The RWA tokenization market size has surged nearly 4 times in one year, surpassing $25 billion.

“Tokenization of Real-World Assets (RWA)” is moving from experimental stages into mainstream finance. Recent data shows that excluding stablecoins, the tokenized RWA market size has surpassed $25 billion, a nearly fourfold increase from about $6.4 billion a year ago.
After the RWA tokenization market exceeded $20 billion by the end of 2025, this explosive growth marks the market’s transition from early “experimental” phases to a new era of full-scale institutional deployment.

Over the past year, many traditional financial giants have entered the space, including asset management firms like BlackRock, Fidelity, and WisdomTree, all launching tokenized fund products. Meanwhile, according to Nexus Data Labs, the number of tokenized U.S. Treasury products has increased from about 35 to over 50 within a year.
Six Major Asset Classes on Chain Surpass $1 Billion in Scale
As the market rapidly expands, six major categories of tokenized assets have on-chain scales exceeding $1 billion: U.S. Treasuries, commodities, private credit, institutional alternative investment funds, corporate bonds, and non-U.S. government bonds.
Despite the rapid overall growth, on-chain activity remains primarily focused on “asset issuance,” with trading activity still limited. Data from on-chain transfers shows that many large RWA transactions tend to concentrate around $10 million per single transfer. This phenomenon resembles institutional “batch transfers” during asset allocation rather than continuous, high-frequency market trading behavior.
A survey released by the tokenization platform Brickken in February this year supports this view. Up to 53.8% of tokenized asset issuers said their main motivation for tokenization is to enhance “capital formation and fundraising efficiency”; in contrast, only 15.4% focus on improving “asset liquidity.”
In other words, the current market’s primary focus remains on “how to bring assets on chain,” rather than “how to trade assets on chain.” Even when physical assets are successfully “on-chain,” most have not truly integrated into the DeFi ecosystem.
Most Assets Have Not Entered the DeFi Ecosystem
According to Nexus Data Labs, the total supply of stablecoins backed by RWA is approximately $8.49 billion, but only about $1 billion (roughly 11.8%) is actively used within DeFi protocols.
The remaining roughly 88% of assets are still outside lending and trading systems on the chain. The main reason is that these underlying assets face regulatory requirements, including KYC (Know Your Customer) verification, transfer restrictions, and strict whitelist mechanisms.
As the tokenization market continues to grow rapidly, the industry faces a critical question: what will be the ultimate financial form of these assets? Current market forecasts suggest that if growth continues at this pace, the RWA tokenization market could reach over $400 billion by the end of this year.