Blockchain infrastructure company Global Settlement Network (GSN) has unveiled a pilot program to tokenize water treatment facilities in Jakarta, with plans to expand the initiative across Southeast Asia over the next 12 months, targeting $200 million in tokenized assets.
Real-world asset (RWA) tokenization involves creating digital representations of tangible or financial assets on the blockchain, enabling greater investor access and liquidity.
The Jakarta pilot focuses on eight government-contracted water treatment sites, aiming to raise up to $35 million to upgrade facilities and expand the local water network, according to a statement released Wednesday.
As part of the phased rollout, GSN and its partner, Globalasia Infrastructure Fund, will test rupiah-backed stablecoin settlement rails in controlled corridors before expanding to additional foreign exchange channels.
Following the initial pilot, the companies plan to scale the program across Southeast Asia, potentially reaching $200 million in tokenized assets.
Mas Witjaksono, chairman of Globalasia Infrastructure Fund, said the project “offers significant opportunities for growth, as Indonesia has numerous major infrastructure developments and natural assets that can be accessed for tokenization.”
The initiative comes amid a widening water infrastructure financing gap in Southeast Asia, where more than $4 trillion in long-term investment will be needed by 2040—far outpacing current spending levels.
Some crypto executives predict that the tokenized RWA market will see significant growth in 2026, driven by adoption in emerging markets struggling to secure capital and attract foreign investment.
Currently, over $21 billion in real-world assets are estimated to be on-chain, held by more than 629,528 investors, according to RWA.xyz.
Southeast Asia Emerges as a Crypto Hotspot
Southeast Asia is already a major hub for cryptocurrency adoption. According to the Chainalysis Crypto Adoption Index released in September, the APAC region—including Southeast Asia—recorded the fastest growth in on-chain crypto activity, with a 69% year-over-year increase in value received.
A follow-up report highlighted Indonesia as the region’s second-largest market for on-chain value in the 12 months leading up to June 2025, posting a remarkable 103% increase.
