Tokenized RWA Market Tops $43B, According to Token Terminal

The market for tokenized real-world assets (RWAs) continues to expand despite broader weakness in crypto markets, with the value of onchain financial assets climbing sharply over the past six months as traditional financial products migrate onto blockchain rails.

According to Token Terminal, tokenized assets now exceed $43 billion in market value, up roughly 37% over the past 180 days.

The figures exceed those reported by other industry trackers, most notably RWA.xyz, which values the combined RWA market at less than $33 billion. The discrepancy likely reflects methodological differences, with Token Terminal including a broader range of tokenized financial assets.

Tokenized funds dominate the sector, accounting for nearly 80% of total market capitalization. Commodities rank a distant second at 16.6%, followed by tokenized stocks at 3.8%.

Source: Token Terminal

Ethereum remains the leading blockchain for tokenized assets, hosting 57.8% of total value. BNB Chain accounts for 8.5%, followed by zkSync Era (7.5%), XRP Ledger (5.8%) and Stellar (5.4%), reflecting the sector’s gradual expansion beyond Ethereum.

Sky is the largest issuer with $6.1 billion in tokenized assets, followed by Securitize and Ondo Finance at $3.6 billion each, according to Token Terminal.

Related: Crypto Biz: SpaceX fuels tokenization’s next boom

Tokenization moves beyond Treasurys

Tokenization has gained mainstream attention as major financial institutions embrace blockchain-based infrastructure. Earlier this week, Standard Chartered initiated coverage of Uniswap, arguing that the decentralized exchange’s UNI token could appreciate 40-fold by 2030 as tokenized assets increasingly migrate onchain.

The bank projects the decentralized finance sector will grow to $2.7 trillion over the same period, driven largely by the expansion of tokenized financial products.

Source: Frank Chaparro

Citigroup has also turned bullish on tokenization, projecting that the market will reach $5.5 trillion by 2030 in its base case and up to $8.2 trillion in a bull scenario. 

The bank argues the industry is moving beyond the pilot stage as regulatory clarity improves. Citi identified the Depository Trust & Clearing Corporation, the New York Stock Exchange and Nasdaq integrating tokenization into core issuance processes as key catalysts for growth.

Stablecoins, which are often excluded from tokenization metrics, are expected to be a major driver of sector growth. Source: Citi

While tokenized funds and private credit continue to dominate the market, tokenized equities are gaining traction through platforms such as Ondo Markets and xStocks. The trend reflects a broader shift within the industry, with Binance Research recently concluding that RWA growth is becoming more diversified.

“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.

Related: JPMorgan, Citi-backed Clearing House plans tokenized deposit network in 2027: WSJ