Tokenized real-world asset market hits $46.3B as Treasuries lose their majority

The tokenized real-world asset market is now worth $46.3 billion, according to data from Token Terminal. The bigger news is what’s inside that number.

US Treasuries, long the default product for putting traditional finance on a blockchain, now account for less than one-third of the total.

What’s actually in the $46.3 billion

Token Terminal’s breakdown puts tokenized US Treasury bills at $13.3 billion. That is still the largest single category, but it has plenty of company.

Yield strategies come in at $11.6 billion, close behind. Credit funds add another $5.7 billion.

Real-world assets, or RWAs, are traditional financial instruments recorded as tokens on a blockchain. Think of a token as a digital receipt for something that lives off-chain. It could be a government bond, a slice of a credit fund or a share of stock.

The appeal is that these receipts can move, settle and plug into other software around the clock. A bank wire keeps business hours. A token generally doesn’t.

The numbers depend on who’s counting

Not every data provider agrees on how big this market is. Figures from rwa.xyz put the distributed on-chain RWA value, excluding stablecoins, at approximately $38–39 billion as of September–October 2026.

That is a meaningful gap from Token Terminal’s $46.3 billion. Estimates for tokenized Treasuries alone also vary, with recent reports ranging from $14 to $15 billion, compared with Token Terminal’s $13.3 billion.

The differences come down to methodology. Each tracker makes its own choices about what counts as a tokenized asset and how to measure it.

This matters for anyone using these figures to judge momentum. A headline number can shift by billions of dollars depending on which dashboard someone pulls up. Comparing growth over time only works when the same source is used each time.

Who’s building it

The issuer list reads like a mix of crypto-native protocols and Wall Street names. Major players include Sky, Securitize, Ondo Finance, Figure, BlackRock and Circle, the company behind the USDC stablecoin.

Assets remain concentrated among a relatively small group of these issuers.

Ethereum is the leading platform for tokenized RWAs. Its head start in decentralized finance, or DeFi, gives issuers an existing pool of applications where tokens can be used as collateral or traded.

Institutional interest has been a major driver of the market’s growth. On-chain activity around these assets has been rising, including more transactions inside DeFi applications.

Stocks and commodities join the party

Tokenized stocks have seen rapid growth. They now count an increasing number of holders, even though their total value remains below that of tokenized Treasuries.

That split tells an interesting story. Treasuries attract large, concentrated positions, likely from funds and treasuries parking cash. Tokenized equities appear to be drawing a wider base of smaller holders.

Tokenized commodities are also gaining ground.

What this means for the market

Banks have been bullish about where this is heading. Citi and Morgan Stanley have predicted massive expansion for tokenized assets, and bank forecasts suggest the RWA market may reach trillions of dollars by 2030.

Those projections hinge on regulatory clarity and continued improvements in infrastructure.

The data gap is the risk worth watching most closely. With Token Terminal and rwa.xyz reporting totals billions of dollars apart, the industry still lacks standardized metrics. Until that changes, investors should check which source a number comes from and what it includes before drawing conclusions.

Issuer concentration is another factor to monitor. A handful of firms hold much of the market, so operational or regulatory trouble at one of them could ripple across the sector.

The next signals to watch are whether non-Treasury categories keep gaining share, whether tokenized stocks convert their growing holder count into larger total value, and whether data providers move toward common definitions.