The market for tokenized real-world assets (RWAs) continues to grow despite broader weakness in crypto markets, with the value of onchain financial assets rising sharply over the past six months as traditional financial products migrate to blockchain rails.
According to Token Terminal, tokenized assets now exceed a market value of $43 billion, an increase of approximately 37% in 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 covering a broader range of tokenized financial assets.
Tokenized funds dominate the sector, accounting for almost 80% of the total market capitalization. Commodities come in a distant second at 16.6%, followed by tokenized equities at 3.8%.
Source: Token terminal
Ethereum remains the leading blockchain for tokenized assets, hosting 57.8% of the 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 with $3.6 billion each, according to Token Terminal.
Tokenization goes beyond government bonds
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 expects the decentralized finance sector to grow to $2.7 trillion over the same period, largely driven by the expansion of tokenized financial products.
Source: Frank Chaparro
Citigroup has also become bullish on tokenization, expecting the market to reach $5.5 trillion by 2030 in a base case and up to $8.2 trillion in a bull scenario.
The bank states that the sector is moving beyond the pilot phase as regulatory clarity improves. Citi identified the Depository Trust & Clearing Corporation, the New York Stock Exchange and Nasdaq, which integrate tokenization into core issuance processes, as key catalysts for growth.
Stablecoins, which are often excluded from tokenization statistics, are expected to be a major driver of the sector’s growth. Source: Citi
As tokenized funds and private credit continue to dominate the market, tokenized stocks are gaining popularity 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 increasingly diversified.
“2026 marks the maturation of RWA tokenization from a sovereign-dominated narrative to a diversified yield ecosystem,” Binance Research said in a report earlier this month.
Related: JPMorgan and Citi-backed Clearing House plan tokenized deposit network by 2027: WSJ