RWA Tokenization Market Grows 420% Since 2025
BITmarkets Team
May 01, 2026
Data from RWA.xyz shows the market rising from approximately $5.8 billion on Jan. 1, 2025, to over $30.2 billion as of Wednesday. Tokenized US Treasurys led the growth, increasing from $3.9 billion to more than $15 billion, followed by commodities.
Dominick John of Zeus Research said the surge has been largely fueled by tokenized Treasurys, which provide compliant onchain access to real-world yield and effectively position blockchain infrastructure as a distribution layer for institutional capital.
“Expansion into tokenized funds and equities has materially increased the addressable market. This points to a shift from speculative inflows toward yield-driven capital,” he said. “Tokenized commodities like gold have gained traction, particularly amid heightened volatility from ongoing geopolitical tensions, as 24/7 markets unlock continuous liquidity and global access when traditional venues are closed,” the analyst added.
Institutional adoption and regulatory clarity
Tokenization has become a key driver of institutional interest in blockchain and digital assets over the past year. Cathie Wood’s ARK Invest projects that digital assets could grow into a $28 trillion market by 2030, with Bitcoin, decentralized finance, stablecoins, and tokenized RWAs playing central roles.
Regulatory developments have also contributed to the sector’s growth. A report from CoinGecko highlighted that frameworks such as Europe’s Markets in Crypto-Assets Regulation have encouraged institutional participation and capital inflows.
CoinGecko researchers Zhong Yang Chan and Yuqian Lim noted that earlier growth in the sector was largely driven by speculation, but recent progress reflects more tangible development. “However, the RWA sector has finally started to take shape from 2024 onward. Regulatory clarity has enabled major TradFi institutional players to dip their toes in. As early experiments paved the way by turning into best practices and playbooks, the pace of tokenization has noticeably accelerated,” they said.
Major financial institutions have also entered the space. BlackRock launched its USD Institutional Digital Liquidity Fund (BUIDL) in March 2024, offering onchain exposure to short-term US government debt. Fidelity followed in September 2025 with its Fidelity Digital Interest Token (FDIT).
“2025 has proven to be a watershed year for RWAs. For both crypto-native and traditional players, competition within the RWA and tokenization stack has intensified, with issuers now differentiating on regulatory standing, asset coverage and distribution reach,” Zhong and Yuqian added.
Future growth may depend on broader adoption
While tokenized Treasurys and commodities have driven much of the recent expansion, future growth in the RWA sector may depend on broader adoption across additional asset classes.
According to Dominick John, growth remains strong as Treasurys continue attracting institutional capital, though the pace of expansion could begin to moderate as initial demand is absorbed. “The next leg higher depends on whether tokenized equities, funds and private credit scale meaningfully.”
Sources:
https://cointelegraph.com/news/tokenized-rwa-market-cap-spiked-in-the-last-15-months
https://www.coingecko.com/research/publications/rwa-report-2026