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Hello readers. The gap between tokenization forecasts and operational reality is closing, but selectively.
This week’s developments show that regulators are raising governance standards, the first secondary markets are going live under dual oversight, and the SEC has drawn clear lines on which tokenization structures limit who can invest.
The question for developers and operators is no longer whether the tools exist. It is whether the tools available in your jurisdiction, at your deal size, justify the cost today.
In this weeks ReFi Brief:
The Big Read: 13 Experts Map Where Tokenization Actually Stands
South Korea licenses first fractional exchange
PRYPCO launches regulated secondary marketplace in Dubai
SEC clarifies which tokenization models restrict investor access.
THE BIG READ
Exclusive First Look: Evergon’s Tokenization Handbook 2026
When I wrote the first ReFi Brief of 2026, my framing for the year was this: we are now entering a tokenization supercycle that will redefine how we own and trade assets.
I also stated my conviction that all of finance and global commerce will one day run completely on blockchains. We are just six editions into the year but the pace of development makes it hard to relate to time.
Evergon, an infrastructure builder operating across jurisdictions, just published a 91-page handbook co-authored by 13 experts spanning legal, compliance, infrastructure, and market operations. Their goal is to give you clarity on today and a clearer view on tomorrow’s landscape.
These are the builders behind that supercycle we are now entering. They speak based on what they encounter daily while building tokenized markets across jurisdictions, asset classes, and regulatory environments.
As Rachid Ajaja, Evergon’s founder and CEO, writes in the editorial: “The honest truth is that tokenization is no longer a question of if, but of how well.”
The ReFi Brief got exclusive early access to the full document ahead of public release. What follows are the takeaways I think matter most for developers, owners, and operators evaluating this space.
I will relay it to you, mostly specific to real estate in the best way I can.
Grab a coffee and let’s explore
What $20 Billion on $750 Trillion Actually Tells You
The handbook opens with a grounding data point. Less than 0.1% of global real-world assets are currently tokenized.
That is roughly $20 to $30 billion on-chain against a global asset base exceeding $750 trillion across bonds, funds, equities, real estate, commodities, and private credit.
The RWA market tripled in size over 2025, but the growth is concentrated. US Treasury debt leads at approximately $8 billion, followed by commodities at $3 billion and institutional alternative funds at $2 billion.
Cash-like instruments moved first because they solve existing friction: settlement speed, collateral mobility, intraday liquidity. The handbook puts it plainly:
“Tokenization works when it removes friction that already exists. It struggles when it tries to manufacture liquidity where none exists.”
Real estate is progressing more slowly than bonds and treasuries. The pattern across asset classes is consistent: simple cash flows outperform complex ones, and assets with existing institutional demand move first.
For a developer evaluating timing, this is useful calibration. The market is real and growing, but real estate sits earlier on the adoption curve than the headlines suggest.
What a Tokenization Project Actually Costs
This is the section I found most directly useful for a developer or asset owner actively evaluating tokenisation.
The handbook publishes specific cost ranges for launching a compliant tokenization project through service providers, and these numbers are rarely available in one place.
Structuring and pre-issuance runs $25,000 to $45,000.
That breaks down to $10,000 to $20,000 for legal advice covering entity setup and structuring, $10,000 to $20,000 for compliance strategy covering distribution policy and jurisdictional framing, and approximately $5,000 for token management covering the translation of market orchestration into smart contract terms.
Technology infrastructure ranges from near zero to $250,000 depending on the build path.
Using an existing SaaS platform costs $0 to $30,000 per issuance. Custom platform development runs $30,000 to $250,000 for a bespoke interface, backend, and database. An optional smart contract audit adds $15,000 to $50,000. Automated compliance (KYC/KYB) runs $0.50 to $3.00 per investor check.
Then there are recurring costs. SaaS platform fees range from $250 to $5,000 per month, commission fees from 0.1% to 5% of raised funds, and compliance software access from $100 to $2,500 per month.
