The real estate tokenization market has expanded significantly, reaching a valuation of over $35 billion, up from $15 billion at the beginning of 2025. This growth is largely attributed to regulatory and technical advancements rather than a surge in demand, according to analysts like Milk Road. The market for tokenized stocks has also seen a dramatic increase, with valuations nearing $800 million, marking a 30-fold increase year-to-date. Most of the Real World Asset (RWA) activity is concentrated on Ethereum and its layer-2 solutions, with private credit and U.S. Treasury bonds being the primary drivers. While Argentina is exploring tokenization models, legal challenges remain a significant hurdle. Despite the evolving technical landscape, smaller players in the market continue to face limitations.