Real-world asset tokenization is increasingly being used as a structured fundraising channel rather than a shortcut to instant liquidity, according to new fourth-quarter 2025 research from Brickken.
The data suggests issuers are prioritizing capital access and operational efficiency, while secondary-market trading remains a secondary milestone.
More than half of surveyed issuers – 53.8% – said their main objective is capital formation and fundraising optimization. Only 15.4% described liquidity as their core driver, and 38.4% indicated they do not currently require it at all. Even so, nearly half expect some form of secondary-market liquidity to emerge within six to twelve months as infrastructure matures.
Jordi Esturi, chief marketing officer at Brickken, noted that issuers are moving beyond theoretical blockchain use cases. Instead, they are concentrating on measurable outcomes such as streamlined issuance, expanded investor reach and faster capital deployment. Many projects, he explained, are still in a validation stage – testing regulatory alignment, refining compliance workflows and digitizing issuance processes before focusing heavily on trading volumes.
At the same time, major traditional exchanges are preparing for extended trading cycles. CME Group plans to roll out 24-hour crypto derivatives trading by late May, while both New York Stock Exchange and Nasdaq have signaled ambitions to enable round-the-clock trading for tokenized equities. Esturi suggested these moves reflect evolving exchange business models rather than direct pressure from issuers demanding immediate liquidity.
Tokenization activity appears far from experimental. Roughly 69.2% of respondents reported that their projects are already live, while 23.1% are in active development. Only 7.7% remain in early planning stages.
Esturi drew a distinction between “optional” and “mandatory” liquidity. Many private-market issuers operate with long-term capital horizons and do not depend on constant trading turnover. In that context, liquidity is expected to expand gradually as issuance volumes grow and institutional involvement deepens – not as a prerequisite for launching tokenized assets.
Ondo Finance illustrates this evolution. The firm initially focused on tokenized U.S. Treasuries and now oversees more than $2 billion in assets. It is broadening into tokenized equities and exchange-traded funds, arguing that stocks offer stronger price discovery and clearer valuation frameworks, which can support collateral usage and wider market access.
Despite operational progress, regulation remains the dominant hurdle. In the survey, 53.8% of issuers said compliance requirements significantly slowed their operations, while another 30.8% reported moderate friction. Combined, 84.6% experienced some degree of regulatory burden. By contrast, only 13% identified technology or development challenges as their primary obstacle.
The findings suggest the tokenization market is maturing, but on its own timeline. Capital formation is leading the way, while liquidity – often viewed as blockchain’s headline promise – appears set to follow once legal clarity and institutional participation solidify.
