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RWA Foundation reports $6.2 billion tokenized credit market as holders climb 12.1%
The sector's market cap dipped 2.8% last quarter, but more wallets than ever piled into onchain credit products
Tokenized credit just had a strange quarter. The money got slightly smaller, while the crowd got noticeably bigger.
The RWA Foundation reports that the tokenized credit market now carries a $6.2 billion onchain market cap and assets under management. Its Q3 2026 report, built with Token Terminal, puts the precise figure at $6.17 billion as of October 1, 2026.
That is down 2.8% from $6.35 billion on July 3. Meanwhile, unique holder addresses rose 12.1% to 28,840.
Inside the Q3 numbers
The report, published October 4, 2026, maps a sector that is spread out but still compact. It counts 64 distinct assets from 13 issuers across 16 different blockchains.
The report relies on Token Terminal data covering circulating market cap and AUM for tokenized credit. That methodology matters, because it measures what is actually live onchain rather than announced pipelines.
Maple’s odd quarter, and the new climbers
Maple Finance posted the biggest drop in the sector, shedding $402.7 million in market cap. On its own, that number explains most of the industry-wide decline.
Yet Maple also delivered the most new holders. It added 2,160 addresses, which accounted for about 69% of the sector’s net holder growth.
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On the other side of the ledger, Hastra and USDai had a strong quarter. Together the two issuers added $372.5 million in market cap.
The top growth assets over the past 90 days tell the story in more detail:
- Hastra’s PRIME: up $195.9 million
- USDai’s sUSDai: up $176.7 million
- Maple’s syrupUSDG: up $135.6 million
Who controls the market
Concentration remains the defining feature of tokenized credit. Two issuers hold more than 60% of the market between them.
Here is how the issuer leaderboard looks, per the report:
- Tradable: 36.9%
- Maple Finance: 23.5%
- Centrifuge: 9.9%
- Hastra: 9.6%
- USDai: 7.6%
- Securitize: 6.2%
Why the holder count matters more than the dip
The RWA Foundation’s findings suggest participant engagement is growing, pointing toward broader adoption and diversification in the tokenized real-world asset space.
The foundation’s data also fits a wider pattern it and other analysts have been tracking. More institutions may be exploring tokenized assets for credit and related financial services.
What this means for the sector
With Tradable and Maple holding more than 60% of the market, trouble at either issuer would ripple across the whole sector’s numbers.
Fragmentation is the other risk to monitor. Sixty-four assets across 16 chains means liquidity is spread thin, which can make larger entries and exits harder than headline market cap implies.
The growth in holder addresses is encouraging, but it comes with a caveat. Addresses are not people, and one participant can control many wallets, so the figure is a directional indicator rather than a precise user count.