Mudrex’s Builder’s Guide to Real‑World Asset Tokenization

Mudrex announced the launch of its Builder’s Guide, a research publication that maps the current state of real‑world asset (RWA) tokenization in India across seven asset classes – commodities, currencies, bonds, equities, real estate and land, credit, and energy. The guide concludes that the necessary public infrastructure for tokenization is already in place and that the next phase hinges on builders deploying these rails.

Recent Regulatory Milestones

In September 2026, the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) introduced “Demat 2.0”, India’s first tokenized corporate bond pilot. Three issuers participated, collectively raising ₹1,025 crore, with settlement executed in central‑bank money, demonstrating functional tokenized bond issuance.

State‑Level Initiative and Ongoing Pilots

Maharashtra’s Chief Minister announced a forthcoming land‑tokenisation law, positioning the state as a regulatory pioneer for tokenizing land assets. Live pilots are also active in the credit space – warehouse‑receipt lending on blockchain and a bank‑consortium invoice‑tokenisation sandbox run by the RBI – and in the energy sector. Bonds have already moved to live pilots as described above.

Asset Classes Yet to Launch

No live tokenization activity has been reported for commodities, currencies, or equities.

Evident Market Demand

Demand signals include Indians purchasing approximately 4.8 tonnes of digital gold via UPI in a single quarter and the existence of 22.5 crore demat accounts nationwide, indicating a sizable user base ready for tokenized products.

Liquidity as the Primary Bottleneck

The report finds that liquidity, rather than demand, constrains tokenization growth. The global tokenized commodities market equates to roughly 7% of one year’s Indian gold imports. Moreover, the study identified no publicly disclosed source providing verified cost‑ or speed‑saving metrics for a live tokenized flow, suggesting that the first builder to publish such data would set the industry benchmark.

Executive Commentary

Edul Patel, Co‑founder and CEO of Mudrex, stated that technology and regulation are no longer the limiting factors; the infrastructure exists, and bond pilots have proven functionality. He emphasized that adoption remains unproven and that the critical question is which entity builds first and whether they focus on the underlying asset, the supporting registry, and measurable benefits.

Forward‑Looking Testable Calls

The guide outlines testable hypotheses for the next 12‑24 months across all seven segments, each linked to a specific signal that would confirm or refute the hypothesis. It also frames seven categories of risk as design requirements rather than obstacles to development.

About Mudrex

Mudrex is positioned as India’s leading cryptocurrency exchange, serving over 3 million users and managing assets exceeding ₹500 crore. It is registered with the Financial Intelligence Unit‑India under the Prevention of Money‑Laundering Act and aims to uphold stock‑exchange‑level standards for the Indian crypto ecosystem.