti for US$4.2 billion was designed to integrate transfer-agent infrastructure into tokenised markets and address these structural gaps.