Tokenized RWA Sector Nears $40B as Treasury Debt Dominates

The tokenized real-world asset (RWA) sector has pushed through another milestone. Total value locked hit $38.17 billion on Sunday, putting the market within striking distance of $40 billion, according to rwa.xyz data.

The sector has largely coalesced around government debt, and Treasury products lead with a wide margin. U.S. Treasury debt accounts for $16.21 billion in TVL across 87 products and 63,010 holders. Circle USYC sits at the top with $3 billion, followed by BlackRock's BUIDL fund at $2.68 billion and Ondo's U.S. Dollar Yield fund at $2.14 billion. Franklin Templeton's iBENJI holds $1.72 billion.

Total asset holders jumped 56.18% over the past month to 1.7 million, rwa.xyz data show. The investor base has doubled in size since mid-2025. Transfer volumes tell a similar story.

Tokenized stocks are seeing the most dramatic activity. Distributed value in that subsector climbed 5.1% to $2.37 billion, while monthly transfer volume exploded 138.45% to $20.72 billion. Monthly active addresses, however, fell 16.36% to 355,222. Holders surged 117.93% to 1.09 million, suggesting new positions are accumulating rather than being traded actively. Coinbase said Tuesday it would launch 1:1-backed tokenized U.S. stocks on its platform, with automatic dividends and no settlement delays.

Tokenized commodities are also gaining ground. Distributed value reached $4.88 billion, up 4.07%. Monthly transfer volume advanced 6.76% to $4.95 billion. Active addresses jumped 124.42% to 84,505. Tether Gold rules the category, according to rwa.xyz.

Credit products tell a different story. Distributed value in tokenized credit climbed 1.63% to $7.30 billion, while represented value swelled 3.65% to $36.77 billion. The subsector now spans 2,543 assets and 191,745 holders. Syrup USDC sits at the top.

Non-U.S. government debt is moving in reverse. Distributed value fell 7.78% over the past 30 days to $1.28 billion across 24 assets and 10,111 holders. Spiko's EU T-Bill fund controls the largest share.

The $40 billion level, if breached, would mark another leg in an expansion that has already drawn institutional issuers and mainstream platforms. BlackRock, Ondo, Franklin Templeton, and Janus Henderson all have live products. The broader question is how fast onchain infrastructure scales to support the next wave of holders and transfer volumes. Coinbase's move into tokenized equities suggests the major platforms expect demand to accelerate.

For now, the numbers are still rising. Rwa.xyz data show TVL climbed from $35.97 billion on Aug. 1 to $38.17 billion by Aug. 9. At that pace, $40 billion could come within the month.