On May 10, RWA.xyz, a platform that tracks and aggregates tokenized real-world asset data, reported that the total value of the RWA market surpassed $30 billion for the first time. This milestone has drawn significant attention from investors and financial institutions that have increasingly become key participants in the sector. Today, we take a closer look at what is driving this $30 billion figure, based on analysis from Chainalysis, and what it may signal for the future of tokenized assets.

Chainalysis analyzed more than 400,000 wallet addresses holding tokenized assets and found insights that go far beyond the headline number. After remaining relatively flat from 2022 through late 2024, the data now points to an explosive growth curve accelerating into 2026. Tokenized money market funds backed by U.S. Treasuries surpassed $8 billion in assets under management by December 2025, while tokenized commodities such as gold exceeded $3.5 billion in value. More importantly, wallet activity patterns indicate a rapid increase in institutional wallets purpose-built to hold RWAs. Most of these wallets received their first RWA allocations within days of creation, suggesting dedicated institutional structures rather than retail experimentation. Notably, Chainalysis also found that a growing share of new on-chain participants are entering the blockchain space specifically because of RWA, not through DeFi or NFTs as in previous cycles, which represents a meaningful shift in how people are discovering on-chain ownership for the first time.

Thailand’s Quiet but Growing Role in Asset Tokenization

While much of the global conversation around RWA tokenization has centered on U.S. Treasuries and institutional-grade products from major financial hubs, Thailand has been developing its own tokenization ecosystem, largely under the radar. SIX Network has been at the center of this development, with three active tokenization projects bringing real-world assets onto the SIX Protocol blockchain. These include SiriHub2, a commercial real estate-backed digital investment token referencing property assets in Bangkok, valued at 2,490 million baht, and KAVALON Token, a real estate tokenization project developed in collaboration with XSpring and AssetWise, valued at 400 million baht. These are not pilot programs or proofs of concept,  they are live tokenized assets with real underlying value, demonstrating that Thailand’s RWA infrastructure is further along than most people realize.

What Does This Mean for SIX Network?

The data from Chainalysis reinforces a broader shift: the growth of the RWA market is increasingly driven not by speculation, but by institutional capital seeking clearer utility, transparency, and yield opportunities. More importantly, this trajectory does not appear to be slowing. According to projections from Ripple and BCG, the tokenized asset market is expected to expand from $0.6 trillion in 2025 to $18.9 trillion by 2033, representing an estimated CAGR of approximately 53%. This suggests that RWA adoption is likely to remain a long-term structural trend over the next decade. (Ripple x BCG Report, 2025)

For SIX Network, which has been building RWA tokenization infrastructure in Thailand, these signals reinforce the relevance of the asset classes and use cases the ecosystem is designed to support. The projects already live on SIX Protocol, from real estate-backed tokens to digital collectibles, reflect exactly the kind of diversified, real-world-connected tokenization that institutional and retail participants are increasingly seeking. As institutional demand for tokenized assets continues to emerge globally, the infrastructure required for issuance, management, and on-chain accessibility becomes increasingly important. The $88M+ TVL on SIX Protocol represents an early foothold within a market that continues to expand.

Sources: Chainalysis, “Tokenized Real-World Assets and On-Chain Commodities” (May 2026)
· RWA.xyz (May 10, 2026)
· Ripple x BCG Report (2025)

The on-chain card pulling trend is making a strong comeback. Trading cards from popular films and anime series like One Piece and Pokémon are drawing intense interest, so much so that a Pikachu Illustrator card was recently sold through Goldin Auctions for $16.5 million in February 2026, up from $5.275 million in 2021. The broader trading card market is on track to reach a value of $16.9 billion by 2035.

But what deserves more attention than rising card prices is the fact that these card pulls are now happening on-chain, and the trading of collectibles is migrating onto the blockchain.

