.png)
Blockchain Realty Report #11
- 889Digital
- Dec 6, 2025
- 4 min read
Week in Review
Tokenization continued its shift from experimentation to formal market architecture this week. Figure advanced U.S. regulatory alignment by publicly filing for a blockchain-native equity offering; PropTory showcased a pre-launch tokenization platform with a strategic partnership signaling early ecosystem formation; and Georgia (the nation) became the latest government to migrate real estate registries on-chain, illustrating how national infrastructure is converging with distributed ledger models. In parallel, RWA markets showed steady institutional movement—stablecoin operators pursuing public listings, new institutional RWA products in development, and liquidity patterns reshaping around regulated issuers.
Tokenization is becoming a capital-markets discipline, not a crypto side experiment. Regulatory filings, platform partnerships, and sovereign adoption are now leading indicators of where the next cycle will be built.
Featured Headlines
Figure files public registration for blockchain-native equity security
Dec 4, 2025
Figure announced the public filing of a registration statement for a tradeable, blockchain-native equity security—one of the first attempts to bring tokenized corporate equity fully inside U.S. securities regulation. The filing positions Figure to unify issuance, transfer, and secondary settlement entirely on-chain.
This is a regulatory milestone. If approved, it creates a compliant model for tokenized equity that real-estate SPVs, private issuers, and structured-asset platforms can replicate. The key shift: tokenized securities are moving from carve-outs and exemptions toward standardized, regulator-approved issuance frameworks.
PropTory unveils pre-launch tokenization platform, announces COPX partnership
Dec 4, 2025
At the Houston Tokenization Forum, PropTory introduced a pre-launch real-estate tokenization platform alongside a strategic partnership with COPX. The collaboration aims to connect issuance tooling with asset-level operational infrastructure—positioning the platform for institutional adoption once live.
This signals consolidation around ecosystem pairings: platforms are moving beyond technical demonstrations toward integrated issuance networks. Early partnerships matter because liquidity fragmentation remains the sector’s largest bottleneck—successful platforms will be those that connect asset onboarding directly to compliant distribution channels.
Georgia partners with Hedera to put national real-estate registry on-chain
Dec 4, 2025
The nation of Georgia announced a national-scale initiative to migrate its real-estate registry onto the Hedera network, establishing on-chain workflows for title verification and land record management. This positions Georgia as one of the first sovereign jurisdictions to anchor real-estate infrastructure directly on DLT.
Government registry adoption is the deepest form of institutional validation for tokenization. Unlike pilots, registry migration reshapes the legal foundation of property rights. If successful, Georgia creates a model for emerging markets seeking transparency, auditability, and fraud-resistant land systems.
RWA Corner
The week delivered three signals showing how RWAs are maturing into a regulated, institution-led market. First Digital (FDUSD) revealed plans to go public via a SPAC merger—an unusual but telling move for a stablecoin issuer, reflecting both the rising importance of regulatory credibility and a push toward audited, public-company transparency. At the same event, Trump's World Liberty Financial WLFI announced new institutional RWA products set for 2026, suggesting demand for structured, compliant RWA instruments is growing among professional allocators rather than retail. Meanwhile, the December 2025 RWA + stablecoin market update showed liquidity shifting decisively toward issuers with strong governance, with institutional flows increasingly favoring asset-backed and yield-bearing tokens over speculative altcoin exposure.
Together, these developments show RWAs moving toward the same trajectory stablecoins experienced in 2020–2021: consolidation around regulated issuers, institutional products, and liquidity driven by compliance-grade structures. The public-listing ambitions of First Digital highlight how transparency is becoming a competitive differentiator, while WLFI’s pipeline illustrates growing demand for standardized RWA instruments. The market is still early, but its direction is unmistakable—RWAs are becoming a formal asset class with governance expectations comparable to traditional finance.
Sources:
Featured Project
Dec 5th, 2025
Tangible’s collapse demonstrates the central failure mode of early RWA protocols: pairing slow-moving collateral with fast-moving liabilities. The project executed well in acquisition, UX, and narrative, but relied on short-term debt incompatible with real estate liquidity. The migration to an immature L2 added systemic risk without offsetting benefits.
Read More:
By the Numbers
Data Analysis as of Dec 5th:
Landlord’s Corner
This week I'm focused on moving items from one apartment and storing a lot of items that I'm hoping to be able to use in a future apartment. Lots of moving parts in this operation (pun intended?), and in the meantime I'm trying to setup my remote systems. One renter is officially late on his rent payment today, but until now he has always been hassle-free, so as long as he completes payment asap I won't charge him a late fee. I hope that as I go remote for the short-term that rent collection won't lead to any operational hiccups.
Tokenization continues progressing even as broader markets remain choppy. Altcoins are retracing, liquidity is uneven, and confidence is low—but these cycles are usually where real businesses and real infrastructure get built. The fundamentals of tokenized assets are strengthening, even if sentiment is not. As fear rises and valuations compress, the advantage shifts to builders and investors who focus on market structure rather than market noise.
Let’s grow this space together.
Share with colleagues, investors, and others curious about tokenized real estate.
Comments