J.P. Morgan, Binance, Coinbase, Robinhood, and Revolut are reshaping the tokenized RWA market

J.P. Morgan, Binance, Coinbase, Robinhood, and Revolut have all moved into the RWA market with varying degrees of ambition, collectively transforming what was once a long-tail curiosity into something that looks increasingly like mainstream financial infrastructure. The non-stablecoin tokenized RWA market currently sits around $25 billion in value and is projected to surpass $51 billion by mid-2026.

What each player is actually doing

J.P. Morgan’s Kinexys platform, formerly known as Onyx, has been building out tokenized money-market fund products including one called MONY. In December 2025, J.P. Morgan facilitated a commercial paper issuance by Galaxy Digital on the Solana blockchain, settled in USDC, with Coinbase and Franklin Templeton acting as buyers.

Coinbase has taken a product-first approach, rolling out tokenized equities, equity perpetual futures, and pre-IPO offerings for non-US customers. The exchange has also integrated Yahoo Finance tickers to make the trading experience feel native to anyone used to traditional stock platforms.

Binance has expanded its tokenized asset portfolio through partnerships with protocols like Ondo Finance and has reintroduced its tokenized stock trading feature. The exchange had previously pulled back from tokenized stocks in 2021 under regulatory pressure, so the return signals a different climate.

Robinhood now offers tokenized derivatives of US stocks to European clients, giving them economic exposure to private companies like OpenAI and SpaceX. These aren’t direct ownership stakes, but synthetic instruments that track the value of underlying equity delivered on-chain.

Revolut has been pursuing a MiCA license in the EU, positioning itself to offer compliant digital asset services across the European market.

The market is growing, and the composition is shifting

Fixed-income assets, particularly tokenized Treasuries, have been the primary growth engine so far. Equities are gaining traction as the next frontier, with moves by Coinbase, Binance, and Robinhood to offer tokenized stock products. Credit products are also expanding, adding another layer of diversification to the on-chain ecosystem.

The projected jump from roughly $25 billion to over $51 billion by mid-2026 represents more than 100% growth in roughly 18 months.

Why the convergence matters now

MiCA in Europe provides a clear compliance pathway for tokenized asset offerings. J.P. Morgan’s choice to use Solana and Base, a Coinbase-incubated Layer 2 on Ethereum, for commercial paper transactions signals that public blockchains have reached a performance and reliability threshold acceptable to traditional finance.

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