Tokenized real-world assets continue to grow even in a weak crypto market. According to analysts, the value of financial instruments moved to the blockchain has already exceeded $43 billion.
Over the past six months, the market has grown by 37%. This shows that interest in tokenization is not only driven by crypto speculation. Major financial players are increasingly considering blockchain as infrastructure for funds, commodities, stocks, and credit products.
The Market Is No Longer Debating the Idea Itself
Until recently, RWAs were seen as an experimental niche. Now the question is different: which assets will move to the blockchain faster and who will become the main infrastructure player.
Growth is happening against the backdrop of overall crypto market weakness. This is an important contrast. While many tokens are losing investor interest, tokenized financial products continue to attract capital.
For institutions, the logic is clear. Blockchain can speed up settlements, simplify asset movement, increase transparency, and open new ways to work with liquidity. That is why tokenization is gradually moving out of the testing stage.
Analyst Estimates Differ Due to Methodology
Data on market volume varies between services. Token Terminal estimates the segment above $43 billion, while RWA.xyz gives a more cautious figure, below $33 billion.
The difference is most likely due to the fact that platforms calculate the market differently. Some include a broader set of tokenized financial assets, while others limit themselves to classic RWA categories.
This is a normal situation for a fast-growing segment. While the market is forming, there is no single standard for whether to count individual funds, stablecoins, private credit products, stocks, and instruments with limited liquidity.
Funds Have Become the Market Foundation
The main share of tokenized assets is still concentrated in funds. They account for almost 80% of total capitalization, making this segment the main source of growth.
Commodity assets take second place with a share of about 16.6%. Tokenized stocks are still much smaller, about 3.8%, but they could become one of the main directions of the next stage.
This structure is understandable. Funds are easier to move to the blockchain because they already have a clear model for accounting, storage, and data disclosure. Stocks and credit instruments are more complicated: there are more legal restrictions, investor requirements, and liquidity questions.
Ethereum Leads, but the Market Is Already Distributing
Ethereum remains the main network for tokenized assets. It accounts for 57.8% of the segment’s value, according to analysts. But its dominance no longer looks complete. This indicates a gradual expansion of the market beyond a single network.
For issuers, choosing a blockchain is becoming a strategic decision. Not only security and liquidity matter, but also fees, audience, wallet compatibility, access to DeFi, and infrastructure readiness for institutional products.
Major Issuers Have Moved Beyond Testing
Token Terminal names Sky as the leading issuer, with about $6.1 billion in tokenized assets. Next are Securitize and Ondo Finance. Each of these platforms has about $3.6 billion.
These figures are important because this is no longer about pilot programs. The market has reached a level where individual issuers manage billions of dollars in tokenized instruments.
This scale changes the perception of RWAs. It is no longer an experiment for crypto startups, but part of the infrastructure that companies at the intersection of traditional finance and blockchain are starting to use.
Treasury Bonds Are No Longer the Only Story
The first stage of the RWA market was largely built around short-term US Treasury bonds. This was the easiest asset to tokenize: reliable, profitable, and understandable for institutional investors.
Now the structure is becoming broader. Funds, commodities, stocks, private lending, and other products are moving to the blockchain. Binance Research previously noted that in 2026, the market is shifting from a story about treasury instruments to a more diverse yield ecosystem.
This is an important shift. The more asset classes appear on the blockchain, the closer tokenization comes to a full-fledged financial market, not just a narrow niche for money market funds.
Banks Expect Growth to Trillions of Dollars
Major banks are already laying out a trillion-dollar scenario. Citigroup estimates that the tokenization market could reach $5.5 trillion by 2030 in the base case. In a stronger scenario, the bank allows for growth to $8.2 trillion.
This forecast is based on several conditions. Regulatory clarity is needed, participation of major financial platforms, and integration of blockchain into asset issuance and circulation processes.
Among possible catalysts, Citi highlights DTCC, the New York Stock Exchange, and Nasdaq. If such players start embedding tokenization into core infrastructure, the market will reach a completely different scale.
DeFi Could Become the Main Beneficiary
Standard Chartered links the growth of tokenization to the future of decentralized finance. The bank recently began covering Uniswap and suggested that UNI could grow significantly by 2030 if tokenized assets start moving to the blockchain more actively.
The logic is clear. If real financial assets appear on-chain, they need liquidity, exchange, lending, collateral management, and settlement infrastructure. All this is in the DeFi zone.
According to Standard Chartered’s forecast, the decentralized finance sector could grow to $2.7 trillion by 2030. One of the main factors for such growth should be tokenized financial products.
Stablecoins Remain an Undervalued Part of the Picture
Stablecoins are often not included in tokenization statistics. But in fact, they have already become the most widespread example of transferring monetary claims to the blockchain.
Citi believes that stablecoins could become one of the main elements of future growth. They are already used as the settlement layer of the crypto market and can perform the same function for tokenized funds, stocks, and credit products.
If stablecoins become more deeply connected with regulated assets, the market will get a more convenient settlement infrastructure. This could accelerate the transition of traditional instruments to the blockchain.
Tokenized Stocks Are Just Beginning to Grow
Stocks still occupy a small share in the RWA segment, but interest in them is increasing. Platforms like Ondo Markets and xStocks are developing products that provide access to public securities through the blockchain.
For investors, this could mean fractional ownership, a longer trading window, and integration with DeFi. But along with this come complex questions: holder rights, jurisdictions, transfer restrictions, and redemption procedures.
Therefore, tokenized stocks will develop more cautiously than funds or treasury instruments. But if the regulatory base becomes clearer, this segment could quickly gain weight.
What’s Next?
The tokenized asset market has already passed the stage of small experiments. A volume above $43 billion, 37% growth in six months, and the emergence of issuers with billions of dollars show that institutional interest is becoming systemic.
The next stage depends on infrastructure. If banks, exchanges, depositories, and asset managers continue to implement tokenization, the market can move from tens of billions to trillions of dollars.
The main takeaway is simple. RWAs are no longer limited to Treasury bonds. Funds, commodities, stocks, stablecoins, and DeFi are gradually forming a new financial infrastructure. And the more actively institutions join this process, the faster tokenization moves from a crypto niche to the traditional market.
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