Grayscale Research has identified Chainlink as the foundational infrastructure layer for the burgeoning tokenized real-world asset (RWA) sector. In a newly published report titled The LINK Between Worlds, Grayscale refers to Chainlink as the “critical connective tissue” bridging cryptocurrency and traditional finance.
This report follows Grayscale's September filing with the SEC to convert its existing $29 million Grayscale Chainlink Trust into a spot exchange-traded fund (ETF). The proposed ETF, under the ticker GLNK on NYSE Arca, would be the first U.S.-listed ETF offering direct exposure to LINK with staking rewards, should it be approved.
As of November 23, 2025, LINK is trading at $12.05 with an $8.74 billion market capitalization. This positions it as the highest-capitalization cryptocurrency that is neither a layer-1 blockchain nor a stablecoin.
Grayscale estimates that the on-chain tokenized RWA market has seen significant growth, increasing from approximately $5 billion at the start of 2023 to a range of $33 billion and $35 billion by the end of 2025. Despite this rapid expansion, the segment currently represents only 0.01% of the global fixed-income and equity markets.
The company further cites predictions from Standard Chartered, which suggest the RWA sector could reach $2 trillion by 2028 and potentially as much as $30 trillion by 2034, excluding stablecoins.
Chainlink's Institutional Momentum and Infrastructure Edge
The report highlights Chainlink's rapidly evolving technological advancements as key to its success in the RWA sector. These include its oracle network, the Cross-Chain Interoperability Protocol (CCIP), the Automated Compliance Engine (ACE), and the recently launched Chainlink Runtime Environment (CRE). Grayscale views these innovations as crucial for addressing the core technical and regulatory challenges facing tokenized assets.
Several significant institutional milestones achieved with Chainlink's involvement are detailed in the report. These include the first-of-its-kind cross-chain delivery-versus-payment transaction in June, which involved JPMorgan's Kinexys and Ondo Finance. This transaction settled tokenized United States Treasuries against fiat without requiring off-chain movement. Additionally, the report mentions the November on-chain publication of FTSE Russell and S&P Global indices, representing $18 trillion in benchmarked assets, and an August collaboration with the United States Department of Commerce to bring official GDP and PCE data on-chain.
Further institutional partnerships noted include collaborations planned for 2025 with Japan’s SBI Group, which manages over $78 billion in assets under management, as well as with ANZ, China AMC, Fidelity International, Intercontinental Exchange, Mastercard, and Saudi Awwal Bank.
The outstanding value of tokenized United States Treasuries and money market funds has surpassed $7.4 billion, marking an 80% increase year-to-date.
Grayscale also points to a substantial increase in Chainlink developer activity, which has grown by 2.3 times year-over-year, outperforming most other top protocols. The network currently supports over 2,500 live integrations.