97% of tokenized asset market is closed to US retail investors

Almost the entire tokenized real-world asset market remains outside US retail reach, according to new research from BeInCrypto.

The report, Real State of Tokenization in 2026, tracked roughly $60 billion in tokenized real-world assets across more than 7,000 products and 12 asset classes. It found that only about $1.7 billion, or 3% of the market, is accessible to US retail investors.

That leaves 97% of tokenized asset value behind private institutional channels, offshore structures, accredited-investor rules, or unclear regulatory frameworks.

The finding cuts against one of tokenization’s most common claims: that putting assets on blockchain rails automatically makes markets more open. In practice, most tokenized products remain restricted by the same legal, regulatory, and investor-eligibility barriers that shape traditional finance.

Regulation is still a major gap

The report found that 39% of tokenized market value has no identifiable regulatory framework.

That does not mean the assets are necessarily illegal or unsafe. But it does show how much of the market remains difficult for investors, issuers, and institutions to assess.

Access depends on more than whether a token exists on-chain. Investors also need to know what legal rights they hold, which jurisdiction governs the product, who can buy it, how redemptions work, and whether the token represents ownership, fund shares, or only price exposure.

These questions become more important as tokenization moves into larger asset classes, including credit, commodities, equities, and funds.

Which Investor Class Has Access to the Tokenized Asset Market. Source: BeInCrypto Research

Tokenized stocks are not always stocks

The access problem is especially clear in tokenized equities.

Tokenized stocks are one of the fastest-growing categories by asset count, with thousands of products now tracked across different platforms. But the report found that 59% of stock tokens provide synthetic price exposure rather than actual ownership of the underlying shares.

That distinction is critical for investors. A token that tracks Apple or Tesla’s share price may give investors market exposure, but it may not give them shareholder rights, voting rights, dividends, or a direct claim on the underlying stock.

For retail investors, that makes disclosure and structure critical. Two tokenized stock products can look similar on the surface while offering very different legal and economic rights.

The report concludes that tokenization has made real progress, but access remains one of its biggest unresolved problems. The market is growing, but for most retail investors, it is still largely closed.

The full BeInCrypto Research report is available here.