On-chain Base is exploding, and real-world assets (RWAs) are a major driving force behind it. Is this the latest crypto hype cycle snake oil? Or might it herald the start of an exciting new, and genuinely transformative, chapter for global financial inclusion? I’d like to think it’s the latter, but with caveats.

Here’s a closer look at what makes the RWA wave on Base so fascinating. This trend is of special significance to people looking to bridge the gap between the developed and developing worlds.

Tokenization: Unlocking Trapped Value?

Imagine a smallholder farmer in Kenya. They control an asset, land, with real value, but have no access to traditional financial services. They’re not able to go out and just take a loan to make their farm more productive or to take a loan on better seeds. Tokenization is primarily concerned with the process of converting physical assets — like farmland — into digital tokens. You can even tokenize only a small percentage of that land on a blockchain. Those newly minted tokens can then be easily traded by any investor, used as collateral, or fractionalized to enable smaller investment sizes.

Think of it like this: you wouldn't try to pay for a coffee with a gold bar, right? It's too bulky, too difficult to divide. Tokenization is in a way taking that gold bar and making it digital currency that’s easily exchangeable, easily transferable. All of a sudden, that same farmer’s land has turned into a more liquid asset, perhaps freeing up access to their capital that they never previously possessed. That's awe-inspiring, isn't it?

Base: The Infrastructure of Opportunity?

It’s far more than the tech (the low fees and scalability are definitely important though). It’s about Coinbase’s advocacy and willingness to put the company’s compliance bona fides on display. If you’re in the RWA universe, where regulations are still developing, having a platform that puts legitimacy first is key. Base’s dominance is showing as it secures more than $14B and maintains over 10 times more native assets compared to competing L2s.

Look at Tangible’s recent relocation to Base to launch its real estate NFT marketplace. Lower costs, increased liquidity – it’s a win-win. They have issued $43 million in tokenized assets (property, wine, gold), with plans to migrate to a Base vault. This isn’t just a short sighted attempt to save a buck—this is about fostering an easier, leaner and more accessible market for real estate investment.

And what of Keeta (KTA), with 10m TPS and sub second finality. Former Google CEO Eric Schmidt is on their advisory buy-out roster. What’s more remarkable than his history is his presence—it shows the incredible potential of these technologies. This is a great signal that even heavyweights in the tech world are taking notice of the intersection of blockchain and real-world assets.

Emerging Markets: The Real Test Case

Here’s where the magic happens – and where my heart is located. Will Base’s RWA ecosystem really help democratize access to financial assets & services in emerging markets?

Let's be clear: simply tokenizing assets won't magically solve poverty. There are significant hurdles:

  • Regulatory Uncertainty: Governments in many emerging markets are still grappling with how to regulate crypto and tokenized assets. This ambiguity can stifle innovation and investment.
  • Lack of Infrastructure: Reliable internet access, digital literacy, and basic financial infrastructure are still lacking in many areas.
  • Cultural Barriers: Trust in new technologies and financial systems can be low, especially in communities with a history of exploitation.

Do we throw in the towel due to these obstacles? Absolutely not! We need to find solutions.

Here's where the "unexpected connection" comes in. Think about microfinance. For decades, non-profit organizations such as Grameen Bank have used micro-loans to help develop small businesses and entrepreneurs in developing countries. RWAs on Base can change the game for microfinance. Specifically, they will make smaller loans work, have more flexible terms, and provide greater transparency.

Picturing Untangled Finance deploying invoice-backed credit pools on Base, bridging private credit markets to DeFi, wouldn’t that be cool? This would offer a much-needed lifeline to small businesses in developing countries that today are largely locked out of the formal lending sector. It’s about breaking the stranglehold of the gatekeepers and building a financial system that serves communities more directly and equitably.

OpenEden USDO and TBILL vaults are part of OpenEden’s tokenized U.S. Treasury suite. Combined, they are creating a steeping $450 million of Treasuries on-chain, making for a compelling new opportunity. US Treasury products may not immediately strike one as directly relevant to financial inclusion, but they provide the most basic yield—safe, expected, and dollar-denominated. This yield provides a great jumping-off point for developing deeper, more sophisticated financial products tailored to growing emerging markets’ needs. Consider it the bedrock upon which we can—and must—build a more inclusive financial system.

Realio Network’s plans to deploy an Optimism-stack bridge to further extend its digital-equity platform on Base is just the latest good news omen. It points to a developing acknowledgement that Base has the capacity to be a center for digital equity and real-world asset tokenization.

Now, more than ever, we need to push for increased cooperation between these governments, businesses, and NGOs to responsibly encourage the adoption of RWA. In order to close this new technology divide, we have to invest not only in digital literacy programs but the infrastructure necessary to support these technologies. We need to make sure that the benefits of tokenization flow to all. It is important that these benefits are not limited to the rich and powerful.

Let's not forget the power of storytelling. We want to have and share the real stories of real people whose lives have been improved by RWAs. Join us in highlighting the Base projects focused on improving financial inclusion! We need to remind ourselves too that this is all largely new territory and we should be celebrating their successes!

The tokenized-asset sector has increased by 260% in 2025 so far—to $23 billion. The success of Base’s RWA surge isn’t just about the numbers. Ultimately it will be measured by the real-world change that it brings into being for people in emerging markets. Together, we can make sure that the only impact we face is a good one.