TL;DR
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JPMorgan predicts that the tokenized RWA market could be worth $13 trillion as soon as 2030
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The current market is just below $24 billion, implying a 500x increase in just 4 years
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Infrastructure issues like chain fragmentation and thin secondary markets would have to be solved first
There’s no doubt that tokenized Real World Assets (RWAs) is the next frontier in decentralized finance. This was yet again highlighted by JPMorgan and CEO Jamie Dimon in their annual report and the CEOs shareholder letter this week. In it, they predicted that the entire RWA market could be worth a staggering $13 trillion as soon as 2030.
The figure, as huge as it is, does not include stablecoins or tokenized deposits, which would add another few trillion dollars to the DeFi space.
In his letter, Dimon also noted that blockchain-alternatives such as stablecoins are increasingly challenging traditional banking. That’s been clear from the discussions around the CLARITY Act, Reg Crypto and a few more in the last few months. TradFi actors have argued that decentralized instruments such as stablecoins have an unfair advantage with regards to for example capitalization.
Current Tokenized RWA Market at $24B
Right now, the tokenized RWA market is at a fraction of that scale. The total value of the market sits at just below $24 billion, with a b. However, in 2025, that market grew by more than 250%, so it’s a rapidly growing segment of the economy.
And it’s not like traditional finance companies are watching this opportunity go by. JPMorgan themselves are building Kinexys (formerly Onyx), a blockchain based payments and assets servicing infrastructure. So for the bank, the new market isn’t theoretical, they’re actively involved.
Currently, the Kinexys system allows institutional clients to move money across borders and currencies with near instant settlement using JPM Coin. JPM Coin uses a private, permissioned Blockchain. Within the Kinexys sphere, JPMorgan also launched products on public chains, including Solana and Ethereum, such as its first tokenized money market fund, MONY.
And they’re not the only bank making huge predictions for the tokenized RWAs market. McKinsey and Citi are among the most conservative in their 2030 predictions, predicting $2 trillion and $4-$5 trillion respectively. Meanwhile, Boston Consulting Group has predicted an even larger market than JPMorgan - $16 trillion by 2030.
Of course, the growth of the market hinges on multiple things in the coming years. Maybe most importantly the regulatory state in the US. Right now, multiple rules and acts are making their ways through the system of US government which would clear up some immediate regulatory questions.
Additionally, the market infrastructure needs to be improved. Right now for example, the secondary market for RWAs is very thin and there’s chain fragmentation. This means there are pricing gaps between chains of up to 3%. Bridging identical assets between chains also costs 2-5%. Both are figures that are untenable for a $13 trillion market.
Regardless, predictions like these and traditional finance institutions getting involved just shows that there’s huge potential in the technology.
If tokenized assets were to become a $13 trillion market by 2030, it would be an unprecedented growth in a piece of financial infrastructure. A more than 500x increase in just 4 years. A lot of huge issues, such as chain interoperability at scale, counterparty and custody risk and global regulatory fragmentation would have to be solved, in a very short time. It remains to be seen where the market is heading.
