J.P. Morgan, Binance, Coinbase, Robinhood, and Revolut are reshaping the tokenized RWA market

J.P. Morgan, Binance, Coinbase, Robinhood, and Revolut have all moved into the RWA market with varying degrees of ambition, collectively transforming what was once a long-tail curiosity into something that looks increasingly like mainstream financial infrastructure. The non-stablecoin tokenized RWA market currently sits around $25 billion in value and is projected to surpass $51 billion by mid-2026. What each player is actually doing J.P. Morgan’s Kinexys platform, formerly known as Onyx, has been building out tokenized money-market fund products including one called MONY. In December 2025, J.P. Morgan facilitated a commercial paper issuance by Galaxy Digital on the Solana blockchain, settled in USDC, with Coinbase and Franklin Templeton acting as buyers. Coinbase has taken a product-first approach, rolling out tokenized equities, equity perpetual futures, and pre-IPO offerings for non-US customers. The exchange has also integrated Yahoo Finance tickers to make the trading experience feel native to anyone used to traditional stock platforms. Binance has expanded its tokenized asset portfolio through partnerships with protocols like Ondo Finance and has reintroduced its tokenized st...