The market for tokenized real-world assets (RWAs) is rapidly expanding, with recent data showing that the total value of tokenized assets recorded on public blockchains has reached approximately $293 billion as of mid-2025, according to RWA.xyz. This figure includes stablecoins, which account for around $267 billion of the total value. Tokenized real-world assets, excluding stablecoins, make up approximately $26.5 billion of this total. Analysts suggest that the RWA tokenization market could surpass $16 trillion by 2030, driven by continued innovation in financial infrastructure and the increasing integration of real-world assets onto blockchain platforms.
Tokenized U.S. Treasuries have emerged as a major segment in this space, with their value rising sharply in a high-interest-rate environment. These instruments now total close to $7.3 billion, with BlackRock’s BUIDL fund representing the largest share at around $2.4 billion. Franklin Templeton’s BENJI fund contributes approximately $700 million, while other leading issuers include Ondo’s OUSG and several other tokenized Treasury vehicles such as USYC, JTRSY, and USTB. The growth of these tokenized Treasury products reflects investor demand for yield capture and settlement efficiency, particularly as institutional players increasingly adopt blockchain-based financial tools.
The tokenization of short-term debt has gained momentum in 2025, with tokenized Treasury and money-market mutual fund assets rising nearly 80% year to date. This growth has been driven by the appeal of tokenized funds as yield-generating alternatives to traditional stablecoin structures. BlackRock and Franklin Templeton’s participation in this space underscores how traditional financial institutions are leveraging tokenization for capital markets operations beyond experimental stages. These tokenized funds are particularly attractive as they offer both liquidity and yield, addressing a key demand in the current financial landscape.
Stablecoins remain a dominant component of the RWA ecosystem, with over $267 billion in value and more than 189 million holders globally. The widespread adoption of stablecoins has created a structural bid for short-term U.S. government securities, strengthening the connection between on-chain activity and traditional financial markets. This dynamic has important implications for stablecoin regulation, as policymakers assess the systemic role of these digital assets in funding markets.
Beyond stablecoins, the tokenization of real-world assets is diversifying into other categories, including private credit, institutional funds, commodities, and corporate debt instruments. While Ethereum remains the leading blockchain for RWA tokenization—accounting for more than half of the non-stablecoin RWA share—other networks such as ZKsync, Solana, Stellar, and Aptos are also capturing portions of issuance. These developments highlight tokenization’s role as both a settlement infrastructure and a means of structuring regulated financial products on public blockchains.
Institutional adoption has accelerated as traditional financial actors explore the benefits of blockchain-based solutions, including settlement portability and collateral efficiency. While not all initiatives occur on public blockchains, the development of tokenized rails demonstrates the convergence of traditional finance and crypto-native products around shared operational mechanisms. This integration is reshaping how capital is allocated and managed, with tokenized assets now functioning as a live component of global financial infrastructure rather than a speculative frontier.
The current trajectory of the RWA tokenization market suggests that it is evolving beyond a conceptual framework into a functional financial infrastructure. This shift is being supported by both retail and institutional demand, with tokenized assets increasingly serving as yield-bearing instruments and settlement tools. Analysts project that the RWA tokenization market will continue to grow at a rapid pace, with the potential to reach $16 trillion by 2030 if regulatory and technological barriers are effectively addressed.
Source: [1] Tokenized assets near $300 billion as Wall Street quietly floods on-chain (https://cryptoslate.com/tokenized-assets-near-300-billion-as-wall-street-quietly-floods-on-chain/) [2] RWA.xyz | Analytics on Tokenized Real-World Assets (https://app.rwa.xyz/) [3] Tokenize Everything, But Can You Sell It? RWA Liquidity (https://arxiv.org/html/2508.11651v1)
