Why tokenizing real-world assets could unlock lending growth in emerging markets

For a long time, the conversation around financial inclusion has focused on access to bank accounts. And progress has been exceptional: 79% of adults globally have an account now. Beneath this improvement lies a bigger problem, that of access to capital. Even people who do have accounts can’t always reliably access extra money in an emergency. The issue is no longer account ownership (around 1.4 billion adults remain unbanked), but also liquidity.

The liquidity problem is severe for emerging markets. Micro, small and medium-sized enterprises (MSMEs) form the backbone of these economies. They represent almost 90% of businesses, account for up to 40% of GDP, and create more than half of global employment. But about 70% of MSMEs in developing markets lack adequate financing. There is a formal MSME finance gap of about $5.2 trillion and an informal gap of $2.9 trillion. According to the World Bank, around 40% of formal MSMEs are credit-constrained, with 19% fully constrained and another 21% partially constrained.

The constraint is not always creditworthiness; it is the availability of the capital. Banks and private lenders in developing countries operate within balance-sheet limitations. High interest rates, shallow capital markets and a small number of depositors restrict the flow of funds.

Productive businesses sit on unpaid receivables (outstanding invoices that have not yet been paid by customers), while waiting weeks or months for liquidity. Even people who are officially employed often don't have access to short-term financial flexibility. More than 40% of workers around the world say that financial stress affects their productivity. This shows how liquidity gaps directly affect economic output. So the problem is structural: Lending growth in emerging markets is still tied to local liquidity.

A new model is starting to emerge that separates the growth of lending from the limits on domestic capital, and instead links the blockchain to real-world economic activity.

Real-World Asset (RWA) tokenization introduces a fundamental rethinking of how lending capacity can be funded and distributed. Blockchain infrastructure can now be used to digitize assets that make money, such as small business receivables, trade finance instruments, and payroll-linked assets such as earned wage access receivables, which allow employees to access a portion of wages they have already earned before their scheduled payday. These assets don't have to just sit on local balance sheets; they can be structured, pooled and spread out more widely.

When combined with regulated stablecoin settlement infrastructure that already handles trillions of dollars in transactions every year, capital doesn't have to come from domestic financial systems anymore. It can connect to global liquidity pools that tap other sources in programmable, transparent ways.

The RWA market is growing faster, which signals growing institutional confidence in this model. The market for non-stablecoin RWA tokens grew from about $5 billion in 2022 to more than $24 billion by the middle of 2025. This is almost five times more than it was three years ago. Some industry experts think the market could reach $32.4 billion by 2034, and then potentially trillions of dollars as traditional finance and blockchain technology come together.

The momentum reflects institutional interest in making capital more efficient, transparent and programmable. Blockchain infrastructure also makes settlements much faster and easier. Cross-border payments using blockchain systems can happen almost instantly and cost up to 96% less than regular methods. This efficiency is life-changing for emerging markets, where transaction costs and time delays often make liquidity problems worse.

The implications extend across both business and individual lending. Tokenizing receivables makes it easier for small and medium-sized businesses to get their working capital back. Businesses can get cash tied to productive assets right away, instead of waiting for late payments or dealing with limited local lending options. This makes cash flow more stable, lets you reinvest, and supports expansion into new markets.

For individuals, similar principles apply. Payroll-based assets, such as earned wage access streams, can be structured to provide short-term liquidity without pushing workers toward high-cost informal borrowing. In many emerging markets, employees live paycheck to paycheck despite being formally employed. Giving people responsible, predictable access to their earned income lowers stress and boosts productivity.

In this scenario, liquidity becomes a way to make the economy more stable. When SMEs gain reliable access to capital, they hire more, innovate more and add more to GDP regularly. When workers have less financial stress, they are more productive at work, and household stability is strengthened. Given that SMEs contribute more than half of global employment, the multiplier effect of enhanced liquidity is substantial.

This evolution also aligns with broader goals for development. Better access to capital helps create good jobs, boost the economy and lower inequality, which are all important goals of the Sustainable Development Goals framework.

While much of the discussion on RWA tokenization has been theoretical, real-world implementations are beginning to demonstrate its potential. In 2025, ABHI Middle East collaborated with Zignaly and ZIGChain to launch one of the first live RWA private-credit offerings in the MENAP region. This partnership links global stablecoin liquidity with short-term SME receivables, making a link between on-chain capital and real-world economic activity.

This model shows how digital infrastructure can make capital more flexible and broadly available. SMEs receive faster access to working capital backed by productive invoices, while global liquidity providers can participate in structured, transparent lending that supports the real economy.

But while the opportunity is significant, so are the responsibilities. Stablecoins and tokenized assets create new types of cross-border liquidity flows that are connected to how money is controlled, managed and kept stable. While stablecoins are already being used for trillions of dollars in transactions annually, expanding their role in structured lending markets requires regulatory clarity and risk management.

Credit risk is not eliminated simply by tokenization. New solutions for transparency, compliance and investor protection need to keep pace with technological development.

The most important change, however, is conceptual. For the past several decades, the expansion of lending in emerging markets has been directly related to the availability of capital in the country. When the country is facing a shortage of liquidity, the amount of credit available dries up. When balance sheets are constrained, the ability of the country to grow is constrained.

With the advent of RWA tokenization and the use of stablecoins for providing liquidity, the possibility of the lending infrastructure in emerging markets being connected to the global capital markets in a compliant manner opens up for the first time.

In the future, the answer to the question of how to achieve financial inclusion might not be simply about providing people with access to accounts and credit. The answer might be about rethinking the way in which capital markets are accessed in the first place, from constrained to connected. Tokenized real-world assets could be the answer to building a more resilient, inclusive and efficient financial system for emerging markets.