According to Woofun AI, Coinbase Global, Inc. (NASDAQ: COIN) has selected Abu Dhabi Global Market (ADGM) as the location for its international tokenization base following intense competition among Singapore, London, and New York, and has officially received approval from the UAE Financial Services Regulatory Authority (FSRA) to arrange transactions and provide tokenized securities custody services.

This strategic move not only establishes the UAE as a core regional hub but also sends a clear signal: the jurisdiction has moved beyond a mere "crypto-friendly" policy stance to build a differentiated competitive advantage through end-to-end regulatory and technological infrastructure spanning from approval to custody.

The massive gap between macro forecasts and industry pain points constitutes the primary contradiction in the current market. Kearney predicts that nearly $500 billion in assets across the Gulf Cooperation Council (GCC) region will be tokenized by 2030, with private markets accounting for the largest share at an estimated $154 billion.

This figure represents approximately 13 times the current total size of the global on-chain market, indicating extremely high growth expectations. However, data compiled by Woofun AI shows that as of September 28, 2026, the distributed value of global tokenized real-world assets (excluding stablecoins) stands at only $38.6 billion.

By comparison, McKinsey's baseline forecast for 2030 is approximately $2 trillion, while estimates from Ripple and BCG reach as high as $9.4 trillion. The extremely wide range of predictions reflects uncertainty in definitions and assumptions.

The deeper challenge lies in liquidity: although minting tokens requires only ten minutes and a few lines of code, most RWA tokens suffer from low trading volumes. A study on tokenized real estate shows that ownership changes hands roughly once a year.

Liquidity is highly concentrated in areas with natural buyers such as U.S. Treasuries and gold, while tokenized real estate and private credit are still waiting for the "second buyer." Research by RWALabs.ae indicates that the question asset owners care about most is always "who will come to buy these tokens," confirming the structural mismatch between technological accessibility and market scarcity.

On the competitive landscape and execution details front, the UAE is not the only player. Saudi Arabia completed its first tokenized property deed transfer this year, and the Qatar Financial Centre is also advancing real estate tokenization. This regional competition places pressure on timelines and execution capabilities.

Tokenizing real-world assets is far more than just "minting." Over the past 12 months, RWALabs.ae has engaged with more than 150 asset owners and found that the core difficulty lies in orchestrating the entire process. RWA tokenization advisors need to stand between underlying assets and the market, coordinating asset and structure design, regulation, token design, technology, issuance, custody, distribution, and liquidity at every stage.

Anton Golub, Head of Business at Forte Exchange, emphasized that listing and trading venues must be identified before issuance, because no matter how well the code is written, it cannot create buyers. Irina Heaver, founder of NeosLegal, pointed out that the strength of tokenization depends on the underlying legal structure and the tradeable investor base.

Since 2018, many STOs have failed due to the lack of secondary trading venues or opaque SPVs that led to the same asset being sold multiple times, and investors remember this well. Today, UAE regulators approve each structure individually, providing a reason for serious capital to return.

Juliet Su, fund partner at NewTribeCapital, believes that distribution should be the first conversation rather than the last step. Capital exists from Gulf family offices to Asian investors, but it must be brought in through licensed channels and accompanied by products that investors can understand, otherwise no one will send money for tokens they cannot comprehend.

Trend analysis shows that the value of tokenization is ultimately realized at the liquidity stage, and this stage must be designed in from day one. This month, DTCC officially launched tokenization services for Russell 1000 index constituents, major ETFs, and U.S. Treasuries, with Wall Street focusing on assets that already possess liquidity.

In contrast, the UAE is attempting to bring illiquid assets such as real estate, gold, private credit, and trade finance on-chain, a far more challenging task. This work depends on whether all parties in the chain can collaborate effectively.

The RWA Leaders Summit, co-hosted by RWALabs.ae and NeosLegal with support from DMCC Crypto Centre, will be held on October 16, 2026, in Dubai, bringing together regulators, banks, asset owners, institutional investors, exchanges, custodians, stablecoin and payment service providers, and tokenization infrastructure companies.

The UAE has already built the infrastructure. The key to the next phase lies in who can persuade asset owners to actually use these facilities, thereby breaking through the final barrier from technological implementation to commercial viability.