For a developer running a $5 million syndication through a white-label platform, the realistic upfront cost sits somewhere between $30,000 and $75,000 plus recurring monthly fees.
For a $50 million fund using custom infrastructure, that upfront figure can reach $300,000 or more. These are real numbers a finance team can model against expected capital raising benefits.
Where Projects Break Down
The handbook identifies three error patterns that cause tokenization projects to stall or fail, and none of them are technical.
Error in scope means trying to build issuance, secondary markets, settlement, and compliance all at once. These layers evolve at different speeds, and attempting to redesign all of them simultaneously compounds legal, regulatory, and operational risk. For a developer, this translates to a simple principle: start with one asset, one jurisdiction, one capital raising objective.
Error in structuring means launching with overly complex assets, retail-first distribution strategies, or multi-jurisdiction ambitions before the model is proven. Complexity hides flaws rather than testing assumptions.
The handbook cites the Elevated Returns St. Regis Aspen token, which moved through three different platforms in two years, as an example of what happens when structuring decisions are not durable.
Error in technology choice means locking into rigid smart contract systems that cannot adapt when regulations change. Sebastian Galimberti Romano, Evergon’s Chief Protocol Officer, frames it clearly: “The projects that survive the next regulatory cycle will be those whose infrastructure can absorb it.”
The metric that matters is not speed to launch but the cost of the second deployment, meaning what happens when you need to update compliance rules 18 months after your asset is live.
The real estate-specific failure patterns are sharper still. Matthieu Merchadou, CEO of Magma Real Estate, argues that a token representing only ownership is “just a digital share certificate” that does not unlock real liquidity, credible financing, or a functioning secondary market.
Institutional buyers underwrite based on cash flows, operating performance, and risk. Without operational data on-chain (rent rolls, maintenance status, NOI, debt service), tokenized real estate structures freeze the asset at the moment of issuance and rely on static disclosures.
Daniel Jarvis, co-founder of Realworld, identifies a parallel problem. Fractional ownership has lowered the investment barrier, but it has created what he calls a liquidity trap: tokenized assets that cannot be borrowed against because banks lack the infrastructure to accept tokenized collateral.
His point lands directly: “Property doesn’t build wealth through appreciation alone. It builds wealth through leverage amplifying that appreciation.” Without lending infrastructure, fractional tokens remain locked capital.
What the Registry Models Mean for Your Next Market Decision
Tristan Bochu, Senior Product Marketing Manager at Evergon, provides the handbook’s most directly relevant comparison for real estate operators: how Dubai and Saudi Arabia are integrating tokenization into official land registries.
Dubai’s model favors speed and market validation. The Dubai Land Department remains the ultimate authority, with VARA providing regulatory oversight.Tokens represent fractional ownership rights linked directly to title deeds, not shares in an SPV. Investor access is currently restricted to UAE residents, but the model is already producing results.
PRYPCO Mint, operating under the DLD and VARA framework, announced the launch of its secondary marketplace for February 20, 2026 following a Phase 1 that raised AED 18.5 million from investors across 50 nationalities.
That marketplace will enable 24/7 buy-and-sell functionality for property tokens through a regulated app. For developers evaluating Dubai, the registry-linked model means tokenized capital raising and secondary trading both operate under state-backed legal certainty.
Saudi Arabia’s model favors deep integration and sovereign control. The Real Estate General Authority oversees the framework, and tokenization is embedded directly into the national real estate registry.
The first full transfer on the Saudi Digital Business Real Estate Registry Portal was completed in February 2026. Tokens represent registered ownership interests recorded at the state level, with the registry serving as the legal source of truth. Access remains limited, mostly institutional or government-backed.
Neither model is permissionless. Neither is designed for DeFi-native liquidity. Both treat tokenization as economic infrastructure anchored in state-recognized property registries.
For developers and operators, the practical distinction is between Dubai’s regulated sandbox approach that is already processing live offerings and Saudi Arabia’s sovereign infrastructure play that is building for long-term national scale.
