On-chain real-world asset market growth

The market for on-chain tokenized real-world assets (RWAs) has seen significant growth and expansion. Early reports indicated the sector had surpassed $46.2 billion in market capitalization, including instruments such as treasuries, equities, and credit funds. Within this landscape, the Stellar network emerged as the third-largest blockchain by RWA market capitalization, holding $3.3 billion in assets, driven largely by the Spiko-issued Amundi overnight swap fund and Ondo Finance’s USDY token.

Subsequent analysis by Binance Research highlighted an 85.2% increase in on-chain RWA assets under management since the beginning of the year, reaching $34.18 billion as of mid-September. Bonds and money market funds represent the largest segment at $18.29 billion, while equity-based RWAs experienced a surge of 390.4%.

Market maturity is being evaluated through new metrics: the Programmable Asset Ratio (PAR), which remains low at approximately 0.01%, and the Capital Activation Rate (CAR), which stands at about 12%. While private credit shows high utilization at 49.67%, researchers suggest the market is transitioning from simple asset issuance toward greater active financial utility on the blockchain.