Wealth tokenization platform Arx Veritas and tokenization infrastructure company Blubird use blockchain technology to prevent nearly 400 million tonnes of Co2 emissions and mark the digital asset tokenization industry records.
The two companies tokenized $32 billion worth of emissions reduction assets (ERA) on Blubird's Redbelly network, with the aim of setting “new standards” to fund and track Sustainability efforts.
Tokenized assets include capped oil wells and coal mines, with more than 394 million tonnes of emissions expected to be emitted, marking the largest tokenization efforts in line with the Environmental, Social and Governance (ESG) framework.
The 394 million tonnes of prevented emissions are attributed to two sources of coal extracted, processed, transported and burned in use, and pollutants prevented by suppressing abandoned oil wells.
Prevented emissions amount to nearly 395 million round-trip flights from New York to London, or 986 billion miles driven by an average passenger car, or 105 times the annual emissions in Iceland.
Bluebird wrote in a Thursday announcement that “there is a strong institutional demand for the symbolization of assets placed in the ESG, and that more than $5 billion in transactions under negotiation and purchases of key institutions have been completed,” the company wrote.
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Real-World Asset (RWA) tokenization refers to financial and other tangible assets created in an immutable blockchain ledger, introducing benefits such as shared ownership, increased investor accessibility, and 24/7 liquidity.
ERAS is a real-world project, such as oil well capping, to allow for the removal of coal mines and the release of CO2 and greenhouse gases to be measured.
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Trillions of dollars of assets move on-chain amid institutional shifts: Bluebird CEO
The growing institutional demand for tokenized assets could bring trillions of dollars to blockchain over the coming years, according to Corey Billington, co-founder and CEO of Blubird.
“In the coming years, we will see trillions of dollars of assets moving in chains as institutions chase new liquidity, efficiency and global access.
“We're just starting out with more than $18 billion active transactions on Blubird already,” Billington said, adding that the shift to tokenization is “inevitable.”
Bluebird aims to tokenize additional $18 billion worth of assets by 2026 and “strengthen” its position in the RWA industry.
“We are considering that approximately 230 million tonnes of CO2 are preventing emissions equivalent to that additional $18 billion pipeline,” the CEO said, adding that this also covers asset classes such as commodities, financial instruments and infrastructure assets.
Blubird estimates combined with the existing $32 billion tokenization era will prevent 600 million tonnes of emissions.
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