COMPARATIVE ANALYSIS OF REAL-WORLD ASSET TOKENIZATION PLATFORMS AS A METHODOLOGICAL BASIS FOR INSTITUTIONAL IMPLEMENTATION

Abstract

Introduction. The institutional adoption of distributed ledger technologies is driving the transformation of real-world asset (RWA) tokenization from experimental solutions toward fullscale financial infrastructure. Leading global financial institutions view RWA tokenization as an instrument of long-term capital market modernization, the effectiveness of which is determined primarily by the quality and suitability of underlying platforms. At the same time, the contemporary tokenization landscape is characterized by fragmentation in terms of architecture, regulatory compliance, and institutional readiness, which complicates informed platform selection. The absence of a unified multicriteria framework for comparative platform assessment creates a methodological gap, particularly relevant for Ukraine amid the formation of a national virtual asset regulatory framework and its alignment with international standards.

The purpose of the article is to develop a comprehensive methodology for evaluating tokenization platforms and to conduct a comparative analysis based on a multicriteria indicator system in order to formulate practical recommendations for implementation in the Ukrainian context.

Results. This study presents a comprehensive comparative analysis of leading tokenization platforms, covering more than 32 platforms, including BlackRock BUIDL, Securitize, Ondo Finance, and Figure Technologies, with a combined transaction portfolio exceeding USD 60 billion. A multicriteria evaluation methodology based on an integrated Fuzzy AHP–TOPSIS model is developed, incorporating technical architecture, regulatory compliance, economic efficiency, and institutional adoption. Particular attention is given to Ethereum’s Layer 2 ecosystem, which enables scalability for institutional use cases. The results show that Ethereum dominates with a 58% share of the RWA market, while specialized networks such as Canton Network and Provenance provide stronger institutional compliance. The regulatory landscape analysis covers SEC/FINRA (USA), MiCA (EU), the DLT Act (Switzerland), MAS (Singapore), and Draft Law of Ukraine No. 10225-d “On Amendments to the Tax Code of Ukraine and Certain Other Legislative Acts of Ukraine Regarding the Regulation of Virtual Asset Circulation in Ukraine,” identifying critical gaps and opportunities for the Ukrainian market.

Conclusions. The study confirms that the real-world asset tokenization market has reached the stage of institutional adoption and is rapidly evolving into a component of the global financial infrastructure. Ethereum’s dominance is complemented by the growth of specialized regulated networks and scaling through the Layer 2 ecosystem, ensuring the institutional viability of RWA tokenization. The proposed multicriteria platform evaluation model based on Fuzzy AHP–TOPSIS integrates technical, regulatory, and economic parameters into a unified methodological framework. Regulatory convergence across leading jurisdictions creates a window of opportunity for Ukraine to develop a MiCA-aligned tokenization implementation model. The findings have practical relevance for regulators, institutional investors, and market participants and provide a foundation for further research on integrating tokenized assets into the national financial system.