Thailand’s digital asset market throughout 2025 and into early 2026 has begun showing increasingly meaningful signals regarding the growth of RWA tokenization, particularly in asset categories with clear underlying value such as real estate. The market is beginning to demonstrate both investor demand and the ability for large-scale projects to materialize in practice.

One of the clearest signals of this shift is the SiriHub2 Token project, which raised 2.49 billion baht and completed its offering within only a few days through XSpring Digital as its ICO portal. At the same time, XSpring Digital’s total fundraising volume in 2025 surpassed 2.89 billion baht (Nation Thailand, December 2025). These figures reflect that demand for tokenized assets in Thailand is real and may be stronger than many initially expected during the early stages of market development.

Prior to this, there were also projects developed in collaboration with SIX Network within the real estate sector, where asset value has been issued and managed on SIX Protocol. This reflects how the Thai market is beginning to move beyond the pilot project stage toward blockchain-based projects that can operate at a meaningful scale in practice.

Why Is Thailand Interested in RWA?

Thailand possesses several structural advantages that support RWA tokenization simultaneously. These include a large real estate market with relatively low liquidity through traditional channels, growing familiarity with digital assets among both institutional and retail investors, and a regulatory environment that is increasingly laying the groundwork for asset tokenization in a more meaningful way. At the same time, emerging markets tend to adopt digital rails faster than economies that remain more dependent on legacy financial infrastructure, placing Thailand in a relatively advantageous position (Cointelegraph, 2025).

The Market Is Opening, but Asset Classes Remain Limited

One notable observation in Thailand today is that RWA tokenization projects have already emerged in the real estate sector. However, other asset classes that are expanding rapidly in global markets, including government bonds, equities, fixed income products, and commodities, have yet to develop at a similar level in Thailand. At the same time, this presents an opportunity for a growing market with room for expansion, supported by increasingly clearer regulatory frameworks and market structures.

From SIX Network’s perspective, projects such as KAVALON Token and SiriHub2 provide practical examples of real estate-based RWA tokenization in Thailand. Both projects achieved 100% subscription completion, reflecting that demand for this asset category already exists in the Thai market. The next stage of growth may increasingly involve expanding the range of supported asset classes, including debt instruments, bonds, funds, and alternative assets that are already gaining momentum in global tokenization markets.

Looking ahead, Thailand’s market may begin to see broader asset diversity alongside a regulatory framework that gradually becomes more defined in line with the evolution of digital capital markets. As investor demand and infrastructure continue developing together, tokenization may increasingly evolve from a niche investment product into a more integrated part of digital asset management systems.

Sources:
– Nation Thailand “XSpring Digital Reaffirms Its Position as Thailand’s No. 1 ICO Portal” (December 2025)
– Cointelegraph “Developing Economies To Drive RWA Tokenization Train in 2026” (December 2025)

By 2026, economic analysts will have increasingly aligned on one view: RWA tokenization is entering Phase 2, a period defined by meaningful adoption and practical usage of tokenized assets. Before exploring what comes next, it is worth looking back at what happened during Phase 1, what the market may need to prepare for in the transition toward Phase 2, and how SIX Network, as RWA infrastructure, is preparing for this next stage of adoption.

Phase 1 Was About Bringing Real-World Assets On-Chain

Between 2022 and 2024, much of the activity surrounding RWAs focused on proving that real-world assets could exist on blockchain within legal and regulatory frameworks. During this period, a growing number of assets were tokenized and traded, ranging from government bonds and private credit funds to real estate. The value of these real-world assets became increasingly reflected on the blockchain networks that supported their issuance and management.

SIX Protocol has experienced similar developments through projects such as SiriHub2, a real estate-backed token project with a total offering value of 2.49 billion baht. The value of these underlying assets is minted and represented as tokens on the SIX Protocol blockchain.

However, Phase 2, which is beginning to emerge this year, is expected to look fundamentally different. According to analysts, this stage is increasingly defined by adoption that allows tokenized assets to become genuinely usable rather than simply issued and held (NFT News Today, May 2026).

When One Asset Can Perform Multiple Functions at Once

One of the clearest examples comes from Standard Chartered, BlackRock, and OKX, which recently introduced a framework allowing investors to use BlackRock’s BUIDL, a tokenized U.S. Treasury product, as collateral for trading directly on OKX. In traditional systems, holding an asset for yield generation and using the same asset for trading activities typically occur separately. Tokenization changes this dynamic. A single asset can simultaneously generate yield, support trading activity as collateral, and move value across digital systems at the same time.

Why Phase 2 Matters for SIX Network

For SIX Network, Phase 2 represents broader opportunities in both use cases and partnerships with organizations seeking to tokenize real-world assets. As more assets move on-chain and become increasingly functional, infrastructure capable of supporting the full lifecycle of tokenized assets becomes more important. SIX Garage was designed with this transition in mind, supporting everything from compliance verification and cap table tracking to on-chain corporate action management.

At the same time, the regulatory environment in Thailand remains an important consideration. Existing legal frameworks may still limit the immediate adoption of use cases such as yield stacking or collateral mobility, which are beginning to emerge in markets such as the United States. In the near term, more practical developments are likely to come through clearer investment and trading conditions as Thailand’s SEC continues laying the regulatory groundwork for digital assets and tokenization.

Phase 2 is only beginning, and infrastructure needs to be ready before institutional capital arrives.

Sources: NFT News Today, “RWA Tokenization Enters Phase 2: From Issued Assets to Usable Portfolios” (May 7, 2026)