Watch the interview with Hersi Shima:

𝗡𝗲𝘄 𝗠𝗶𝗹𝗲𝘀𝘁𝗼𝗻𝗲 𝗳𝗼𝗿 𝗟𝗶𝗾𝘃𝗶𝗱: $𝟱+ 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 𝗔𝗨𝗠/𝗧𝗩𝗟

Liqvid is building the rails for institutional-grade yield.

And our first tokenized deal has just been completed:

Originated by Mezen, the deal size surpassed $5 million - the capital is already deployed.

𝗗𝗲𝗮𝗹 𝗰𝗹𝗼𝘀𝗲𝗱: Private credit investment in DeFi liquidity provisioning.

🔹 Multiple institutional investors joined — including multi-strategy funds and treasury managers.

🔹 Closed just 2 months after Liqvid launched ops & began building its deal pipeline.

Liqvid unlocks institutional access to private credit through programmable, compliant infrastructure. We provide quantifiable value for both originators and institutional allocators.

More deals are coming.

More capital will be deployed

Stay tuned!

𝗟𝗶𝗾𝘃𝗶𝗱 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝗶𝘀 𝗻𝗼𝘄 𝗹𝗶𝘃𝗲!

We’re excited to launch our dashboard for tokenized, institutional-grade private market deals — built to streamline the way capital allocators discover, evaluate, and transact across alternative assets.

With Liqvid, you can now:

1 𝗘𝘅𝗽𝗹𝗼𝗿𝗲 live private credit, real estate, and mid-market deals

2 𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗲 structured terms and performance metrics

3 𝗗𝗲𝗰𝗶𝗱𝗲 with full transparency and instant settlement rails

Designed for efficiency, transparency, and liquidity — Liqvid makes institutional investing in private credit, real estate, and other mid-market opportunities faster and smarter.

𝘈𝘵 𝘵𝘩𝘦 𝘮𝘰𝘮𝘦𝘯𝘵, 𝘵𝘩𝘦 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮 𝘪𝘴 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘧𝘰𝘳 𝘪𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘪𝘰𝘯𝘢𝘭 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘰𝘯𝘭𝘺:

https://app.liqvid.xyz/

This report explores the major regulatory shifts and institutional developments shaping the tokenized real-world assets (RWA) market in the new U.S. political era following Donald Trump’s inauguration in 2025.

It provides a clear breakdown of evolving crypto regulations, highlights booming institutional adoption of tokenized private credit, real estate, and debt instruments, and showcases Liqvid’s own milestones in this rapidly growing sector.

Since the inauguration of Donald Trump on January 20, 2025, a cautious yet assertive recognition of cryptocurrencies has taken shape at the highest levels of the U.S. government. This has ushered in a fundamentally new regulatory paradigm, marked by active steps toward integrating digital assets into the legal and financial core of the American economy.

At this stage, the direction of U.S. crypto regulation can be divided into three major tracks:

This taxonomy reflects the country’s current regulatory priorities, driven by two key legislative and executive developments:

In contrast, altcoins remain largely outside the scope of serious regulatory attention. This regulatory asymmetry has manifested in market behavior: Bitcoin and stablecoins are significantly outpacing altcoins in capitalization growth.

Yet an important sector - Real World Assets (RWAs) is at the intersection of stablecoins and altcoins also show significant growth in the H1 2025.

RWAs, like stablecoins, are tokenized claims on real-world assets, but unlike altcoins, they are not purely speculative instruments. Instead, they serve as bridges between traditional capital markets and blockchain infrastructure. Given the growing relevance of this category, RWAs are likely to become a key focus of the next regulatory wave.

Indeed, the GENIUS Act, while targeting stablecoins, could easily be adapted to RWA frameworks especially for U.S. Treasuries, real estate, and tokenized debt. If the objective is to bolster macroeconomic indicators such as U.S. capital inflows, stock market capitalization, and foreign demand for Treasuries, then enabling RWA tokenization aligns perfectly with national interests.

The Trump administration has already laid foundational steps in this direction. In January, it issued the “Strengthening American Leadership in Digital Financial Technology” executive order, which established a Digital Asset Markets Working Group and banned CBDC development, effectively encouraging private innovation in tokenized finance.

