Drofa Comms, a London-headquartered PR and communications agency specialising in finance, fintech and blockchain, has published a new report co-produced with RWA WEEK examining whether the rapid growth in tokenised real-world assets (RWAs) is translating into functioning markets. The report, titled "Tokenise First, Figure It Out Later: The RWA Dilemma", notes that distributed tokenised RWAs approached $40 billion by 13 October 2026, up from approximately $21.5 billion at the start of the year, yet argues that issuance figures alone fail to capture market usability. Drawing on discussions at RWA Summit Singapore held on 9 October 2026, the report proposes four indicators that investors and institutions may find more meaningful than total on-chain value.

Key Points

  • Drofa Comms (FinanceWire reference: FNEWS), a London-based PR agency founded in 2011, co-authored the report with RWA WEEK
  • Tokenised RWA market value approached $40 billion by 13 October 2026, nearly doubling from approximately $21.5 billion at the start of 2026
  • The report identifies secondary-market activity, institutional capital efficiency, legal certainty, and commercial sustainability as the four maturity indicators to watch through 2027
  • Investors should watch whether tokenised asset platforms can demonstrate repeat commercial activity, enforceable cross-border rights, and collateral usability alongside raw issuance growth

Drofa Comms Argues RWA Issuance Figures Mask Liquidity and Legal Gaps

The report's central argument is that near-doubling of on-chain RWA value between January and October 2026 tells investors little about whether those assets can be traded, pledged as collateral, or redeemed across borders. Drofa Comms, which participated as a media partner of RWA WEEK at the Singapore summit, contends that without secondary-market depth and enforceable legal rights, headline valuations risk overstating the practical maturity of the sector. The agency has worked with more than 1,000 companies worldwide and brings communications expertise across fintech and blockchain to its analysis.

Four Maturity Indicators Proposed for Measuring RWA Market Progress Towards 2027

Looking ahead to 2027, the report identifies four specific metrics it considers superior measures of RWA market development. These are: secondary-market activity, assessed through trading depth and realistic post-issuance exit opportunities; institutional capital efficiency, measured by reductions in pre-funding requirements and collateral usability; legal certainty, covering enforceable ownership and cross-border redemption rights; and commercial sustainability, defined by repeat customer activity and revenues sufficient to support viable service providers. The report also examines how stablecoin settlement could reduce pre-funded balances in institutional and everyday payments.

RWA Summit Singapore Contributions from TRM Labs, Galaxy, Sygnum Bank and Other Institutions

The report draws on perspectives from speakers and experts affiliated with TRM Labs, Galaxy, Sygnum Bank, Nethermind, Spartan Group, Theoriq, Reap, KAST, Algebra/Theorem, and other organisations who participated at the 9 October summit. Ivan V. Ivanov, Founder of UVECON.VC, UVC GROUP and RWA WEEK, highlighted that tokenisation activity is already under way in trade finance, shipping, and precious metals mining, with those industries adopting stablecoins for cross-border transactions, citing instant settlement advantages over traditional T+2 settlement cycles.

Regulatory Divergence Across Jurisdictions Identified as Key Risk for Tokenised Asset Adoption

The report scrutinises how regulatory requirements differ between jurisdictions, identifying legal fragmentation as a material barrier to cross-border tokenised asset use. Without harmonised frameworks governing ownership rights and redemption, institutional adoption may remain constrained regardless of issuance volumes. Drofa Comms, which operates proprietary initiatives including Women Leading the Way and Communicate Fintech, states that the industry's development depends partly on how openly companies address these limitations, noting that investors and financial institutions require sufficient information to assess both opportunities and constraints of tokenisation.