Tokenized RWA Market Surpasses $50 Billion
BITmarkets Team
May 27, 2026
Private credit accounted for around 44% of the total RWA market value, reflecting increasing adoption of blockchain infrastructure for lending products and investment fund structures. The $51 billion estimate is notably higher than figures reported by platforms such as RWA.xyz, which places the market closer to $34 billion, highlighting differences in how analytics providers measure tokenized assets.
Institutional participation continues to grow through tokenized lending and investment vehicles, including BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which Bernstein said has surpassed $2.5 billion in assets.
Private credit becomes dominant force in tokenized assets
Tokenized private credit has developed into one of the largest RWA categories by enabling loans to be recorded and managed on blockchain networks rather than through traditional banking infrastructure. These loans are generally issued outside conventional banks, with investors directly funding borrowers in exchange for yield.
According to Bernstein, much of the growth in onchain private credit has been driven by Figure Technology Solutions (FIGR), which uses blockchain systems for loan origination and settlement. Figure ranked as the largest tokenized RWA platform, managing approximately $18 billion in assets, much of which is linked to private credit.Meanwhile, Securitize and Paxos followed with around $4.2 billion each across categories including Treasurys, commodities and equities.
The report noted that Figure has tokenized around $5 billion in consumer loans so far in 2026, while monthly loan volumes reached a record $1.3 billion in April. It also stated that Connect, Figure’s blockchain-based credit marketplace, contributed 56% of total loan activity during the first quarter.
Blockchain increasingly acts as infrastructure for capital markets
Industry participants suggest the broader significance extends beyond private credit rankings. Ross Shemeliak, co-founder of Stobox, said: “Private credit is becoming one of the fastest-growing sectors in real-world assets because it solves two major problems at once: investors want yield, and businesses need capital.”
Shemeliak added that while tokenized US Treasurys represented one of the first major institutional successes in the RWA market, private credit may offer higher returns and closer ties to real economic activity. He also noted that RWA measurement methods have evolved significantly, with some analytics platforms historically undercounting private credit due to structures involving custodians, special purpose vehicles and hybrid onchain-offchain systems.
“The bigger story is not whether private credit is number one today,” Shemeliak said, adding: “The real story is that blockchain is quietly becoming the infrastructure layer for global capital markets.”
Tokenized Treasurys and derivatives continue expanding the RWA ecosystem
Outside private credit, tokenized US Treasury products remain the second-largest RWA category, representing around 30% of the market, while commodities account for roughly 14%, according to Bernstein. The report also highlighted rising activity in onchain RWA derivatives, particularly through decentralized exchange Hyperliquid, which Bernstein described as a leading venue for RWA-based derivatives trading.
According to the report, RWA-related open interest on Hyperliquid reached $2.6 billion in May, while trading volumes totaled approximately $65 billion in April 2026. The continued growth suggests tokenization is expanding beyond niche asset classes and increasingly integrating with broader institutional finance and capital market infrastructure.
Sources:
https://cointelegraph.com/news/rwa-market-cap-51-billion-tokenized-private-credit-bernstein