The regulatory pivot accelerated with the appointment of Paul Atkins as SEC Chair, a well-known deregulatory figure who swiftly rolled back 14 proposed rules relating to AI, cybersecurity, and digital assets. His approach has significantly reduced friction for crypto-native firms, paving the way for more institutional engagement in RWAs.

For Liqvid, the evolving regulatory landscape opens up new opportunities, as more projects are exploring the tokenization of assets, credit, and financial instruments. At the same time, growing investor confidence is driving increased liquidity into crypto, signaling a shift in attitudes toward on-chain investments.

The first half of 2025 has firmly established real-world assets as one of the most rapidly institutionalizing verticals in crypto. No longer confined to proof-of-concept pilots or internal sandbox tests, traditional finance players are now bringing live tokenized products to market at scale. The tokenized RWA market grew from approximately $15.2 billion at the close of 2024 to over $24 billion by mid-2025, marking an 85% year-over-year increase and a 260% surge in issuance volume just in H1 alone. These are not speculative tokens, they represent U.S. Treasuries, private credit, gold, real estate, and money-market funds made natively composable on-chain.

At the heart of this momentum is the convergence of three drivers: a yield-hungry macro environment, advancing regulatory clarity in the U.S., and a maturing infrastructure stack supported by both crypto-native builders and Wall Street incumbents.

Institutions that once treated tokenization as an R&D experiment have now entered production mode. BlackRock, which made headlines with its “BUIDL” tokenized fund in 2024, has since expanded its scope and filed for live issuance in H1 2025.

In parallel, J.P. Morgan launched JPMD, an on-chain deposit token built on Base. The initiative enables fully compliant, programmable transfers of insured deposits, effectively marrying traditional banking safeguards with the speed and flexibility of blockchain rails. This also marks a strategic signal from J.P. Morgan: that Ethereum-compatible networks are seen as viable infrastructure for institutional-grade finance.

On the asset management front, firms like Franklin Templeton is now issuing tokenized fixed-income products and exploring private credit opportunities distributed through DeFi protocols.

Fidelity and VanEck announced they are preparing to launch tokenized fund products in the second half of 2025, pushing traditional asset managers from the sidelines to the main stage.

The wave of institutional activity is being matched by growing investment in tokenization infrastructure. In June 2025, Digital Asset raised $135 million in a Series D round led by Goldman Sachs, Citadel Securities, BNP Paribas, and Tradeweb, with support from Microsoft and Deloitte. Their open-source Canton Network, built to enable the privacy and interoperability required by regulated financial institutions, is now used by over 30 major institutions to tokenize eurobonds, commodities, money-market funds, and even tokenized gold. Canton’s development exemplifies the demand for compliant, cross-chain financial systems that allow traditional assets to flow with on-chain efficiency.

Another key player, Securitize, has further entrenched its leadership position in the RWA space. As of June 2025, the firm manages over $2.8 billion in tokenized U.S. Treasuries, representing more than 70% of the tokenized treasuries market. Eight of the top ten RWA tokens by volume are issued through Securitize, and the platform has become the default tokenization layer for a growing number of asset managers and fintechs.

Private credit has emerged as the leading category, accounting for over 58% of total RWA value. Institutional investors are increasingly drawn to this segment by the promise of consistent on-chain yields between 8% and 12%.

Meanwhile, tokenized U.S. Treasuries have rapidly gained adoption, now making up around 34% of the total RWA market. Products from Ondo Finance, Franklin Templeton, and Backed Finance are being integrated into both DeFi and TradFi strategies, serving as low-risk, yield-bearing instruments.

Gold-backed tokens such as Paxos Gold (PAXG) and Tether Gold (XAUT) have also gained traction, each surpassing $800 million in capitalization and reinforcing demand for asset-backed digital assets.

Among the protocols leading this growth, BlackRock’s BUIDL fund has emerged as the dominant force, with total value locked (TVL) reaching $2.8 billion outpacing any other player in the space. It is followed by Ethena’s USDtb, a synthetic dollar product with a TVL of $1.4 billion, and Ondo’s tokenized treasury offering, which has climbed to $1.3 billion.

