VMPL
Mumbai (Maharashtra) [India], November 6: Mudrex launched the Builder’s Guide to RWA Tokenization in India, which maps where real-world asset tokenization stands across seven asset classes: commodities, currencies, bonds, equities, real estate and land, credit, and energy. It finds that India has already built much of the public infrastructure tokenization needs, and that the next phase depends on builders putting those rails to work.
The report follows a busy September 2026, when SEBI and RBI announced Demat 2.0, India’s first tokenized corporate bond pilot, with three issuers raising ₹1,025 crore settled in central bank money. In the same week, Maharashtra’s Chief Minister committed to a land-tokenisation law.
Three kinds of ground
In Bonds and Energy, the state moved first with live pilots. In Land, Maharashtra has committed to a tokenisation law, so builders fit into existing or planned rails as authorised providers or partners to regulated entities. In Credit, market operators led, with warehouse-receipt lending on blockchain and bank-consortium invoice tokenization through the RBI sandbox. In Commodities, Currencies and Equities, nobody has moved. However, demand is clear: Indians bought about 4.8 tonnes of digital gold through UPI in one quarter, and the country has 22.5 crore demat accounts. India’s first bar-backed on-chain gold token, its first live cross-border CBDC corridor and a regulated route to tokenising listed shares are all yet to be built, giving builders the chance to move first.
Liquidity, not demand, is the bottleneck
Across every segment, the report finds that what a holder actually owns matters more than the token, and that liquidity, not demand, is the binding constraint. The entire global tokenized commodities market is about 7% of one year of India’s gold imports. Most notably, the report found no primary source anywhere disclosing a verified cost or speed saving for a live tokenized flow, meaning the first builder to publish measured results would set the benchmark.
Edul Patel, Co-founder and CEO, Mudrex, said: “Tokenization in India isn’t waiting on technology or regulation anymore. The rails are built, state-led infrastructure is in place, and the bond pilots prove they work. What it doesn’t prove yet is adoption. The question now is who builds first, and whether they treat the fundamentals as the product, what the holder actually owns, which registry stands behind the token, and whether the benefit can be measured.”
The report also sets out testable calls for the next 12 to 24 months across all seven segments, each paired with the signal that would confirm or refute it, and treats seven categories of risk as design requirements rather than reasons to stop building.
The full report is available here. It is a research publication and does not constitute investment, legal, or tax advice.
About Mudrex
Mudrex is India's leading crypto exchange, serving over 3 million users with ₹500+ crore in assets under management. Registered with FIU-IND under PMLA, Mudrex combines institutional-grade compliance with retail accessibility, offering structured investment and derivative products that make crypto participation simpler, safer, and more transparent. Mudrex operates in complete compliance with Indian laws and is committed to establishing stock exchange-level standards for India's crypto ecosystem.
Website: https://mudrex.com/
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