Global watchdog scrutiny and new institutional products are pushing tokenized real-world assets (RWAs) from experimentation toward regulated finance: on 2025-11-11 IOSCO warned of investor confusion over ownership and issuer counterparty risk even as tokenized RWAs grew to US$24 billion by mid‐2025 (private credit ~US$14B), with Ethereum hosting about US$7.5B across 335 products (~60% market share). Product innovation includes Figure’s US‐approved yield-bearing stablecoin security YLDS and a HELOC lending pool, and the NUVA marketplace (Provenance claimed ~$15.7B in related assets). These developments matter for customers, revenue and operations because low secondary liquidity, legal ambiguity (security vs token), and dependency on traditional custodians create compliance and market‐risk tradeoffs. Near term, executives should monitor regulatory rule‐making (IOSCO, SEC, FSA, MAS), broader investor‐eligible launches, liquidity metrics, interoperability standards, and disclosure/audit transparency.