Tokenized asset market tops $43B as institutions accelerate blockchain adoption

The market for tokenized real-world assets (RWAs) continues to expand despite broader weakness in crypto markets, with the value of onchain financial assets climbing 37% over the past six months as traditional financial products migrate onto blockchain rails.

According to Token Terminal, tokenized assets now exceed $43 billion in market value, a larger figure than 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 including a broader range of tokenized financial assets.

Tokenized funds dominate the sector, accounting for nearly 80% of total market capitalization. Commodities rank a distant second at 16.6%, followed by tokenized stocks at 3.8%.

Source: Token Terminal

Ethereum remains the leading blockchain for tokenized assets, hosting 57.8% of 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 at $3.6 billion each, according to Token Terminal.

Related: Crypto Biz: SpaceX fuels tokenization’s next boom

Tokenization moves beyond Treasurys

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 projects the decentralized finance sector will grow to $2.7 trillion over the same period, driven largely by the expansion of tokenized financial products.

Source: Frank Chaparro

Citigroup has also turned bullish on tokenization, projecting that the market will reach $5.5 trillion by 2030 in its base case and up to $8.2 trillion in a bull scenario. 

The bank argues the industry is moving beyond the pilot stage as regulatory clarity improves. Citi identified the Depository Trust & Clearing Corporation, the New York Stock Exchange and Nasdaq integrating tokenization into core issuance processes as key catalysts for growth.

Stablecoins, often excluded from tokenization metrics, are expected to be a major driver of sector growth. Source: Citi

While tokenized funds and private credit continue to dominate the market, tokenized equities are gaining traction 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 more diversified.

“2026 marks RWA tokenization’s maturation from a Treasury-dominated narrative into a diversified yield ecosystem,” Binance Research said in a report earlier this month.

Related: JPMorgan, Citi-backed Clearing House plans tokenized deposit network in 2027: WSJ