What Remains Unresolved
The handbook is candid about what has not been solved. The lending infrastructure gap is the largest structural barrier to real estate tokenization reaching its potential.
Banks cannot yet originate loans against tokenized collateral at scale, which means fractional ownership lacks the leverage mechanism that builds real estate wealth. Secondary markets exist in limited form (Dubai’s PRYPCO marketplace being one live example), but deep liquidity across jurisdictions does not.
Takeaway
I found the cost benchmarks and failure patterns the most useful material in the handbook for developers evaluating a first tokenization project.
The numbers let you model whether the economics work for your deal size. The failure patterns tell you where to start small and what architectural decisions to get right early. And the registry comparison between Dubai and Saudi Arabia gives you a concrete framework for evaluating two of the most active markets.
The handbook’s broader argument matters, though I would frame it differently than Evergon does. For developers and asset owners, the question is not whether tokenization is ready. Parts of it clearly are.
The question is whether the specific infrastructure available to you, in your jurisdiction, for your asset type, at your deal size, removes enough friction to justify the cost and complexity today.
This handbook gives you better data to answer that question than anything else I have seen published this year.
TM
TOGETHER WITH ONCHAIN REAL ESTATE
The Brief: Onchain Real Estate brings together the world’s leading real estate players and top blockchain companies to accelerate the adoption of onchain capital assets.
As the flagship global gathering for tokenized real estate, it’s built for decision-makers driving innovation, forging partnerships, and executing real-world strategies that connect the built environment with the blockchain economy.
Let’s meet on 28 April 2026 in Dubai
Who is attending?
Real Estate Developers & Institutional Owners
Asset Managers, Funds & Institutional Investors
Tokenization Platforms & Infrastructure Providers
Blockchain, RWA & DeFi Ecosystem Leaders
The Onchain Real Estate Summit is designed to spark meaningful connections and drive forward-looking partnerships whether you're exploring tokenization, bridging traditional and digital markets, or expanding your global footprint.
THE WEEK IN BRIEF
Image Source: Bloomingbit
The Brief: South Korea’s Financial Services Commission selected the KDX Consortium, led by the Korea Exchange and Koscom, to operate the nation’s first licensed OTC fractional investment trading platform, while simultaneously eliminating Lucentblock for failing governance standards.
The Details:
The FSC replaced its regulatory sandbox with a formal licensing system requiring 6 billion won ($4.4M) in equity capital, a trade-matching specialist, and a minimum of eight IT specialists for OTC exchange operators.
Secondary trading for fractional real estate securities will operate through institutional financial infrastructure (KRX and Koscom) in Busan’s blockchain regulation-free special zone rather than through independent startup-built platforms.
Lucentblock’s elimination cited insufficient equity capital, unreliable financial planning, and no long-term operational roadmap; its investors may face uncertainty if no issuance license is secured.
What This Means: Operators running or evaluating fractional investment platforms in any jurisdiction should read the Lucentblock outcome carefully. Early market entry did not protect against governance failures once the regulator moved from sandbox to licensing.
GO ONCHAIN WITH LIBELIT
The Brief: Libelit is an innovative lending platform, providing real estate developers with fast loans.
The Details:
The traditional financing model for real estate development is fragmented, slow, and inefficient. Leaving both developers and investors frustrated.
Fragmented: Sourced from multiple banks and private investors.
Slow: Developers often wait six months or more to secure funding.
Illiquid: Investors’ capital remains locked for years until the project is completed.
Libelit provides a platform where construction developers can easily connect with investors, showcase their projects, and manage construction funds efficiently.
By leveraging loan tokenisation, AI-assisted risk evaluation, and real-time investment progress reports, Libelit seeks to enhance efficiency, transparency, and connectivity between developers and investors.
Image Source: Tokenizer Estate
The Brief: PRYPCO Mint announced the launch of its secondary marketplace for February 20, 2026, enabling 24/7 buy-and-sell functionality for tokenized property interests through a regulated mobile app.
