Tokenized real-world assets hit $43B

The market for tokenized real-world assets just crossed $43 billion in total capitalization, up 37% over the past six months, according to Token Terminal. Six months ago the number was about $31 billion. Institutions are moving beyond pilot programs into production-scale tokenization.

Circle's USYC token, a treasury and fund product, sits at roughly $3 billion. BlackRock's BUIDL fund, the asset manager's tokenized money market vehicle, holds about $2.4 billion. Gold-backed tokens have carved a large niche. Tether's XAUT carries a valuation of roughly $2.6 billion. Paxos's PAXG sits at about $2 billion. Combined, those two gold tokens account for over $4.5 billion in commodity exposure.

Ethereum remains the primary blockchain for tokenized RWAs, holding an estimated 51-58% of the market. Earlier data pegged Ethereum's share closer to 57.8%. More recent estimates suggest it has slipped toward 51%.

The sector hit its tenth consecutive monthly record high in May 2026, when total market capitalization reached $28.9 billion. The jump from $28.9 billion to over $43 billion in roughly one month points to large-scale tokenization events or fund launches accelerating the trajectory, Token Terminal data show. The firm's tracking also indicates that the total underlying asset values eligible for tokenization remain vastly larger than the current $43 billion figure.

Tokenized settlement happens in minutes, not days, cutting counterparty risk for institutions. The 24/7 market access is another draw. Both advantages explain why asset managers like BlackRock and Circle are committing real capital, not just running tests.