On the infrastructure side, oracle providers like Chainlink, RedStone, and Pyth Network have played a crucial role in enabling real-time pricing, NAV reporting, and composability for tokenized assets. At the same time, enterprise-grade blockchains are gaining momentum.

Ethereum continues to dominate as the settlement layer of choice, hosting 59% of all RWA value $7.7 billion followed by its layer-2 zkSync with $2.3 billion. However, alternative chains such as Solana, Aptos, Stella, Polygon, Algorand, and Arbitrum are beginning to capture significant share as well, each crossing $300 million in RWA related TVL due to their high throughput and low transaction costs.

Liqvid is thrilled to announce that the Stellar Community Fund (SCF) has backed our vision to bring institutional-grade Real World Asset (RWA) tokenization to the Stellar blockchain. This milestone marks a firm commitment to deploy on Stellar and make it one of the first networks where Liqvid delivers compliant, yield-generating private market assets on-chain.

Stellar is a trusted Layer 1 designed for speed, cost-efficiency, and global financial connectivity. With the launch of Soroban smart contracts, Stellar now provides the infrastructure needed to support programmable RWAs at scale. By leveraging Stellar, Liqvid will demonstrate how institutional-grade private credit and tokenized alternatives can thrive on an open, compliant, and interoperable blockchain.

The SCF grant empowers Liqvid to deliver:

This collaboration with Stellar marks only the beginning. By bringing RWAs on-chain with real institutional yield flows, Liqvid aims to establish Stellar as a go-to blockchain for private market tokenization, while scaling into an omnichain infrastructure that seamlessly connects Stellar with Ethereum and beyond.

All details are available on the Stellar SCF page: https://communityfund.stellar.org/dashboard/submissions/rec2aZKPZ8SmvFoGS

We’re excited to share that Liqvid’s Total Value Locked (TVL) has reached $7.64 million. Even during the traditionally quiet summer months, our growth has remained steady – a sign of strong fundamentals and consistent demand for institutional-grade tokenized deals.

As we move into fall, we are preparing for an acceleration phase. Historically, autumn is one of the most active periods for private market allocations: institutional investors return from the summer slowdown, fresh capital is deployed, and new opportunities open up.

At Liqvid, this means:

• New deals in the pipeline → with attractive yield structures designed for qualified investors.
• Expanding our institutional network → onboarding more LPs and allocators ready to access tokenized private credit.
• Scaling our platform → integrating more real-world assets and enhancing secondary liquidity.

This milestone is just the beginning. With strong seasonal tailwinds, upcoming transactions, and expanding investor appetite, we’re confident that the months ahead will mark a period of accelerated growth for Liqvid and the broader RWA ecosystem.

Stay tuned – exciting announcements are on the way.

Institutional Horizons: Capital, Yield & Liquidity by Liqvid at TOKEN2049 week in Singapore brought together some of the most forward-thinking voices shaping the future of institutional allocators.

Click to watch the video

From family offices, multi-strategy and hedge funds to blockchain foundations and RWA innovators - over 2500 applications and just around 350 carefully selected participants made this an exclusive, closed-door gathering designed for meaningful conversations rather than noise.

The discussions went deep - from institutional liquidity management and RWA tokenization frameworks, to new models for sourcing, structuring, and allocating capital across private credit and alternative assets.

Among our distinguished speakers:

Hersi Shima, CFA , Hassan Ahmed, Ignat Shapkin, Rajiv Sawhney, Timothy Enneking, Hayden Hughes, Alexander I., and moderators Laura K. Inamedinova and Nenter Chow - each bringing unique insights from leading funds, exchanges, and DeFi protocols.

The conversations in Singapore showed one thing clearly -

Institutional tokenization is no longer “the next step” - it’s already here.

And it’s being built by those who understand both sides of the market: capital and technology. Huge thanks to everyone who joined for the vibrant exchange of ideas and real collaboration energy.

Special thanks to our partners Asterizm, MomentumX Global, Forte, WebWise Capital for making it happen 🙌

We’re excited to share that Liqvid’s total value locked (TVL/AUM) has now reached $29 million and is steadily approaching the $30 million milestone — marking another significant step forward for our platform and community.

In just a few months since our previous update, Liqvid has continued to demonstrate strong traction and growing institutional adoption — fueled by consistent demand for tokenized private credit, yield strategies, and real-world assets (RWAs).

