Blockchain infrastructure company Global Settlement Network announces plans to tokenize Southeast Asia water treatment facilities, aiming to reach a $200 million tokenized asset scale within 12 months. The first phase will pilot 8 government contract facilities in Jakarta, Indonesia, and test the Indonesian rupiah stablecoin settlement system.
(Background: Institutional optimism for RWA continuing to explode in 2025, highlighting four key projects to watch)
(Additional context: What is RWA? How do real-world assets enter the DeFi ecosystem and transform traditional finance?)

Table of Contents

• Jakarta Pilot: 8 Water Treatment Facilities, $35 Million Fundraising
• $4 Trillion Funding Gap: How Can Blockchain Solve Infrastructure Financing Challenges?
• RWA Market Size: 245-Fold Growth in Five Years
• Indonesia: Southeast Asia’s Crypto Adoption Pioneer
• Next Stop for RWA Tokenization: Utilities and Infrastructure

Real-world asset (RWA) tokenization is expanding from real estate and government bonds into the infrastructure sector. Blockchain infrastructure company Global Settlement Network (GSN) recently announced plans to tokenize water treatment facilities in Southeast Asia, targeting a $200 million tokenized asset scale within the next 12 months.

Jakarta Pilot: 8 Water Treatment Facilities, $35 Million Fundraising

GSN, in partnership with Globalasia Infrastructure Fund, will focus on 8 government-contracted water treatment facilities in Jakarta, Indonesia. The pilot project aims to raise approximately $35 million for facility upgrades and network expansion.

Mas Witjaksono, President of Globalasia Infrastructure Fund, stated that this project will test the Indonesian rupiah stablecoin settlement system in a controlled environment, with plans to gradually expand into broader foreign exchange trading scenarios.

$4 Trillion Funding Gap: How Can Blockchain Solve Infrastructure Financing Challenges?

According to data from GSN and Globalasia, Southeast Asia will need over $4 trillion in long-term water resource investments before 2040, far exceeding current expenditure levels. This massive funding gap presents an opportunity for RWA tokenization.

RWA tokenization involves minting financial or tangible assets on the blockchain to increase investor accessibility and create trading opportunities. By tokenizing water treatment facilities, infrastructure projects traditionally accessible only to large institutional investors could open up to a broader investor base.

RWA Market Size: 245-Fold Growth in Five Years

Tokenization of real-world assets is rapidly growing. Data shows that the total on-chain RWA has surpassed $21 billion, with over 629,000 holders.

Looking back over the past five years, RWA tokenization has evolved from an $85 million experiment into a $25 billion market, achieving a 245-fold increase. This growth is mainly driven by institutional demand for yields, transparency, and balance sheet efficiency.

BlackRock has launched tokenized government bond products, while Figure Technologies has tokenized billions of dollars in private credit. Bitwise predicts that the tokenized RWA market could reach $50 billion by 2025.

Indonesia: Southeast Asia’s Crypto Adoption Pioneer

Notably, Indonesia has been at the forefront of cryptocurrency adoption in Southeast Asia. With a population of 270 million, crypto investors increased from 11.2 million in 2021 to 16 million, with a nationwide crypto investment penetration rate of about 5.7%, higher than the global average of 4%.

The Indonesian central bank is also actively exploring digital currency. In October 2025, it announced plans to issue a government-backed stablecoin, the “digital rupiah,” supported by government bonds.

GSN chose Indonesia as the first country for water treatment facility tokenization, likely due to the local acceptance of blockchain technology and the government’s openness to digital assets.

Next Stop for RWA Tokenization: Utilities and Infrastructure

From real estate, government bonds, and private credit to water treatment facilities, the applications of RWA tokenization are continuously expanding. With mainstream blockchains like Ethereum hosting over $120 billion in tokenized assets, and standards like ERC-3643 designed for compliant assets maturing, the wave of tokenization in utilities and infrastructure may just be beginning.