The tokenized real-world asset sector has reached a historic high, with on-chain valuations now exceeding $34 billion. This represents a more than sixfold increase from the roughly $5.4 billion recorded at the beginning of 2025, according to aggregated data from multiple market trackers.
Ethereum continues to dominate this space, hosting approximately 60% of all tokenized RWA value, largely driven by institutional products like BlackRock’s BUIDL fund and Ondo Finance’s tokenized offerings. The most significant contributor remains tokenized U.S. Treasuries, which alone account for nearly $15 billion in assets under management.
Market estimates from various sources, including RWA.xyz and InvestaX, show the total value locked (excluding stablecoins) ranging from $29 billion to $31.4 billion by May 2026, with the most recent figures pushing past $33.99 billion when factoring in fresh inflows. This growth trajectory is supported by reports from Securitize and public endorsements from industry leaders like Coinbase CEO Brian Armstrong, who highlights tokenization as a critical area for financial system modernization.
The tokenized Treasury market has crossed a historic milestone of $15 billion in AUM, fueled by demand from stablecoin issuers, DeFi protocols, and institutional treasuries seeking on-chain exposure to T-bills. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has emerged as the flagship, surpassing $2 billion in AUM through its secure tokenization of U.S. Treasury bills and repurchase agreements.
Beyond Treasuries, the RWA spectrum has expanded to include commodities, private credit, and tokenized equities. Ondo Finance’s Global Markets platform has exceeded $1 billion in total value locked, becoming one of the fastest-growing tokenization products. Meanwhile, private credit platforms are tokenizing trade finance and SMEs loans, while niche assets like music royalties are also gaining traction, with over 700,000 distinct asset holders recorded.
Analysts project that if current adoption and regulatory clarity persist, the represented asset value behind these tokens could scale into the tens of trillions by 2030, cementing tokenized RWAs as a fundamental pillar of on-chain finance.