BlackRock, JPMorgan, and Ripple Target $65 Billion RWA Market That Could Hit $30 Trillion
BlackRock, JPMorgan Chase, and Ripple are among the major financial players accelerating their push into the tokenized real-world asset (RWA) market, a sector currently valued at roughly $65 billion. Industry projections from multiple consulting firms and blockchain data platforms suggest the market could expand to $30 trillion by the end of the decade as traditional assets such as bonds, real estate, and commodities move onto blockchain rails.
The RWA market refers to the process of issuing digital tokens that represent ownership or rights to physical or financial assets. Unlike cryptocurrencies, which are native to blockchains, RWAs bridge traditional finance with distributed ledger technology. Tokenized assets can include U.S. Treasury bonds, private credit, real estate, and even fine art.
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Why BlackRock, JPMorgan, and Ripple Are Competing
BlackRock, the world’s largest asset manager with over $10 trillion in assets under management, launched its first tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), in March 2024. The fund invests in U.S. Treasury bills and repurchase agreements, offering institutional investors a blockchain-based alternative to traditional money market funds. Within months, BUIDL surpassed $500 million in assets under management, signaling strong demand from institutional clients.
JPMorgan has been developing its own blockchain platform, Onyx, since 2020. The bank has processed over $1 trillion in repo transactions using its tokenized collateral network. In early 2025, JPMorgan expanded Onyx to support tokenized U.S. Treasuries and corporate bonds, allowing clients to settle trades instantly rather than waiting for traditional T+1 or T+2 settlement cycles. The bank’s head of digital assets, Tyrone Lobban, stated in a January 2025 interview that tokenization could reduce settlement risk and unlock liquidity in traditionally illiquid markets.
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Ripple, best known for its XRP cryptocurrency and cross-border payment network, entered the RWA space in late 2024 through its RippleX platform. The company announced partnerships with several asset management firms to tokenize real estate and trade finance assets on the XRP Ledger. Ripple’s chief technology officer, David Schwartz, said in a company blog post that the firm sees RWAs as a natural extension of its blockchain infrastructure, particularly for assets that require fast, low-cost settlement across borders.
The $30 Trillion Projection
Forecasts of a $30 trillion RWA market originate from reports by Boston Consulting Group and 21Shares, which project that tokenized assets could represent 10% of global GDP by 2030. The projection assumes widespread adoption by institutional investors, regulatory clarity in major jurisdictions, and continued technological improvements in blockchain scalability and interoperability.
Current adoption remains concentrated in tokenized U.S. Treasuries and private credit. According to data from RWA.xyz, the total value locked in tokenized Treasury products exceeded $2.5 billion in early 2025, up from less than $100 million in early 2023. Private credit tokenization, led by platforms such as Figure Technologies and Centrifuge, has grown to roughly $1 billion.
Regulatory Hurdles and Market Risks
Despite the enthusiasm, the RWA market faces significant regulatory uncertainty. The U.S. Securities and Exchange Commission has not issued clear guidelines on whether tokenized assets qualify as securities, creating legal risk for issuers. In the European Union, the Markets in Crypto-Assets Regulation (MiCA) provides a framework for stablecoins and utility tokens but does not explicitly address RWAs. Industry groups have called for harmonized international standards to prevent regulatory arbitrage.
Additionally, the market remains highly concentrated among a small number of issuers. BlackRock’s BUIDL fund and Franklin Templeton’s OnChain U.S. Government Money Fund account for over 70% of tokenized Treasury assets. Critics argue that true decentralization is absent, as most tokenized assets rely on permissioned blockchains or require issuers to maintain custody of the underlying assets.
The RWA market is still in its early stages, and projections of $30 trillion depend on assumptions that may not materialize. But the entry of BlackRock, JPMorgan, and Ripple signals that the largest players in both traditional finance and blockchain are betting on tokenization as the next major evolution in capital markets.
