RWA Is Entering Phase 2: From Tokenized Assets to Real Utility

By 2026, economic analysts will have increasingly aligned on one view: RWA tokenization is entering Phase 2, a period defined by meaningful adoption and practical usage of tokenized assets. Before exploring what comes next, it is worth looking back at what happened during Phase 1, what the market may need to prepare for in the transition toward Phase 2, and how SIX Network, as RWA infrastructure, is preparing for this next stage of adoption.

Phase 1 Was About Bringing Real-World Assets On-Chain

Between 2022 and 2024, much of the activity surrounding RWAs focused on proving that real-world assets could exist on blockchain within legal and regulatory frameworks. During this period, a growing number of assets were tokenized and traded, ranging from government bonds and private credit funds to real estate. The value of these real-world assets became increasingly reflected on the blockchain networks that supported their issuance and management.

SIX Protocol has experienced similar developments through projects such as SiriHub2, a real estate-backed token project with a total offering value of 2.49 billion baht. The value of these underlying assets is minted and represented as tokens on the SIX Protocol blockchain.

However, Phase 2, which is beginning to emerge this year, is expected to look fundamentally different. According to analysts, this stage is increasingly defined by adoption that allows tokenized assets to become genuinely usable rather than simply issued and held (NFT News Today, May 2026).

When One Asset Can Perform Multiple Functions at Once

One of the clearest examples comes from Standard Chartered, BlackRock, and OKX, which recently introduced a framework allowing investors to use BlackRock’s BUIDL, a tokenized U.S. Treasury product, as collateral for trading directly on OKX. In traditional systems, holding an asset for yield generation and using the same asset for trading activities typically occur separately. Tokenization changes this dynamic. A single asset can simultaneously generate yield, support trading activity as collateral, and move value across digital systems at the same time.

Why Phase 2 Matters for SIX Network

For SIX Network, Phase 2 represents broader opportunities in both use cases and partnerships with organizations seeking to tokenize real-world assets. As more assets move on-chain and become increasingly functional, infrastructure capable of supporting the full lifecycle of tokenized assets becomes more important. SIX Garage was designed with this transition in mind, supporting everything from compliance verification and cap table tracking to on-chain corporate action management.

At the same time, the regulatory environment in Thailand remains an important consideration. Existing legal frameworks may still limit the immediate adoption of use cases such as yield stacking or collateral mobility, which are beginning to emerge in markets such as the United States. In the near term, more practical developments are likely to come through clearer investment and trading conditions as Thailand’s SEC continues laying the regulatory groundwork for digital assets and tokenization.

Phase 2 is only beginning, and infrastructure needs to be ready before institutional capital arrives.

Sources: NFT News Today, “RWA Tokenization Enters Phase 2: From Issued Assets to Usable Portfolios” (May 7, 2026)