A recent survey by tokenization platform Brickken indicates that real-world asset (RWA) issuers are primarily using tokenization for capital formation rather than enhancing liquidity. The survey, conducted in Q4 2025, found that 53.8% of respondents prioritize capital formation and fundraising efficiency, while only 15.4% focus on liquidity. Despite this, 46.2% expect secondary market liquidity within six to 12 months. Brickken's CMO, Jordi Esturi, highlighted a shift towards using tokenization as a financial infrastructure layer to address issues like capital access and operational complexity. The report coincides with major U.S. exchanges, including CME Group, NYSE, and Nasdaq, planning to expand trading models for tokenized assets, offering 24/7 trading. Esturi noted that exchanges are evolving their business models to increase trading volume and revenue. The survey also revealed that 69.2% of participants have completed the tokenization process, with regulation being a significant concern for 84.6% of respondents. The report suggests tokenization is expanding beyond real estate, with equity/shares and IP assets seeing increased interest. Legal Node's Alvaro Garrido emphasized the importance of compliance from the outset, while DZ PRIVATBANK's Patrick Hennes pointed to issuance infrastructure as the bridge between traditional and decentralized finance.