Tokenized real-world assets reach $46B market value

The market for tokenized real-world assets (RWAs) has seen significant growth, with valuations estimated between $32 billion and $46.2 billion. US Treasury bills have emerged as a primary driver of this sector, representing approximately $15 billion to $16.5 billion of the total market value.

Fixed income assets dominate the landscape, accounting for more than half of the total market. While institutional capital is heavily concentrated in US Treasuries, equities represent the smallest asset class by value at roughly $2.5 billion, yet they maintain the largest number of individual holders. Credit assets comprise about $7.6 billion and serve as the primary collateral for RWA lending.

Ethereum remains the leading blockchain for tokenized assets, hosting approximately $17.3 billion in value. Stellar has also seen notable growth, rising to the third-largest blockchain by RWA market capitalization with roughly $3.3 billion in assets. Key institutional participants driving this trend include BlackRock, Franklin Templeton, and Ondo Finance.