Tokenized Real-World Assets Near $40B as Treasury Tokens Dominate

The total value of tokenized real-world assets hit $38.2 billion last week, according to data from RWA.xyz. The market is now within reach of the $40 billion threshold. Treasury products account for the largest slice, with $16 billion in on-chain value.

Circle's USYC fund leads the Treasury category at roughly $3 billion. BlackRock's BUIDL fund, Ondo Finance vehicles, Franklin Templeton's BENJI product, and funds from Janus Henderson and Invesco follow. These tokens are used as collateral in lending markets, a use case that has driven demand among institutional and retail participants alike.

Tokenized credit has grown to $7 billion across multiple assets. Commodities, mostly gold-backed tokens, contribute several billion dollars and have shown a pickup in transfer activity and active addresses. Tokenized equities have also gained traction, with monthly transfer volumes rising sharply and the number of holders climbing, according to the data. The tokenized QQQ product alone drove a large share of equity volume in July, a trend that has drawn new listings such as Bybit adding Meta and Tesla shares as tokenized equities.

Holder growth across the entire RWA sector has accelerated. The total number of unique holders now exceeds 1.7 million, up more than 50% in the past month alone. Activity is concentrated on networks that support both institutional and open distribution models, including Ethereum and Solana.

Treasury products still command the largest share of the market. The category's growth reflects a search for yield-bearing, stable collateral that can be used across decentralized finance protocols. Rising transfer volumes in credit, commodities, and equities suggest these assets are moving beyond passive issuance into active use as collateral, trading instruments, and yield sources.

The concentration of value in Treasury tokens also brings a potential risk: if the underlying funds face redemption pressure or regulatory changes, the entire on-chain ecosystem could feel the impact. For now, the market continues to diversify, and the $40 billion milestone is the next level investors are watching.

A broader shift toward tokenized assets could reshape settlement and collateral management in traditional finance. Several large asset managers have already signaled plans to expand their offerings, and the steady growth in holder numbers points to deepening adoption.