Multiple market data sources and institutional reports indicate that the on-chain tokenized real-world assets (RWA) market, excluding stablecoins, grew to approximately $31–34 billion by May 2026, up significantly from around $5.4–6 billion at the beginning of 2025. The primary driver of this market growth has been tokenized U.S. Treasuries, with Ethereum remaining the dominant network for issuance and settlement of these assets.
Multiple data sources point to the same interval.
RWA.xyz, MetaMask, InvestaX, and other market reports provide slightly varying figures, but all generally fall within the range of $29 billion to $34 billion. Some statistics use total value locked on-chain, while others use the value of distributed assets, resulting in minor discrepancies.
However, based on the common trend in these data, the RWA market has grown from a few billion dollars over the past year to the $30 billion range. The figure of $33.99 billion commonly cited in market discussions is therefore regarded as an accurate snapshot of the current scale.
Securitize’s previous annual review also supports this trend. The platform noted that its tracked RWA market was approximately $5.5 billion at the beginning of 2025, rose to $18.2 billion by the end of 2025, and surpassed $20 billion in January 2026, laying the foundation for further growth this spring.
Tokenized U.S. Treasuries became the biggest driver.
The most visibly growing sector is tokenized U.S. Treasuries. Multiple fixed-income reports indicate that, as of May 2026, the assets under management in this market have approached $15 billion, driven primarily by demand from stablecoin issuers, DeFi protocols, and institutional capital seeking on-chain exposure to short-term U.S. Treasuries.
Among these, BlackRock’s U.S. dollar institutional digital liquidity fund, BUIDL, has become a representative product in this space. Public disclosures show that BUIDL’s assets under management have exceeded $2 billion to $2.4 billion, making it one of the largest tokenized U.S. Treasury funds globally. Securitize, responsible for the related tokenization and transfer services, states that the fund’s underlying assets include U.S. Treasury bills and repurchase agreements, and it issues security tokens representing fund shares to qualified investors.
Ethereum accounts for approximately 60% of the value.
On the underlying network level, Ethereum still dominates. Multiple reports note that Ethereum currently holds approximately 60% of on-chain RWA value, with most tokenized bonds and fund products issued in ERC-20 form.
Beyond U.S. Treasuries, tokenized stocks, commodities, and private credit are also expanding. Ondo Finance has made rapid progress recently in the field of tokenized bonds and stocks. Market reports indicate that Ondo Global Markets, which offers tokenized U.S. stocks and ETFs, has recently surpassed $1 billion in total value locked.
The RWA.xyz dashboard shows that, as of late May, the types of assets covered by on-chain RWA have expanded from money market funds and bond portfolios to more niche categories such as real estate shares and music royalties, with over 700,000 associated holding addresses. The value of on-chain RWA continues to grow month over month.
Overall, RWA has evolved from a niche on-chain concept in 2022 into a $34 billion on-chain finance sector. With continued momentum from institutions and platforms like BlackRock and Ondo, tokenized U.S. Treasuries, funds, equities, and private credit remain the most prominent focus areas today.