Nearly 9 out of 10 operators in the tokenized asset ecosystem believe that the core problem is no longer creating new products, but distributing products that already exist.
This is the most compelling conclusion of the report “Tokenization Outlook 2026” published by real world assets (RWA) infrastructure company Centrifuge on March 31st, based on a survey of 150 active operators in the sector conducted between February and March 2026.
The report says this finding is the broadest consensus of the entire study, and the broadest of any regulatory, technology or liquidity position.
According to the centrifuge, The supply side (the ability to issue tokenized assets) is already resolved. What’s missing is what the report calls the “connective tissue”: the integrations, distribution channels, and workflows that steer these products toward active use. In other words, operators point out the need to improve access to these assets. BlackRock’s own CEO said that tokenization would open up markets to ordinary investors that were “previously unreachable.”
As CriptoNoticias explains, RWA is a digital representation in a cryptoasset network of traditional financial or physical assets, such as government bonds, stocks, real estate, private credit, and commodities. Tokenization converts these assets into tokens that can be transferred, split, or used as collateral in digital markets without the need for the settlement times or intermediaries of traditional financial systems.
Breakdown: Where are your priorities?
When respondents specifically asked what would be the most effective way to scale their tokenized assets over the next 12-18 months, 52% chose “both, but distribute first” and 34% chose “expand distribution of existing products.”
A further 4% chose “Both, but release first.” This means that the group also recognizes distribution as a necessary, if secondary, component.
In other words, Ninety percent of those interviewed agreed that distribution would take place. This is a major or secondary obstacle in facilitating the adoption of asset tokenization. Only 8% are dedicated to launching more tokenized products.
This report reveals the relevant nuances of the 8% preference for new issues. Even among those who prefer to launch more products; Liquidity remains a key concern. This suggests that they see new problems not as an end in themselves, but rather as a way to improve market depth and the fit of the product with existing demand.
Two anonymous testimonies from carriers referenced in the report reinforce this argument. Financial analysts at investment banks believe that without a secondary market where assets can be bought and sold after issuance, there is no use case for collateral, and there is no access by institutions. It is not possible to expand adoption by issuing new copies alone..
Second, those responsible for the growth of decentralized finance (DeFi) protocols acknowledge that the current supply of assets remains limited; New issues as input for more effective distributionnot as a central purpose.
What stops the broadcast?
Once operators identify the main obstacles to scaling, 44% cited regulation and compliance32% point to a lack of liquidity. Together these account for 76% of the responses. Technology and security barely reached 8%, confirming that the bottleneck is not technological, but market and legal frameworks.
According to the report, the following integrations are expected to drive further adoption by carriers over the next 12-18 months: Institutional distribution platform (31%)followed by decentralized financing markets (DeFi, 17%), exchange markets (17%), and stablecoins and payment rails (15%). No single channel accounted for more than a third of the responses, which the report interprets as a sign that distribution will be multichannel, meaning there will be no one winner.
Current market and forecast
Market conditions support why diagnostics are important. According to data from the RWA.xyz platform, the total capitalization of registered tokenized assets has reached USD 27 billion, up from USD 7 billion in mid-March 2025. 286% growth in about 1 year. Tokenized US Treasuries lead the sector with over $9 billion.
Despite this growth, half of respondents expect total tokenized assets under management to be in the following range: 150,000 USD and 500,000 USD by the end of 2027.
While this range represents significant growth compared to the current situation, it is far from the most aggressive projections circulating in the field ($2 trillion according to McKinsey and $16 trillion by 2030 according to Boston Consulting Group). The fact that operators’ own expectations are moderate is consistent with their diagnosis. In other words, there is a clear ceiling to growth unless the distribution is resolved.
Tokenization Outlook 2026 describes how tokenized assets exist, the use cases have been identified, the technology works, but the ecosystem is not yet resolved. How to systematically deliver these products to investorsto platforms and markets where capital is already moving. According to the report, the gap between what can be issued and what actually circulates will be the real challenge for tokenization in 2026.
(Tag to translate) Blockchain
