The tokenized RWA market slipped to $34.67B from a $35.2B peak as Treasury yields cooled, while equities surged 15% and JPMorgan's fund jumped 87% in 30 days.
The market for tokenized real-world assets pulled back from its all-time high this week, with distributed value slipping to $34.67 billion from the $35.2 billion peak hit July 10, according to rwa.xyz data. The $500 million drop came as tokenized U.S. Treasuries, the sector's biggest category, posted mixed weekly flows even as other corners of the market kept expanding.
Tokenized Treasuries carry $15.86 billion in distributed value, up 2.23% over 30 days but down on a weekly basis across several of the largest products. The average seven-day yield slipped to 3.30%, down 2.18% from the prior week.
Circle's USYC token leads the category at $2.96 billion, though it fell 1.45% over seven days and 3.65% over 30 days. BlackRock's BUIDL fund, issued through Securitize, holds $2.52 billion, down 12.22% weekly despite a 6.29% monthly gain. Ondo's USDY token sits at $2.16 billion. Franklin Templeton's iBENJI product holds $1.64 billion, and its BENJI token adds another $734.5 million.
JPMorgan's OnChain Liquidity-Token Money Market fund posted the sharpest gain among major treasury products. JLTXX, issued via Kinexys Digital, jumped 87.23% over 30 days to $809.7 million. Janus Henderson's Treasury Fund on Centrifuge holds $880.7 million. WisdomTree's WTGXX holds $764.9 million with a 3.50% yield. Superstate's USTB rounds out the top tier at $683.8 million, though it dropped 18.39% for the month.
Ethereum carries the largest share of tokenized treasury value at $7.1 billion, followed by BNB Chain at $4.7 billion and Stellar at $1.2 billion. Solana holds $997.2 million, Avalanche C-Chain holds $842.9 million, XRP Ledger holds $292.7 million, and SEI holds $259.2 million.
Outside the United States, tokenized debt hit $1.41 billion in distributed value, up 6.90% over 30 days. Spiko's EU T-Bills fund leads at $1.02 billion, up 2.97% weekly and 10.07% monthly. Cashlink's NRW1 token on Polygon holds $114.2 million. Libeara's suite of Asian money market funds trails behind, with ChinaAMC's HKD fund at $91.2 million and the A&I CAMC RMB fund at $72.7 million.
Tokenized equities and ETFs grew faster than any other category. Distributed value rose 15.10% over 30 days to $1.86 billion. Monthly transfer volume jumped 31.75% to $8.00 billion, and holders surged 75.71% to 671,490, even as monthly active addresses fell 22.04% to 168,368.
Figure's FGRS token leads the equity category at $211.2 million. Securitize Corp.'s SECZ token holds $162.6 million. xStocks' Strategy PP Variable token holds $125.8 million. Ondo's tokenized version of Circle Internet Group holds $99.7 million, and its tokenized iShares Core S&P 500 ETF holds $67.7 million. Ondo's Micron Technology token holds $42.1 million.
Tokenized commodities carry $4.48 billion in distributed value, down 3.88% over 30 days. Monthly transfer volume fell nearly in half, down 49.23% to $3.27 billion. Tether Gold and Paxos Gold remain the two largest gold-backed tokens.
Tokenized private equity and venture capital reached $2.13 billion, up 8.26% over 30 days. Securitize's Blockchain Capital III fund leads at $967.6 million. Ctrl Alt's Titan III Equity Token holds $300.1 million, and its Hera I Equity Token holds $280.1 million.
Tokenized credit carries $6.93 billion in distributed value, up 2.87% over 30 days, and $35.75 billion in represented value. Figure's HELOC Token on Provenance dominates the category and the entire RWA sector at $20.1 billion in represented value.
Bridgetower's DOM X Arizona Copper-Gold Project on Avalanche holds $11.06 billion in represented value. Maple's Syrup USDC token holds $1.22 billion. STOKR's Blockstream Mining Note 2 holds $759.6 million, and Centrifuge's Janus Henderson AAA CLO Fund holds $689.2 million.
Ranked by total value, Figure's HELOC Token tops the entire RWA market at $20.1 billion, followed by Bridgetower's copper-gold project at $11.06 billion. Circle's USYC and BlackRock's BUIDL hold the third and fourth spots. Tether Gold ($2.43 billion), Ondo's USDY ($2.16 billion), Paxos Gold ($1.80 billion), and Franklin Templeton's iBENJI ($1.64 billion) round out the top ten.
The July 10 peak and the subsequent pullback show how capital rotates between treasury products, equities, and credit instruments as yields shift week to week. Institutions from BlackRock to JPMorgan to Franklin Templeton continue launching competing products, while newer entrants like Bridgetower's mining-backed credit note demonstrate that tokenization is expanding beyond government debt and gold into structured credit and real assets.
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