Brickken survey shows 53.8% of RWA issuers prioritize capital formation over liquidity

CoinDesk

by Olivier Acuna

February 20, 2026

AI-Generated Deep Dive Summary

A new survey from Brickken reveals that most real-world asset (RWA) issuers are prioritizing capital formation over liquidity when it comes to tokenization. According to the data, 53.8% of respondents cited capital access and fundraising efficiency as their main reasons for tokenizing assets. While 15.4% were motivated by liquidity needs, 38.4% indicated that liquidity wasn't a priority at all. Jordi Esturi, CMO at Brickken, highlights that issuers are using tokenization to address real financial challenges, such as improving capital access and streamlining operations. The survey also shows that many issuers are still in the validation phase, focusing on proving regulatory compliance, testing investor demand, and digitizing issuance processes. Esturi noted that liquidity is not yet a top priority for these issuers because they are still building foundational structures. He emphasized that tokenization is seen as an upstream engine driving trading venues rather than a tool to boost secondary market activity. Meanwhile, major exchanges like the CME Group, NYSE, and Nasdaq are expanding their trading models to include 24/7 tokenized asset trading. Esturi explained that these moves are more about evolving business models to increase revenue through higher trading volumes, rather than responding to issuer demand. He added that without compliant, high-quality assets entering the market, secondary trading platforms lack meaningful content to trade. Regulatory challenges remain a significant hurdle for issuers, with 84.6% reporting some level of regulatory friction. Many issuers are taking compliance into account from day one, rather than dealing with it post-launch. This focus on compliance reflects the importance of structuring tokenized assets properly to meet regulatory standards and ensure market viability. The findings underscore a shift in the crypto and finance industries, where tokenization is moving beyond buzzword status to become a critical financial infrastructure tool. As issuers prioritize capital formation and operational efficiency

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Originally published on CoinDesk on 2/20/2026