Foreign media comment that asset tokenization continues to expand, but this narrative has not simultaneously boosted the prices of related crypto tokens. Over the past three years, the on-chain value of real-world assets (RWA) has grown from approximately $1 billion to $30 billion, as traditional financial assets continue to migrate to the blockchain.
On-chain RWA has increased to $30 billion over three years.
The article notes that assets such as stocks, bonds, U.S. Treasuries, and real estate are gradually being integrated into on-chain systems. Following this trend, tokenization infrastructure is still under development, and market focus has shifted from concept to practical implementation.
Meanwhile, institutional activity continues to advance. Tokenization company Securitize is preparing to raise approximately $400 million through a SPAC merger and plans to list on the NYSE on July 2 under the ticker symbol SECZ.
Institutions continue to advance underlying infrastructure.
The Depository Trust & Clearing Corporation (DTCC) has also confirmed that it will conduct a one-day tokenized interoperability test on two blockchains on July 13, with full-scale deployment targeted for October 2026. This indicates that major financial institutions are not slowing their efforts due to weak token prices.
However, the article argues that business expansion does not necessarily lead to token price appreciation. The market ultimately values whether the token can absorb the revenue and cash flow generated by the project, rather than merely focusing on protocol growth.
Project growth does not necessarily translate to token value.
Using ONDO as an example, the text states that although its total value locked and revenue have reached new highs, critics argue that the token lacks a value transmission mechanism that directly benefits holders.
Supply-side pressure is also considered one of the contributing factors. Nearly 20% of ONDO’s total supply was unlocked in January 2026, with another significant unlock scheduled for next year.
The article argues that tokenized infrastructure, institutional participation, and project revenues can continue to grow, but if the tokens themselves do not share in this growth, the market will gradually decouple the project’s business performance from its token price performance. This also means that expansion in the tokenization sector does not automatically translate into market returns for related tokens.