Bernstein research reports the tokenized real-world asset market has grown 40% year-to-date to surpass $51 billion in total market capitalization, with tokenized equities posting the sharpest acceleration at 130% growth. The report notes the industry is actively contesting which business model, whether exchange-native, custodian-led, or protocol-based, will define the equity tokenization standard.
For Armada's crypto desk, this growth materially expands the range of on-chain assets that institutional counterparties may present as collateral. Tokenized T-Bills are already an accepted collateral type, but the surge in tokenized equities introduces instruments with different liquidity profiles and legal structures. Armada should refresh its collateral eligibility framework before counterparties begin offering these assets in repo negotiations.