Tokenized RWA Market Surpasses $43 Billion

The market for tokenized real-world assets (RWAs) continues to expand despite broader weakness across cryptocurrency markets, with the value of blockchain-based financial assets rising 37% over the last six months as more traditional investment products move onto distributed ledger infrastructure.

Data from Token Terminal shows that tokenized assets now represent more than $43 billion in value. This estimate exceeds figures reported by other industry trackers, including RWA.xyz, which currently values the sector at under $33 billion. The difference is likely due to varying methodologies, with Token Terminal including a wider range of tokenized financial products in its calculations.

Tokenized funds remain the dominant segment of the market, accounting for nearly 80% of total capitalization. Commodities represent the second-largest category at 16.6%, while tokenized equities account for approximately 3.8% of the market.

Ethereum maintains leadership as ecosystem diversifies

Ethereum continues to serve as the primary blockchain for tokenized assets, hosting 57.8% of the sector’s total value. However, activity is gradually spreading across other networks. BNB Chain currently accounts for 8.5% of tokenized assets, followed by zkSync Era with 7.5%, XRP Ledger with 5.8%, and Stellar with 5.4%. The distribution highlights the growing diversification of tokenization infrastructure beyond Ethereum.

Among issuers, Sky leads the market with approximately $6.1 billion in tokenized assets. Securitize and Ondo Finance follow, each managing roughly $3.6 billion in tokenized products, according to Token Terminal.

Tokenization expands beyond treasury products

Tokenization has increasingly attracted attention from major financial institutions as blockchain technology becomes more integrated into traditional finance. Earlier this week, Standard Chartered initiated coverage of Uniswap and suggested the platform’s UNI token could increase significantly in value by 2030 as more financial assets migrate onchain. The bank also forecasts the decentralized finance sector could grow to $2.7 trillion over the same period, largely driven by the adoption of tokenized financial products.

Citigroup has similarly expressed optimism about the sector, projecting that tokenization could reach $5.5 trillion by 2030 under its base-case scenario and as much as $8.2 trillion in a more bullish outcome. According to Citi, the industry is beginning to move beyond the experimental phase as regulatory clarity improves. The bank identified initiatives by organizations such as the Depository Trust & Clearing Corporation (DTCC), the New York Stock Exchange and Nasdaq to incorporate tokenization into issuance processes as important growth catalysts.

While tokenized funds and private credit remain the largest categories, tokenized stocks are gaining momentum through platforms such as Ondo Markets and xStocks. This reflects a broader evolution of the sector, with asset tokenization expanding into a wider range of investment products. “2026 marks RWA tokenization’s maturation from a Treasury-dominated narrative into a diversified yield ecosystem,” Binance Research said in a report earlier this month.

As adoption continues to broaden across asset classes and financial institutions, tokenization is increasingly being viewed as a key component of the future financial infrastructure.

Sources:

https://www.citigroup.com/rcs/citigpa/storage/public/Citi_Institute_GPS_Report_Tokenization_2030.pdf

https://cointelegraph.com/news/tokenized-rwa-market-tops-43b-wall-street-pushes-deeper-onchain

https://x.com/tokenterminal/status/2066593617892790394/photo/1

https://x.com/fintechfrank/status/2066564879901712879