Blockchain infrastructure firm Global Settlement Network has announced a pilot to tokenize water treatment sites in Jakarta, aiming to eventually scale it out to the rest of Southeast Asia over the next 12 months with $200 million in tokenized assets.
Real-world asset tokenization involves minting financial and other tangible assets on the blockchain to increase investor accessibility and trading opportunities.
The initial pilot targets eight government-contracted water treatment sites in Jakarta for tokenization, aiming to raise up to $35 million for upgrading the facilities and expanding the water network in the area, according to a statement on Wednesday.
As part of the initiatives’ phased rollout over the next 12 months, both firms plan to test rupiah-stablecoin settlement rails in controlled corridors and then scale up to additional foreign exchange corridors.
Following the pilot in Jakarta, the firms want to scale the project up to $200 million in tokenized assets across Southeast Asia.
Tokenization could help solve financing gaps
The chairman of Indonesia-based Globalasia Infrastructure Fund, Mas Witjaksono, said the project “offers significant opportunities for growth, as Indonesia has numerous major infrastructure developments and natural assets that can be accessed for tokenization.”
There is a widening water infrastructure financing gap across Southeast Asia, where more than $4 trillion in long-term water investment is required by 2040, outpacing current spending, according to the firms.
Some crypto execs have predicted the tokenized real-world asset (RWA) market will grow significantly in 2026, fueled by adoption in emerging economies facing issues with capital formation and attracting foreign investment.
Over $21 billion in RWA is estimated to be on-chain as of Thursday, according to RWA.xyz, across more than 629,528 holders.
Over $21 billion in real-world assets is estimated to be on-chain. Source: RWA.xyz
Southeast Asia is a crypto hotbed already
Southeast Asia already has a high level of crypto adoption. In the Chainalysis crypto adoption index, released in September, the APAC region, which includes Southeast Asia, was identified as the fastest-growing region for on-chain crypto activity, with a 69% year-over-year increase in value received.
Related: Plume CEO tips RWA to grow 3-5x in 2026 as it grows past crypto natives
In a follow-up report, Chainalysis flagged Indonesia as the second-largest market for on-chain value in the 12 months leading up to June 2025, with 103% increase.
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