Tokenized but Illiquid? Evidence from Real-World Asset Markets
Fuente:
arXiv
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| Autor principal: | |
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| Formato: | Preprint |
| Publicado: |
2026
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| _version_ | 1866913177014370304 |
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| author | Mafrur, Rischan |
| author_facet | Mafrur, Rischan |
| contents | Real-world asset tokenization is often presented as a mechanism for improving the liquidity of traditionally illiquid assets. However, on-chain representation and secondary-market liquidity are distinct outcomes. This paper examines whether tokenized real-world assets exhibit meaningful observed liquidity and identifies the token characteristics associated with higher market activity. Using token-level data from RWA.xyz and supplemental contract-level observations from Etherscan, the study constructs an Ethereum-based monthly panel of non-stablecoin real-world assets across three prominent categories: U.S. Treasury-backed tokens, gold-backed commodity tokens, and private-credit-related tokens. Liquidity is measured using turnover, active addresses, and an active-month indicator. The empirical design combines descriptive statistics, non-parametric group tests, and exploratory panel regressions suited to short and sparse token histories. The results show substantial heterogeneity across asset categories. Gold-backed tokens exhibit broader holder bases and more persistent on-chain activity than many Treasury and private-credit-related products, while outstanding asset value alone does not reliably predict observed liquidity. The paper contributes to the literature by developing a clearer empirical measurement framework for real-world-asset liquidity and showing that tokenization and liquidity should be analyzed as distinct outcomes. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2606_01131 |
| institution | arXiv |
| publishDate | 2026 |
| record_format | arxiv |
| spellingShingle | Tokenized but Illiquid? Evidence from Real-World Asset Markets Mafrur, Rischan Computational Engineering, Finance, and Science Computational Finance Real-world asset tokenization is often presented as a mechanism for improving the liquidity of traditionally illiquid assets. However, on-chain representation and secondary-market liquidity are distinct outcomes. This paper examines whether tokenized real-world assets exhibit meaningful observed liquidity and identifies the token characteristics associated with higher market activity. Using token-level data from RWA.xyz and supplemental contract-level observations from Etherscan, the study constructs an Ethereum-based monthly panel of non-stablecoin real-world assets across three prominent categories: U.S. Treasury-backed tokens, gold-backed commodity tokens, and private-credit-related tokens. Liquidity is measured using turnover, active addresses, and an active-month indicator. The empirical design combines descriptive statistics, non-parametric group tests, and exploratory panel regressions suited to short and sparse token histories. The results show substantial heterogeneity across asset categories. Gold-backed tokens exhibit broader holder bases and more persistent on-chain activity than many Treasury and private-credit-related products, while outstanding asset value alone does not reliably predict observed liquidity. The paper contributes to the literature by developing a clearer empirical measurement framework for real-world-asset liquidity and showing that tokenization and liquidity should be analyzed as distinct outcomes. |
| title | Tokenized but Illiquid? Evidence from Real-World Asset Markets |
| topic | Computational Engineering, Finance, and Science Computational Finance |
| url | https://arxiv.org/abs/2606.01131 |