TOKENIZED BUT ILLIQUID? EVIDENCE FROM REAL-WORLD ASSET MARKETS
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摘要
Real-world asset tokenization is not automatically translating into on-chain liquidity; liquidity is a distinct outcome from tokenization itself. This study constructs an Ethereum-based monthly panel of non-stablecoin RWAs across Treasury-backed, gold-backed, and private-credit-related assets, and measures liquidity with turnover, active addresses, and an active-month indicator. The analysis finds substantial heterogeneity across asset classes, with gold-backed tokens displaying broader holder bases and more persistent on-chain activity than Treasury or private-credit products, while outstanding asset value alone does not reliably predict liquidity. The paper develops a multidimensional empirical framework for observed RWA liquidity and demonstrates that tokenization and liquidity should be analyzed separately. [page::1]
