Brian Chesky, CEO of the global accommodation platform Airbnb, said real-world asset (RWA) tokenization is set to grow and emphasized that trust will be the deciding factor for the survival of future projects in the sector.
Chesky sees potential in RWA tokenization
In a public thread on X, Chesky stated he has been observing the emergence of real-world asset tokenization for some time. While acknowledging that much of the current activity is simply “noise,” Chesky argued that a foundation of genuine value is being built in the sector. He refrained from specifying particular projects or indicating that Airbnb plans to venture into RWA initiatives.
Chesky described the future of this market as one where “global, fractional, and instant ownership” becomes standard. He stressed that the central challenge will be the degree of trust each platform is able to cultivate.
Chesky pointed to the importance of trust in the tokenization space, arguing that it will “separate the winners from the wreckage” as the industry matures.
Trust as a key hurdle for institutions
Executives from across the digital asset industry have echoed Chesky’s focus on trust as a critical factor. Yoyee Wang, Global Head of TradFi and Real-World Assets at cryptocurrency exchange Bybit, stated during a LEAP East 2026 panel that the conversation for institutional investors has shifted. According to Wang, the main question now is not whether blockchain technology functions, but whether institutions can trust the supporting infrastructure.
Wang added that regulatory clarity, reliable underlying infrastructure, and strong partnerships with financial institutions will define which platforms secure institutional investment moving forward.
In 2022, Airbnb users submitted 4,000 requests for new features. The most requested addition was support for crypto payments. Despite this demand, Airbnb has never enabled native cryptocurrency payments on its platform.
Market growth and trends in RWA tokenization
Tokenized real-world assets have experienced significant growth this year. The total market value has climbed 44% from roughly $45 billion in January to an estimated $65 billion, according to recent figures. Ethereum supports about one third of this total, hosting a major share of the tokenized asset activity.
Data from RWA.xyz places the combined value of distributed real-world assets at $34.08 billion, with over one million holders recorded as of mid-July. The increase is largely attributed to an expanding range of institutional products. For example, BlackRock’s tokenized US Treasury fund, BUIDL, has reached a reported $2.87 billion in assets across participating blockchain networks.
Mini dictionary: RWA.xyz, a blockchain analytics platform, tracks and analyzes trends, values, and ownership related to real-world asset tokenization across multiple networks.
| Metric | Value | Source/Notes |
|---|---|---|
| Total tokenized RWA market | $65 billion | As of mid-2024, up from $45 billion at start of year |
| Ethereum share | ~1/3 of total | Major blockchain for tokenized assets |
| Distributed RWAs value | $34.08 billion | Tracked by RWA.xyz |
| Holders | 1 million+ | As of July 2024 |
| BlackRock BUIDL fund | $2.87 billion | Tokenized US Treasury fund |
Elsewhere in the sector, Binance founder Changpeng Zhao has publicly encouraged governments to migrate their stock markets onto blockchain networks. Zhao has stated that tokenized equities could deliver continuous trading, reduce settlement times, and increase access through fractional ownership models.
Across the industry, leading figures are converging on the view that trust in infrastructure—not just technology—will be the key determinant of long-term success in tokenized asset markets.
