Private credit and U.S. Treasuries lead the surge as new products, stablecoin demand, and emerging tokenized infrastructure drive on-chain growth.
The tokenized real-world assets (RWAs) market has crossed the $30 billion milestone in on-chain value, highlighting continued institutional and investor interest in the sector.
The milestone marks a 9% increase in total tokenized asset value over the past 30 days, according to data from RWAxyz. The number of unique asset holders also rose by 7% during the same period, reaching a total of 395,939. This is significantly higher than the 94,809 holders recorded in April, when the total on-chain RWA value reached $20 billion.
Private credit remains the largest segment of the tokenized RWA market, totaling nearly $17 billion in on-chain value. U.S. Treasury debt follows in second place, accounting for just over $7 billion. Figure Technologies leads tokenized private credit, followed by Tradable, a protocol launched on ZKsync Era in 2023, and asset manager Maple Finance.
Institutional adoption is driving much of this growth, experts say, as new and upgraded tokenized cash and Treasury products boost on-chain activity.
Major offerings like BlackRock’s BUIDL, Franklin Templeton’s BENJI, Ondo’s OUSG, and Fidelity’s ETH-based fund especially helped to push the RWA market past $30 billion, Nic Puckrin, CEO and founder at Coin Bureau, told The Defiant.
“The past couple of weeks saw new products and upgrades, and that clearly moved the needle: Fidelity’s ETH-based fund is already past $200M, and OUSG’s reserves keep climbing due to 4–5% yield, instant settlement, and tokens that are easy to move,” Puckrin said.
He explained that what’s pulling this along is a combination of real utility, attractive yields, and institutional validation. Puckrin added that as stablecoins expand, more of their reserves sit in Treasury bills, which naturally increases demand for tokenized cash products.
“What comes next may include more exchanges and custodians adding RWA tokens to their collateral lists, the rate path (cuts may lower yields but could expand real-world use cases on-chain), and clearer rules for stablecoins and fund tokens—opening the door for bigger treasuries, pensions, and corporates to step in,” Puckrin said.
RWAs have moved beyond experimentation
Kony, CEO of GAIB, emphasized that RWAs are moving beyond experimentation and becoming a core part of decentralized finance (DeFi).
He highlighted that while current growth is concentrated in tokenized Treasuries and credit markets, a new wave of tokenized infrastructure, including compute, energy, and other productive assets, is emerging.
A recent report from Dune and RWAxyz asserts that RWAs are moving beyond digital versions of traditional securities to key building blocks of DeFi. It also noted that tokenization’s “real breakthrough” is composability, or the ability to combine and reuse assets across different protocols.
Looking ahead, Kony believes that this next phase will make RWAs not only about yield, “but also about financing the backbone of new and rapidly growing industries, such as AI.”
Meanwhile, Matt Mudano, CEO of Arch Network, sees Bitcoin as the next frontier.
“It’s where the largest pool of idle institutional liquidity sits, yet it still lacks safe, sustainable yield opportunities,” Mudano said. “In DeFi, the competition for stablecoin yield is at an all-time high, while Bitcoin—the most widely held reserve asset among companies and sovereigns—has almost no access to equivalent products.”