Tokenized real-world assets, excluding stablecoins, have grown roughly tenfold in three years, and the mix is getting more interesting
Tokenized assets, not counting stablecoins, now carry an onchain market value of $46.1 billion. Three categories make up 66% of that: T-bills, yield strategies, and credit funds.
Data from Token Terminal dated October 25, 2026, puts the figure slightly higher, at $46.3 billion. That reflects growth of approximately 920% over the past three years.
What’s actually onchain
US Treasury bills remain the single largest category, at $13.3 billion. It works out to less than one-third of the total market.
Yield strategies come next at $11.6 billion. Credit funds follow at $5.7 billion.
Those three categories together account for the 66% figure. Gold adds another $5.1 billion on top.
Not everyone counts the same way, though. rwa.xyz reported a distributed RWA value of nearly $39 billion in late October 2026.
The gap between that number and Token Terminal’s comes down to methodology. Different trackers draw the boundaries around “tokenized asset” in slightly different places.
Ethereum still runs the venue
On the infrastructure side, Ethereum holds the largest share of tokenized real-world assets. Its share often exceeds 50%.
BNB Chain, Solana, and Stellar trail behind.
Only around 14% to 15% of tokenized RWA value is deployed in DeFi.
How we got here
Treasuries now account for less than one-third of the total. Issuers and buyers appear more comfortable putting riskier, more complex products onchain, including private credit and structured yield strategies.
Firms such as Morgan Stanley have suggested the industry could reach multi-trillion-dollar potential by 2030.
What this means
A market where yield strategies and credit funds together rival Treasuries is a different animal. Private credit and structured yield products bring higher returns, but also more complexity, with harder questions about underlying collateral, valuation, and liquidity during stress.
The measurement gap between Token Terminal and rwa.xyz is also worth tracking. Roughly $7 billion of disagreement over what counts suggests the sector still lacks shared definitions.
