Global Settlement Network, a blockchain infrastructure firm, is diving headfirst into the deep end of real-world assets with a new pilot to tokenize water treatment sites in Jakarta. The plan is to eventually scale this liquidity splash across Southeast Asia over the next 12 months, targeting $200 million in tokenized assets.
The initial phase targets eight government-contracted water treatment sites in Jakarta. The goal is to raise up to $35 million by minting these tangible assets on the blockchain, a process designed to increase investor accessibility and trading opportunities. The funds will be used to upgrade facilities and expand the local water network.
As part of the phased rollout, the firms plan to test rupiah-stablecoin settlement rails in controlled corridors before scaling up to additional foreign exchange corridors. Following the Jakarta pilot, the project aims to scale up to $200 million in tokenized assets across the region.
This initiative arrives as Southeast Asia faces a widening water infrastructure financing gap, with more than $4 trillion in long-term investment required by 2040. Mas Witjaksono, chairman of Indonesia-based Globalasia Infrastructure Fund, noted the project offers significant opportunities, as Indonesia has numerous major infrastructure developments and natural assets available for tokenization.
While some crypto executives predict the tokenized real-world asset (RWA) market will see significant growth in 2026—fueled by adoption in emerging economies—current data shows the sector is already substantial. Over $21 billion in RWA is estimated to be on-chain as of Thursday, across more than 629,528 holders, according to RWA.xyz.
The move also capitalizes on the region's crypto momentum. The APAC region was identified as the fastest-growing region for on-chain crypto activity in a recent Chainalysis report, with a 69% year-over-year increase in value received. Indonesia specifically was flagged as the second-largest market for on-chain value in the 12 months leading up to June 2025, boasting a 103% increase.
