The value of on-chain financial assets has risen sharply over the past six months as traditional financial products migrate to blockchain rails, and the market for tokenized real-world assets (RWA) continues to expand despite the broader downturn in the cryptocurrency market.
According to Token Terminal, the market value of tokenized assets is now over $43 billion, an increase of approximately 37% over the past 180 days.
This number is higher than those reported by other industry trackers, especially RWA.xyz. RWA.xyz values the combined RWA market at less than $33 billion. This discrepancy may reflect methodological differences, as Token Terminal includes a wider range of tokenized financial assets.
Tokenized funds dominate the sector, accounting for almost 80% of the total market capitalization. Commodities rank a distant second at 16.6%, followed by tokenized equities at 3.8%.
sauce: token terminal
Ethereum remains the leading blockchain for tokenized assets, hosting 57.8% of total value. The BNB chain accounted for 8.5%, followed by zkSync Era (7.5%), XRP Ledger (5.8%), and Stellar (5.4%), reflecting the sector’s gradual expansion beyond Ethereum.
According to Token Terminal, Sky is the largest issuer with $6.1 billion in tokenized assets, followed by Securitize and Ondo Finance with $3.6 billion each.
Tokenization goes beyond the Treasury
Tokenization is gaining mainstream attention as major financial institutions adopt blockchain-based infrastructure. Earlier this week, Standard Chartered began reporting on Uniswap, claiming that the decentralized exchange’s UNI token could rise 40x in value by 2030 as tokenized assets move on-chain.
The bank predicts the decentralized finance sector will grow to $2.7 trillion over the same period, mainly due to the expansion of tokenized financial products.
sauce: frank chaparro
Citigroup is also bullish on tokenization, projecting the market to reach $5.5 trillion by 2030 in a base case and up to $8.2 trillion in a bullish scenario.
The bank argues that the industry is moving beyond the pilot stage as regulations become clearer. Citi identified the Depository Trust & Clearing Corporation, the New York Stock Exchange, and Nasdaq as key catalysts for growth as they integrate tokenization into their core issuance processes.
Although stablecoins are often left out of tokenization metrics, they are expected to be a key driver of growth in the sector. sauce: city
While tokenized funds and private credits continue to dominate the market, tokenized equities are gaining momentum through platforms such as Ondo Markets and xStocks. This trend reflects broader changes within the industry, with Binance Research recently concluding that RWA growth is becoming more diverse.
“2026 will be the year RWA tokenization matures from a Treasury-driven narrative to a diverse yield ecosystem,” Binance Research said in a report earlier this month.
Related: JPMorgan and Citi-backed clearinghouse plan tokenized deposit network in 2027: WSJ
