Tokenized Real-World Assets Hit $25B, DeFi TVL $3B

The market for tokenized real-world assets passed $25 billion in total market cap, a figure that reflects a 315% surge in Ethereum-based RWA tokens over the past year. Tokenized US Treasuries alone account for $16 billion, more than half the total.

BlackRock's BUIDL fund sits at the center of this growth with roughly $2.98 billion in assets under management. The fund's dominance underscores the institutional push into tokenized products. BlackRock's $2.5B Tokenization Bet: Risks and Catalysts covers that shift in detail.

The broader DeFi landscape tied to RWAs has reached $3 billion in total value locked, putting RWA protocols ahead of some decentralized exchange categories by that measure. Ethereum's RWA token market alone has grown to $17 billion, up from $4.1 billion a year earlier. Ethereum (ETH) profile tracks the chain's role in tokenization.

BNB Chain's RWA TVL has reached $3 billion, with $1 billion of that added in the first quarter of 2026.

Nearly $3 billion sits in a single fund. That concentration makes the fund's infrastructure a potential systemic point of failure. Regulatory uncertainty in key markets and open questions around smart contract vulnerabilities add to the risk profile.

BNB Chain added $1 billion in Q1 2026. That pace, if sustained, points to continued growth in tokenized assets.