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Blockchain advisor Anndy Lian lays out an 11-point case against RWA.
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BlackRock’s BUIDL fund and the $XRP Ledger are absorbing billions in tokenized value despite the skepticism.
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Lian reveals the one specific use case that could change his mind on the entire RWA narrative.
Blockchain advisor Anndy Lian just took a public swing at one of crypto’s most dominant narratives, arguing that real-world asset tokenization is little more than traditional finance wearing a blockchain costume.
In a detailed thread, Lian laid out an 11-point case against RWA, and this isn’t coming from someone on the sidelines. He’s been in crypto since 2012, went through the ICO era, and invested in tokenized real estate as early as 2018.
“I’m not bullish on RWA. Not because I don’t ‘get it.’ Because I do,” he wrote.
‘You’ve Built a Database With Extra Steps’
Lian’s core argument hits hard. Most tokenized assets still settle in USD, enforce through courts, and custody off-chain. If the crypto layer adds no unique value, why does it exist?
He questioned whether any capital flowing into RWA protocols is actually crypto-native.
“It’s fiat wrapped, legally ring-fenced, and redeemable off-chain,” he wrote. “That’s not adoption. That’s branding.”
He called the oracle problem “fatal,” noting that smart contracts cannot independently verify property damage, confirm financial filings, or check whether collateral still exists.
On tokenized real estate, he was blunt: “Tokenization doesn’t create liquidity. It exposes illiquidity.”
BlackRock Tokenized Assets and the Billions Flowing In
The institutional capital tells a competing story.
Ethereum’s RWA market surpassed $15 billion in 2025, a threefold increase from the prior year, driven by tokenized gold, Treasury-backed products, and yield-bearing stablecoins, according to Blockonomi. Tokenized money market funds have crossed $9 billion, with BlackRock’s BUIDL fund leading at over $2.5 billion.
The $XRP Ledger added $1.3 billion in tokenized RWA value in just the first two months of 2026, surpassing the $900 million recorded for all of 2025. It now holds 63% of all tokenized U.S. Treasury supply, outpacing Ethereum and Solana.
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Franklin Templeton’s BENJI fund has also reached $844 million in tokenized government securities.
What Would Make Him Bullish?
Lian isn’t dismissing RWA entirely. His one compelling use case: tokenized stocks powering better perpetual derivatives, which he calls “a crypto-native product inspired by RWA, not RWA itself.”
His conditions for turning bullish? “Crypto primitives that can’t exist in TradFi,” including permissionless composability, censorship-resistant settlement, and native digital scarcity.
The institutions aren’t waiting. Whether billions in tokenized assets represent genuine adoption or sophisticated repackaging remains the sector’s biggest open question heading into Q2 2026.
