RWA Issuers Prioritize Capital Formation over Liquidity, According to Brickken Survey

Why It Matters

The shift marks tokenization’s evolution from a buzzword to a core financing infrastructure, prompting market participants and regulators to adapt. It also underscores regulatory drag that could dictate the pace of broader adoption across asset classes.

Key Takeaways

• Issuers prioritize capital formation over liquidity
• 69.2% of respondents are live with tokenization
• 84.6% encounter regulatory friction slowing rollout
• Exchanges plan 24/7 token trading to increase volume
• Liquidity expected within six to twelve months by many

Pulse Analysis

Tokenization is increasingly being treated as a financing engine rather than a speculative novelty. Brickken’s fourth‑quarter data reveal that more than half of real‑world‑asset issuers view digital tokens as a shortcut to capital access, investor diversification, and operational efficiency. This focus on primary‑market fundraising aligns with the broader trend of institutional players seeking programmable, compliant structures that can be deployed quickly, especially in sectors like equity, IP, and renewable energy where traditional fundraising can be cumbersome.

Regulatory uncertainty remains the dominant obstacle, with over 80% of surveyed issuers reporting some form of friction. The need to embed compliance from day one forces issuers to partner with legal‑tech firms and adopt standardized frameworks, driving a nascent ecosystem of token‑ready legal structures. Simultaneously, legacy exchanges are pre‑emptively expanding their product suites—CME, NYSE and Nasdaq are all piloting 24/7 token‑trading venues—to capture the anticipated surge in issuance volume and to diversify revenue streams beyond conventional equities.

Looking ahead, liquidity is expected to follow issuance rather than lead it. Nearly half of respondents anticipate secondary‑market depth within six to twelve months, contingent on a critical mass of high‑quality assets entering the market. As tokenized securities gain price‑discovery mechanisms and institutional backing, the traditional divide between traditional finance and decentralized finance will blur, positioning tokenization as a foundational layer for future capital markets infrastructure.