The marketplace follows a Phase 1 pilot that raised AED 18.5 million from investors spanning 50+ nationalities under Dubai Land Department and VARA oversight.
The Details:
The marketplace operates under dual regulatory authorization from the DLD and VARA, with tokens representing fractional ownership rights linked directly to title deeds rather than shares in an SPV.
Automated compliance enforcement includes a price corridor restricting transactions to within 15% of the latest DLD valuation, a three-month lock-in period from purchase date, and 24/7 trading availability through the app.
Participation is restricted to UAE Emirates ID holders only with a 20% maximum ownership cap per investor per property; international expansion is planned but no timeline has been confirmed.
What This Means: Developers who listed assets in PRYPCO’s Phase 1 now gain a secondary trading venue completing the capital raising-to-liquidity lifecycle on a single platform.
For operators evaluating tokenization platforms elsewhere, this provides a concrete benchmark for what “regulated secondary market” means in practice: automated compliance, price guardrails, and geographic restrictions.
The UAE ID limitation means this is not yet the global liquidity venue that tokenization marketing often promises, but it sets the standard other platforms will be measured against.
Image Source: The Block
The Brief: The SEC’s Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement on tokenized securities, confirming that on-chain format does not change a security’s regulatory status while establishing a taxonomy that distinguishes issuer-sponsored, custodial, and synthetic tokenization models with materially different compliance implications.
The Details:
The statement confirms a technology-neutral application of federal securities law: tokenized securities remain subject to standard Securities Act registration or exemptions (Regulation D, Regulation S), regardless of the blockchain or protocol used.
Issuer-sponsored tokenization, where the issuer integrates DLT into recordkeeping, can use the blockchain as the master securityholder file, streamlining cap table management and ownership transfers while preserving direct holder rights including voting and dividends.
Synthetic tokenized securities, which provide economic exposure without conferring ownership rights, may be classified as security-based swaps restricted to eligible contract participants (ECPs), effectively blocking retail investor access to these structures in the US market.
What This Means: Developers and fund managers structuring tokenized offerings that touch US investors now have the clearest guidance to date on which model to use.
The issuer-sponsored pathway preserves the full securities framework your investors and counsel already understand.
The synthetic pathway faces restrictions that could limit your investor pool to institutional participants only.
BRIEF X SIGNALS
📋 The Cayman Islands government published proposed amendments to its fund laws clarifying that issuing digital investment tokens through a regulated fund does not require separate VASP registration across the jurisdiction’s $16 trillion in managed assets. This removes the duplicative licensing threat for institutional fund managers evaluating tokenized offshore vehicles.
🏛️ The London Stock Exchange Group announced plans to build a Digital Securities Depository for on-chain settlement, supported by Barclays, Lloyds, Standard Chartered, and NatWest Markets on Microsoft Azure. When exchanges of this scale build tokenized settlement infrastructure, the question for institutional real estate operators shifts from whether credible venues will exist to when they go live.
🏛️ OKX Ventures announced a strategic investment in STBL, partnering with Hamilton Lane and Securitize to launch a real-world-asset-backed stablecoin on X Layer incorporating tokenized exposure to institutional private credit. For operators watching how tokenized real estate equity might eventually serve as collateral for on-chain liquidity instruments, this is an early signal of the infrastructure being built between institutional credit and digital settlement.
📋 The UK government published the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, bringing cryptoassets into the FSMA framework with new regulated activities starting October 2027. The FCA opened consultations on rules for admissions, disclosures, market abuse, and prudential requirements, establishing the regulatory perimeter that will govern tokenized securities in the UK market.
EXPERT TAKEAWAY
“Finance will move on-chain… and emerging markets will be the next hot thing for investors”
Henri Ndreca, Co-founder at T-Blocks, explains how moving finance onchain helps Western Balkan developers and others around the world raise funds giving global investors access to new yield opportunities.
Filmed at the 2025 Onchain Real Estate Summit
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See you in the next brief,
Tatenda