Australian cryptocurrency exchange BTC Markets has formally notified the Australian Securities and Investments Commission (ASIC) of its intent to pursue a markets license. This strategic move aims to position the exchange to offer regulated tokenized real-world assets (RWAs) to the public, signaling a significant step toward blending traditional finance with blockchain-based digital securities.
According to BTC Markets CEO Lucas Dobbins, the core objective is to establish the necessary licensing infrastructure. “Our plan is to obtain licensing infrastructure that enables particular types of tokenized assets to be offered and available to the public,” Dobbins stated on Monday. He envisions a future financial landscape where tokenized equities, bonds, and other real-world assets trade seamlessly alongside cryptocurrencies, operating on continuous markets with instant settlement.
In a conversation with Cointelegraph, Dobbins contextualized the current market, noting that the approximately $26 billion in on-chain tokenized assets represents a foundational proof of concept. He pointed to conservative industry forecasts suggesting the tokenized market could reach $2 trillion by 2030, with more aggressive estimates, such as one from the Boston Consulting Group, projecting a potential high of $16 trillion. The critical shift, he emphasized, is the transition from theory to practice. “What’s changed is that this is no longer theoretical. Institutions like BlackRock, Goldman Sachs, and JPMorgan are already launching real products,” Dobbins added.
Institutional Momentum Builds Across Traditional and Crypto Sectors
BTC Markets’ initiative aligns with a wave of activity from major industry players. American exchange Kraken launched its tokenized stock platform, xStocks, in June 2025 and followed with the xChange onchain trading engine for Ethereum and Solana in March 2025. Robinhood announced a similar tokenized stock platform for European markets last year. The traditional finance sector is also moving swiftly; Intercontinental Exchange (owner of the New York Stock Exchange) is developing a platform for tokenized securities, and Nasdaq has proposed integrating tokenized stocks and ETPs into its existing infrastructure. Meanwhile, Coinbase unveiled plans for Coinbase Tokenize, an institutional platform for issuing and managing tokenized RWAs, in December.
Australia’s Strategic Position in the Tokenized Economy
Dobbins highlighted Australia’s unique advantages in this emerging space. Research from the Digital Finance Cooperative Research Centre indicates that mature tokenized markets could generate approximately $24 billion AUD ($16.8 billion) annually for the Australian economy—roughly 1% of GDP. However, Dobbins cautioned that on the current trajectory, the country might capture only about $1 billion of that potential by 2030. “Unlocking it will require licensed market infrastructure that allows tokenized assets to trade within a trusted regulatory framework,” he said.
He cited Australia’s strong regulatory environment, deep capital markets, and its world-leading pension system as key structural drivers for adoption. “As regulatory clarity improves and infrastructure develops, Australia has the potential to play a meaningful role in the next phase of tokenized financial markets,” Dobbins remarked. He anticipates the first impactful use cases will emerge in private markets, infrastructure investment, and fund distribution, where tokenization can significantly enhance efficiency and broaden investor access.
Current Market Scale: Tokenized RWA Value Peaks
Despite broader crypto market conditions, the total value locked (TVL) in on-chain tokenized RWAs continues to climb. According to data from RWA.xyz, the current on-chain total value stands at $26.5 billion. Ethereum remains the dominant network for these assets, commanding a 57.4% share of the tokenized RWA market, excluding layer-2 and other EVM-compatible platforms. This sustained growth underscores the persistent institutional and developer interest in the tokenization of tangible financial instruments.
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