This progress reflects the increasing confidence among professional investors and asset managers in Liqvid’s compliant, institutional-grade tokenization infrastructure.

As we move forward, Liqvid is expanding its network of originators, investors, and allocators — introducing new tokenized opportunities and enhancing secondary liquidity for private market assets.

We’re only getting started.

The next chapter of on-chain private markets is taking shape — and we’re building it together.

We are excited to announce that Liqvid’s tokenized assets are now available and trackable on RWA.io — a new, rapidly growing analytics hub aiming to become a transparency standard in the Real-World Asset ecosystem.

RWA.io aggregates essential data on tokenized assets: TVL, yield, active deals, capital flows, secondary market movements, and contextual information for due diligence.

The emergence of such analytics hubs marks an important stage in the evolution of the RWA industry.

In 2024–2025, total tokenized asset volume grew to $30–35B, and analysts expect this trend to accelerate.

As more institutional players enter the space, the demand for transparency, on-chain metrics, and standardized data sources continues to rise.

RWA.io addresses this need by providing a unified public interface that simplifies audit, analysis, and monitoring.

For us, this integration is far more than a checkbox.

Transparency is a core part of our DNA: investors should have clear visibility into the assets they allocate to — including parameters, structure, and on-chain footprint.

We are building an infrastructure where every tokenized asset includes:

Partnering with a progressive analytics platform like RWA.io is a natural and important step toward institutional scale.

Institutional LPs, funds, and allocators can now access real-time information:

✔ Live performance and metrics of Liqvid assets — essential for evaluating scalability, stability, and demand.

✔ Tracking of tokenized private deals dynamics.

✔ On-chain data for initial due diligence, including transactions token issuance — all publicly verifiable.

✔ Improved internal compliance and reporting workflows, reducing the need for manual data collection.

At the v1 stage, Liqvid tokens function as on-chain mirrors of off-chain positions.

They currently provide:

This is not yet full tokenization in the strict sense where all actions occur on-chain and the token itself fully replaces traditional off-chain rights and processes.

Those capabilities are in development for future versions — and will come in stages, as the ecosystem matures.

We will continue developing the Liqvid product, deepening our integration with RWA.io and expanding the set of metrics available on the platform.

In the coming weeks, we will add more data and more Liqvid assets to RWA.io, making our ecosystem even more transparent and accessible.

As the year comes to an end, we’re excited to share an important milestone for Liqvid.

Since launching this summer, Liqvid has reached $47M+ in all-time deployed TVL/AUM in less than six months — up from $29M when we last shared an update. This figure represents the total amount of capital that has been syndicated through the Liqvid protocol and deployed into strategies and assets since launch.

While we didn’t quite cross the symbolic $50M mark before year-end, we’re very close and expect to reach it in January or February.

It’s important to clarify what this metric represents.

All-time deployed TVL/AUM reflects the cumulative amount of capital that has flowed through the Liqvid platform since launch — capital that has been syndicated and allocated into tokenized assets and yield-generating strategies.

This is different from current TVL/AUM, which reflects only the capital that is actively deployed today. As of now, Liqvid’s current active TVL/AUM stands at approximately $27–28M, with a portion of previously deployed capital having already been successfully returned to investors as strategies matured or positions were exited.

We believe this distinction is important for transparency and for accurately reflecting how the protocol is being used in practice.

This growth reflects strong traction across tokenized private credit and yield-generating strategies, as well as accelerating institutional adoption.

In just a few months, Liqvid has gone from launch to real, repeat usage — syndicating capital, executing deals, and proving demand for on-chain access to private-market yield.

Looking ahead, we’ll be rolling out new deals across:

Our focus remains on building scalable, responsible infrastructure for on-chain private markets — with an emphasis on transparency, risk-aware structuring, and institutional-grade execution.

In a very short period of time, Liqvid has:

Reaching nearly $50M in all-time deployed TVL/AUM within months of launch is an important early signal — and we see it as just the beginning.

We’re incredibly grateful to our investors, partners, allocators, and ecosystem collaborators who made this possible.

Wishing everyone a Merry Christmas and a great end to the year.

We’re just getting started — and the next chapter for on-chain private markets is only beginning. 🚀🎄