As tokenized real-world assets surpass $25 billion in value, a new accelerator backed by Galaxy, OKX, and Anchorage aims to prepare startups for institutional scale.
Summary
- As tokenized RWAs top $25.5 billion, a new accelerator backed by Galaxy, OKX, and others is launching to support early-stage startups building for institutional scale.
- Called Ascend, the program offers funding and guidance to teams with live products as traditional finance ramps up on-chain adoption.
Backed by major crypto and fintech players, a new accelerator is setting out to identify the builders turning real-world assets (RWAs) into the backbone of institutional-grade on-chain finance. A new startup accelerator dubbed Ascend, has entered the fast lane of tokenized finance, with backing from heavyweight players like Plume, Galaxy Ventures, Anchorage Digital, and OKX Ventures among others.
Operated by Odisea, Ascend targets early-stage teams that already have live RWA products and meaningful traction. The nine‑week program is slated to accommodate just six to eight teams, offering mentorship and direct access to a $500,000 discretionary funding pool.
Building scalable infrastructure
The tokenized RWA market has surged in recent quarters. Industry data shows the total market value excluding stablecoins rose from roughly $15.2 billion at the end of 2024 to over $24 billion by June 2025, nearly a 65% year-over-year increase.
Another source estimates the value reached $25.5 billion by July 2025, marking over 260% growth in six months. The increase has been driven in part by traditional finance firms like BlackRock and Franklin Templeton moving RWAs — such as U.S. Treasuries — on-chain.
With more than 200 active tokenization projects by early 2025 and over 40 major financial institutions now engaging in some capacity with RWA initiatives, institutional momentum appears to be accelerating. BlackRock’s BUIDL and Franklin Templeton’s BENJI tokens have helped boost on-chain U.S. Treasury exposure to approximately $7.5 billion. Meanwhile, private credit now accounts for roughly 58% of the tokenized RWA sector, or about $14 billion in value.
Ascend is positioning itself as more than just a conventional startup incubator. Founders will receive technical and strategic support on product architecture, tokenomics, investor readiness, legal and regulatory structuring, go-to-market strategies, and community development.
Mentors include experienced operators from YZi Labs, Bankless Ventures, and Sentora, organizations that have helped scale multi-billion dollar asset platforms. The goal is to move beyond narratives and hype, focusing instead on the infrastructure and compliance foundations required to build scalable, regulated RWA platforms.
TradFi adopts tokenization
Chris Yin, CEO and co-founder of Plume, noted that RWAs are shifting from a speculative theme to a strategic growth sector, supported by governments, institutions, and infrastructure providers looking for transparent capital solutions. Will Nuelle, General Partner at Galaxy Ventures, said that helping early-stage teams meet institutional standards is essential to unlocking the next wave of growth. Dora Yue, founder of OKX Ventures, added that institutional alignment and strong infrastructure are key to the sector’s long-term success.
RWAs — such as corporate debt, private credit, commercial real estate, U.S. Treasuries, and even intellectual property — are increasingly being tokenized and transacted on-chain. The appeal lies in reducing settlement delays, fractionalizing high-value assets, embedding compliance rules into smart contracts, and opening access to traditionally illiquid markets.
Global assets under management exceed $400 trillion, yet only a tiny fraction has been tokenized to date. Estimates for the future tokenized asset market vary widely, from $2-4 trillion by 2030 to as much as $30 trillion under more aggressive projections.
Market challenges
Established infrastructure providers such as Securitize now administer over $2.8 billion in tokenized U.S. Treasuries and account for roughly 70% of the market share in that segment. The firm has also expanded into tokenized private equity and credit, partnering with institutions including KKR and Hamilton Lane in recent years. This growth suggests that tokenized financial products are no longer confined to crypto-native platforms but are being adopted by traditional asset managers and capital allocators.
Ascend’s application period runs from Aug. 4 through Aug. 18, with final selections announced on Aug. 22. The program will run from Sept. 1 through Oct. 30 and will culminate in a demo day showcasing the startups’ progress to a curated audience of institutional investors and ecosystem leaders. Preference will be given to teams with live products and early market validation.
Despite the enthusiasm, challenges persist. Regulatory uncertainty, cross-border compliance, fragmented blockchain infrastructure, and limited secondary market liquidity still present risks.
