Source: Cointelegraph Original: "{title}"

According to Aaron Kaplan, founder and co-CEO of Prometheum, the market for tokenized real-world assets (RWAs) is growing rapidly, but contrary to popular belief, the biggest barrier to widespread adoption is not regulation, but the lack of a dedicated secondary market for buying and selling tokenized securities.

In an interview with Cointelegraph, Kaplan referenced comments made by ARK Invest CEO Cathie Wood at the recent New York Digital Assets Summit. She stated that regulatory ambiguity is hindering her company's progress in tokenizing funds.

However, Kaplan pointed out, "Contrary to popular belief, the barrier is not vague regulation." He emphasized that the SEC's special purpose broker-dealer framework and alternative trading system (ATS) licensing "have already provided a regulated pathway for issuing blockchain-native funds, which is more efficient than traditional issuance."

"The real bottleneck is the limited market infrastructure for providing tokenized securities trading to a broad investor base," Kaplan added.

According to industry data, excluding stablecoins, the market capitalization of tokenized RWAs has grown nearly 8% in the past 30 days, reaching $19.5 billion. Private credit and U.S. Treasury bonds remain the two largest application scenarios.

The value of tokenized RWA assets has rapidly increased over the past year. Source: RWA.xyz

"These assets are currently distributed across a few blockchains, but there is still no fully public secondary market where institutional and retail investors can buy and sell these assets like they do on Nasdaq or through brokerage accounts like Fidelity," Kaplan said. He also pointed out two general approaches to building these platforms.

The first approach is to use decentralized finance (DeFi) frameworks to build a tokenized securities market, as Ondo Finance, Ethena Labs, and Securitize are doing.

The second approach is to integrate tokenization protocols into existing brokerage platforms that are registered with the SEC and regulated under federal securities laws.

"Traditional crypto and fintech platforms are already accustomed to facilitating cryptocurrency trading, so it is expected that they will seek to expand their product offerings to include tokenized securities," Kaplan stated.

However, he also noted that many existing traditional platforms, while not fully digitalized, "will not easily give up market share." "Many platforms are already investing in their own tokenization plans or partnering with fintech and crypto companies to remain competitive."

"The key is how the next wave of users will enter the digital asset space… The question is whether the brokerage industry will enter the digital asset space at that time, or whether crypto platforms will build the next generation of digital securities markets for investors."

As a digital asset trading and custody company, Prometheum is attempting to bridge the infrastructure gap by building a full-service digital asset securities market. The company claims that the securities traded on Prometheum have lower fees, faster settlement times, and higher efficiency.

Related: Trump's tariff policy approaches, stablecoins and tokenized assets favored

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