Beezie Brings Tokenized Cards to Solana

Beezie, a platform for digital collectibles, is one of the clearest examples that blockchain-based collectibles are not just a concept, they are a functioning business. The platform takes physical collectibles and converts them into digital assets, whether graded cards certified by PSA, BGS, or CGC, sneakers, or sealed products. Every item is stored in institutional-grade secure vaults, with owners able to redeem physical items anywhere in the world.

Beezie’s flagship feature is the Claw Machine, a 24/7 on-chain collectible pulling system where players pay between $30 and $500 per pull for curated inventory with transparent, on-chain verifiable odds. Alongside it is the SWAP system, which allows users to sell back any pull for up to 90% of market value within a 15-minute window.

The results speak for themselves: over $142 million in annual recurring revenue, more than 540,000 pulls processed, and over $100 million in trading volume on the Base network. Most recently, Beezie announced its expansion to Solana, where tokenized trading card volume has exceeded $150 million over the past year.

What Beezie demonstrates is that when collectibles are properly tokenized, ownership becomes real, liquidity becomes instant, and even those who have never touched crypto can participate. Tokenization addresses these challenges directly, ownership is recorded on a publicly verifiable blockchain, authenticity is confirmed through trusted institutions, and liquidity is available immediately without needing to find a buyer.

Is Tokenization the Answer for Collectibles?

The resurgence of collectibles and on-chain card pulling is a signal that people are ready to assign serious value to what they collect, and that connects directly to the broader movement of converting real-world assets into digital ones. Tokenization is the logical next step because it solves the problems this market has always had, around trust, liquidity, and global accessibility,  just as Beezie has demonstrated by moving to Solana with liquidity as its core priority.

There are 3 key factors that make on-chain card pulling a meaningful driver of value for the tokenization market. First, collectibles already come with a deeply passionate and engaged community, meaning demand is organic rather than manufactured. Second, the successful bridging of physical items to digital ownership proves that tokenization works for things people genuinely love, not just financial instruments. Third, and most importantly, it brings people who have never touched crypto into the world of on-chain ownership in a way that feels fun and natural, expanding the addressable market for tokenized assets well beyond traditional investors.

And collectible cards are just one piece of a much larger picture. Across the world, other asset classes are entering the same path. Music IP and song royalties are beginning to be tokenized, allowing investors to directly hold rights to future music revenue. Luxury goods are another frontier; Beezie itself has announced plans to expand into this category as its next asset class. These signals collectively suggest that tokenization is not stopping at cards or gold. It is expanding toward everything that holds value and can have its ownership verified.

SIX Network has recognized this signal from the beginning, which is why we have built infrastructure designed to support a wide range of asset types, not just a single asset class.

The Numbers That Show This Is More Than a Trend

Pokémon cards have outperformed the S&P 500 by 3,000% over the past 20 years. Sealed vintage collectibles have grown at a compound annual rate of 22% over 25 years. Gen Z drives 56% of all spending in this market.

The collectibles market as a whole is valued at over $496 billion and continues to grow. Yet the most persistent problem in this space remains a lack of transparency in trading, risks from counterfeiting, and verification processes that still depend on personal trust rather than systems. Imagine if there were a process as transparent, verifiable, and trustworthy as the NFT market at its peak, on-chain card trading would become significantly safer and more accessible. That is the gap Tokenization is stepping in to fill.

SIX Network Has the Infrastructure for Tokenization

On our end, SIX already has the infrastructure in place to support RWA Tokenization, including assets in this category. Our tokenization framework, SIX Garage, brings together Tokenization, Compliance Controller, and Token Manager under one roof, alongside Pas.ss as a central platform for managing benefits and digital ownership.

All of this runs on the blockchain infrastructure of SIX Protocol, enabling the conversion of real-world assets into digital tokens from digital collectibles to NFTs without users ever needing to know they are interacting with a blockchain. While Pas.ss carries a different meaning from traditional collectible cards, the underlying architecture and the philosophy of digital ownership remain fundamentally the same.

Source: Beezie