Analysts at Andreessen Horowitz (a16z), in their Big Ideas report, have identified real-world asset (RWA) tokenization as one of the key trends for 2026. The report emphasizes not only the digitization of assets but also the shift of their issuance and credit origination stages directly on-chain. According to the firm, this change in approach can unlock the true advantages of crypto technologies in creating financial obligations.
What Is Real-World Asset (RWA) Tokenization?
RWA tokenization means representing off-chain instruments as tokens on a blockchain, simplifying access and trading of these assets. The a16z report stresses that digitization alone is only part of the challenge; more important is where and how obligations are formed and how credit risk is modeled.
Analysis of the First Wave of RWA
According to a16z, the first wave of RWA focused on wrapping traditional financial instruments into tokens without changing their fundamental operating logic. This approach improved asset accessibility but did not eliminate significant drawbacks of the original model, including opaque underwriting modeling and high operational costs.
a16z’s Key Ideas for RWA in 2026
The report notes that crypto technology’s advantage manifests at the initial creation of credit obligations, where underwriting logic can be moved on-chain and made programmable. This enables cost reduction in servicing and enhances risk transparency, as risk parameters become available for real-time monitoring and reassessment.
Moving processes on-chain also transforms the role of crypto infrastructure: it ceases to be just a distribution channel and becomes a foundational financial layer. As a result, successful projects will be built on a combination of on-chain underwriting and transparent risk pricing, alongside regulatory compliance and deep liquidity.
Characteristics of Successful RWA Projects
- On-chain underwriting and transparent risk pricing — programmable logic for credit and risk assessment.
- Regulatory compatibility — infrastructure capable of operating within existing rules.
- Deep liquidity and institutional demand — scalability and servicing capabilities for large players.
Why This Matters
For market participants, including small and home miners, the shift to on-chain-oriented RWA changes not the essence of token ownership but the layer where financial obligations are formed. Consequently, a token may cease to be merely a technical overlay on an off-chain product and gain built-in mechanisms for risk assessment and management.
This is important for counterparty evaluation and liquidity risk: transparent on-chain pricing makes market behavior more observable, although it does not eliminate the need for careful consideration of asset origin and issuance methods. Meanwhile, infrastructure supporting deep liquidity and regulatory compatibility determines which RWAs will be institutionally in demand.
What to Do?
If you mine in Russia and want to factor RWA developments into your planning, focus on counterparty reliability and transparency of asset issuance. Pay attention to projects where underwriting and risk parameters are available on-chain and where the formation of credit obligations is clear.
- Verify token origin and underwriting transparency; avoid assets with opaque valuation models.
- Check if the project supports on-chain risk parameter tracking and transparent pricing.
- Consider the project’s liquidity and regulatory compliance when deciding to buy or hold tokens.
For further reading, see materials on other reports and reviews about tokenization: the Amundi report and last year’s review RWA Tokens in 2025, as well as a piece on related trends stablecoin trends, which highlight other aspects of crypto integration into finance.