The market for tokenized real-world assets, including U.S. Treasuries and real estate, is expanding, with major financial institutions leading the growth. BlackRock's U.S. Treasury tokenized fund has grown sevenfold over the past year to $2.5 billion, paying $4.17 million in March dividends and now operating on seven blockchain networks. Six entities control 88% of the $5.4 billion tokenized treasury market, including benji ($707 million), ustb ($661 million), usdy ($586 million), usyc ($487 million), and ousg ($424 million). A recent Deloitte report projects the global tokenized real estate market will increase from less than $300 billion in 2024 to $4 trillion by 2035, with a 27% annual growth rate. The report notes significant expansion in tokenized private real estate funds, securitized loans, and development projects, enabled by blockchain technology for programmable and customizable ownership. Ripple and Boston Consulting Group forecast the broader tokenized real-world asset market will reach $18.9 trillion by 2033, supported by regulatory clarity, technological advancement, and strategic investments by banks. Tokenization is credited with reducing operational costs, increasing liquidity, and expanding investor access to illiquid assets. Institutional participation in tokenized funds remains high, with minimum investment thresholds such as $5 million for BlackRock's fund, leading to concentrated ownership among a small number of wallets. Centrifuge has financed $700 million in assets and tokenized more than 1,600 assets in collaboration with industry leaders. Franklin Templeton launched the first tokenized money market fund on the Stellar network in 2019.