The new report finds that tokenization
in India is no longer held back by technology or demand, but by who builds
first.
Mumbai, 06th Nov’ 26 : Mudrex launched the Builder’s Guide to RWA
Tokenization in India, which maps where real-world asset tokenization
stands across seven asset classes: commodities, currencies, bonds, equities,
real estate and land, credit, and energy. It finds that India has already built
much of the public infrastructure tokenization needs, and that the next phase
depends on builders putting those rails to work.
The report follows a busy September 2026,
when SEBI and RBI announced Demat
2.0, India’s first tokenized
corporate bond pilot, with three issuers raising ₹1,025 crore settled in
central bank money. In the same week, Maharashtra’s Chief Minister committed to
a land-tokenisation
law.
Three kinds of ground
In Bonds and Energy, the state moved first
with live pilots. In Land, Maharashtra has committed to a tokenisation law, so
builders fit into existing or planned rails as authorised providers or partners
to regulated entities. In Credit, market operators led, with warehouse-receipt
lending on blockchain and bank-consortium invoice tokenization through the RBI
sandbox. In Commodities, Currencies and Equities, nobody has moved. However,
demand is clear: Indians bought about 4.8 tonnes of digital gold through UPI in
one quarter, and the country has 22.5 crore demat accounts. India’s first
bar-backed on-chain gold token, its first live cross-border CBDC corridor and a
regulated route to tokenising listed shares are all yet to be built, giving
builders the chance to move first.
Liquidity, not demand, is the bottleneck
Across every segment, the report finds that
what a holder actually owns matters more than the token, and that liquidity,
not demand, is the binding constraint. The entire global tokenized commodities
market is about 7% of one year of India’s gold imports. Most notably, the
report found no primary source anywhere disclosing a verified cost or speed
saving for a live tokenized flow, meaning the first builder to publish measured
results would set the benchmark.
Edul Patel, Co-founder and CEO, Mudrex, said: “Tokenization in India isn’t waiting on technology
or regulation anymore. The rails are built, state-led infrastructure is in
place, and the bond pilots prove they work. What it doesn’t prove yet is
adoption. The question now is who builds first, and whether they treat the
fundamentals as the product, what the holder actually owns, which registry
stands behind the token, and whether the benefit can be measured.”
The report also sets out testable calls for
the next 12 to 24 months across all seven segments, each paired with the signal
that would confirm or refute it, and treats seven categories of risk as design
requirements rather than reasons to stop building.
The full report is available here. It is a research
publication and does not constitute investment, legal, or tax advice.
About Mudrex
Mudrex is India's leading crypto exchange,
serving over 3 million users with ₹500+ crore in assets under management.
Registered with FIU-IND under PMLA, Mudrex combines institutional-grade
compliance with retail accessibility, offering structured investment and
derivative products that make crypto participation simpler, safer, and more
transparent. Mudrex operates in complete compliance with Indian laws and is
committed to establishing stock exchange-level standards for India's crypto
ecosystem.
Website:
https://mudrex.com/
