Blockchain Realty Report #5

October 15, 2025

Week in Review

From Wall Street to Web3, real-world asset (RWA) infrastructure is firmly in the spotlight. Securitize’s rumored SPAC merger with Cantor Fitzgerald signals that regulated tokenization platforms are becoming IPO-ready, a milestone for the sector. At the same time, new commentary from Hedera’s Rob Holmes and global research from Insider Monkey point to a shift in focus: liquidity, compliance, and international coordination are defining the next wave of tokenization. From Dubai to Singapore, RWA hubs are aligning policy with innovation — setting the stage for the next phase of institutional capital flow into tokenized real estate.

Sources: Bloomberg; CCN; Insider Monkey

Featured Projects of the Week

Securitize Reportedly in Talks for SPAC Merger via Cantor Fitzgerald

Bloomberg reported on October 10 that Securitize is in discussions to go public through a SPAC merger with a Cantor Fitzgerald–backed blank-check company. If completed, the deal would mark one of the first public listings of a tokenization infrastructure firm, bringing both visibility and capital to the RWA sector. For tokenized real estate, it represents a validation moment — showing that regulated issuance frameworks are now considered IPO-ready, with investor appetite extending beyond private markets.

Source: Bloomberg

Liquidity & Compliance Define the Next Wave (Hedera Insight)

In a recent CCN feature, Rob Holmes of Hedera highlighted that the next wave of tokenization depends less on hype and more on infrastructure — particularly liquidity access and compliance alignment. He pointed to regulated marketplaces, custodians, and on-chain auditability as the foundations of sustainable growth. For real estate RWAs, this translates to more transparent capital flows, easier institutional onboarding, integration with traditional finance rails, and even "micro real estate shares". The focus is shifting from 'can we tokenize?' to 'can we transact at scale?'

Source: CCN

Inside the Global Tokenization Race: Dubai, Singapore, Malta

A new report from Insider Monkey explored how global jurisdictions are vying to become tokenization hubs. Dubai, Singapore, and Malta are emerging as competitive leaders, leveraging regulatory clarity and innovation incentives to attract tokenization firms. Dubai’s VARA regime supports large-scale RWA issuance, Singapore continues to blend fintech regulation with institutional engagement, and Malta is positioning itself as an EU-aligned bridge for asset-backed tokens. For tokenized real estate, these markets could form a cross-border corridor — where compliant issuance, liquidity, and investor demand intersect.

Source: Insider Monkey

By The Numbers

New research is showing that Figure and Provenance take up more than 90% of the current Tokenized Real Estate Valuation! Of course, their business model is that of TRE-Loan as opposed to most of the other companies following a TRE-Own model.

Again, here's a breakdown of the differences:

TRE-Loan — Tokenized Real-Estate–Backed Debt

Tokens represent credit or debt instruments secured by real-estate collateral — e.g., mortgages, HELOCs, or property-backed loans.

Economic exposure:

• Investors lend to property owners or developers.

• Token represents a claim on repayment + interest.

• Underlying asset = debt secured by property, not the property title itself.

TRE-Own — Tokenized Ownership / Equity

Tokens represent fractional equity ownership of real-world property — direct title, SPV shares, or tokenized fund units holding property.

Economic exposure:

• Investors own a slice of the property’s equity.

• Returns come from rental yield + appreciation.

• Underlying asset = property equity or title rights.

Figure focuses on tokenizing HELOC (Home Equity Lines Of Credit), and their partnerships and business allows them $10-13B in tokenization. This blows the competition out of the water. The only other competitor that qualifies as TRE-Loan is Securitize.

If we remove Provenance and Securitize (TRE-Loan entities), then the picture becomes much clearer around who is actually tokenizing Real Estate Assets directly. Most of these companies allow investors to buy tokenized representations that will allow you to collect yield based on the growing equity, rent payments, or both.

Landlord’s Corner

It's been a quiet week from the renters, which is a nice change of pace. Collecting the small passive income is finally starting to feel passive!

The tokenization story is maturing — and investors are starting to notice. A year ago, the discussion centered on pilots; today, we’re talking about IPOs and global jurisdictional competition. Securitize’s potential SPAC listing shows the business model behind tokenization is becoming institutional-grade. Hedera’s insights and the global race for compliant hubs remind us that liquidity and governance will decide who leads. For tokenized real estate, this week feels like a turning point — the conversation has shifted from experimentation to infrastructure.

Let’s grow this space together.

Share with colleagues, investors, and others curious about tokenized real estate.