Participants in the industry discussion at Paris Blockchain Week expressed skepticism about the ability of tokenization to automatically provide liquidity for real assets. Ondo Finance spokesperson Oya Chelichemur noted that the digital envelope does not change the economic essence of the instrument: papers, traditionally requiring long-term retention and a narrow pool of buyers, retain these characteristics in the blockchain registry. 

Francesco Ranieri Fabrocci from Tether added that a full secondary market arises only if there are enough participants with interests in common, and not just the technical ability to make a transaction. This criterion is predominantly applied to highly liquid standardised instruments - sovereign bonds, money-market funds and stablecoins. 

The RWA xyz statistics confirm this trend: from April 2025 to spring 2026, the volume of the tokenized real asset segment rose from $8.8 billion to $29.9 billion, with the US Treasury liabilities and commodity contracts ahead of the curve.