RWA on-chain hits record-high, surpassing $29b in value

RWA has reached a milestone, reaching a record-high total value amounting to $29 billion. With the rise of private credit and stocks, the number jumped $3 billion within the span of just one month.

Real-world assets or RWA are close to reaching $30 billion with the recent rise in private credit and stocks going on-chain. The total value of tokenized assets have gone up by 8.24% in the past month, with the number of holders going up by 9.45% in the same period of time.

According to data from RWA.xyz, combined with the total stablecoin value, tokenized assets on-chain have reached over $308 billion.

The majority of tokenized assets is still dominated by private credit, which makes up more than $16.7 billion alone. Meanwhile, the second largest group is represented by U.S treasury debt. Contributing around a quarter of the total RWA value, U.S. treasury debt amounts to $7.4 billion on-chain.

A new contender in the ring, which only recently exploded in value this year are on-chain stocks. According to the recorded data, stocks now make up $568 million of RWA value on-chain. At the end of 2024 the number was still at $378 million, rising by nearly $200 million in the past nine months.

This surge could be due to new product offerings on-chain, such as Backed-powered xStocks which brings on-board more than 60 U.S. stocks from Nasdaq, including major corporations such as Tesla, NVIDIA, Google, Circle, and more.

Coincidentally, the market capitalization of RWA tokens also reached a new high as it jumped from about $67 billion to nearly $76 billion over the past week. The RWA tokenization market has been predicted to reach $18.9 trillion in the next eight years, according to a report by Ripple and Boston Consulting Group.

According to the data, the biggest contributors to the rise to trillions would be stablecoins and real estate ownership.

Does RWA value count as real value?

The increase in tokenized real-world assets has long-been an ongoing debate in the crypto community, specifically about whether their full value can truly be represented on a blockchain.

In March 2025, the surge in total value locked to a new all-time high sparked an argument between several crypto figureheads. Joe Carlasare, an attorney from SmithAmundsen and long-time Bitcoin advocate, argued that real-world assets cannot be represented on-chain in a complete sense.

According to Carlasare, what exists on the blockchain is really just a digital record or an IOU of the real asset. The record on-chain shows that the holder has a claim to an asset, but not the asset itself.

In response, Co-Founder and former CEO of CoinRoutes, Dave Weisberger said that although physical asset’s value cannot be transferred on-chain, the title to said asset could be. Which means that the provenance of the asset can be proven with on-chain ownership rather than a piece of paper.

Carlasare disagrees, saying that the issue of titles can be solved without a blockchain. He believed that it is still necessary for courts to verify the value of real-world assets because essentially the value represented on-chain is just a promise that still needs to have court enforcement to be fully realized.