CoinDesk has reported on a new survey from tokenization platform Brickken that reveals most real-world asset (RWA) issuers are using tokenization primarily to improve capital formation and fundraising efficiency, not to unlock secondary market liquidity.
# What to know:
– The majority of RWA issuers (53.8%) prioritize capital formation and fundraising efficiency as their main reason for tokenizing. Only 15.4% say the need for liquidity is their main incentive.
– While major exchanges are pushing toward 24/7 trading for tokenized assets, many issuers remain in a validation phase focused on regulatory structures, issuance processes and compliant asset quality.
– Regulation remains the main drag on tokenization efforts, even as activity expands beyond real estate into equities, IP and entertainment.
# Details and context:
The survey of 160 RWA issuers was conducted by Brickken in Q4 of 2025. Among respondents, 38.4% said liquidity is not required for their tokenization efforts, while another 46.2% expect secondary market liquidity within six to 12 months. This suggests that many issuers view tokenization as a means to improve capital access and investor reach, rather than primarily for unlocking liquidity.
The exchanges’ plans to offer 24/7 trading for tokenized assets are seen more as an evolution of their business model, aiming to increase revenue by increasing trading volume through extended trading hours. However, many issuers are still in the validation phase of proving regulatory structures, testing investor appetite and digitizing issuance processes.
# Why it’s important:
The survey results demonstrate that the primary drivers for tokenization are not purely financial but also involve improving operational complexity and access to capital. This shift away from tokenization as a buzzword towards tokenization as a financial infrastructure layer is significant, as it signals a more mature understanding of its potential benefits and challenges.
Without compliant, structured, high-quality assets entering the market, secondary trading platforms have nothing meaningful to trade. The true value creation happens at the issuance layer, emphasizing the importance of addressing regulatory concerns and ensuring robust issuance infrastructure for the continued growth of tokenization.
Source: https://www.coindesk.com/business/2026/02/20/rwa-issuers-prioritize-capital-formation-over-liquidity-according-to-brickken-survey