Asset Tokenization Statistics 2026: RWA Market Size & TVL

Tokenized real-world assets sit at $33.85 billion in Distributed value and $340.10 billion in Represented value across 35 blockchain networks as of May 20, 2026. The two numbers tell different stories, and the gap is the most important fact in the market right now.

RWA.xyz introduced its Distributed versus Represented taxonomy, drawing a hard line between assets that live on the blockchain as their actual distribution layer and assets whose on-chain tokens mirror an off-chain primary holding. 790,930 RWA holders sit on the Distributed side; the Represented side is dominated by one Figure home-equity credit token that singlehandedly exceeds every other tokenized asset combined. Stablecoins, often grouped with RWAs in older coverage, hit $306.35 billion in aggregate value and are tracked separately from this point forward.

Key Takeaways

• The truly on-chain RWA market is $33.85 billion in distributed value, up 0.63% in 30 days, while the represented side reaches $340.10 billion, down 4.97% in 30 days.
• Tokenized U.S. Treasuries lead by asset class: Circle USYC holds $2,972,574,894, followed by BlackRock’s BUIDL fund at $2,621,962,427 with 103 Qualified Purchaser holders.
• Paxos holds 59.54% and Tether 36.58% market share in tokenized commodities through PAXG and XAUT, respectively.
• Tokenized stocks grew 25.83% in 30-day Distributed value and 25.50% in 30-day holder count, reaching $1.43 billion and 267,710 holders across 2,250 tokenized equities.
• A single Figure HELOC token, FIGR_HELOC, sits at $17,826,935,243 of represented value, individually larger than every other RWA combined.
• Tokenized credit reached $5.16 billion, distributed plus $22.47 billion, represented across 2,383 assets and 185,137 holders.
• 175 total tokenization platforms are tracked, with 84 asset managers overseeing $29.30 billion in Distributed AUM across 200 RWAs.

Editor’s Choice

• The single largest tokenized real-world asset is Figure HELOC Token (FIGR_HELOC) at $17,826,935,243 on the Provenance network.
• The largest commodity-backed token is Paxos Gold (PAXG) at $4,272,988,905, regulated by NYDFS.
• The largest tokenized U.S. Treasury fund is Circle USYC at $2,972,574,894 under SEC Reg S Exemption.
• The largest tokenized venture fund is Blockchain Capital III Digital Liquid Venture Fund (BCAP) on Securitize at $963,514,617 with 630 accredited investors and a 2.50% management fee.
• The platform with the highest non-stablecoin AUM is Securitize at $4,306,975,467 across 22 RWAs and 1,798 holders.
• Total stablecoin distributed value reached $190,958,653,828 with $2,113,282,238,895 in monthly transfer volume and 35,239,343 monthly active addresses.
• Tokenized real estate spans 78 assets across 11 countries, a sharper jurisdictional footprint than any other asset class.

Recent Developments

• March 17, 2026: RWA.xyz published its new Asset Classification Framework, introducing the Distributed versus Represented taxonomy, authored by Bryan Choe, Head of Research and Operations.
• July 18, 2025: BlackRock filed Form D/A with the SEC (Acc-no 0002004687-25-000001) amending the original BUIDL fund offering under CIK 0002013810.
• March 18, 2024: BlackRock filed the original Form D (Acc-no 0002014390-24-000001) launching the BUIDL tokenized fund from its 50 Hudson Yards, New York headquarters.
• April 15, 2024: BIS published Working Paper No 1178, “Finternet: the financial system for the future,” framing tokenization and unified ledgers as a public-policy aim.
• May 2026: Tokenized commodities represented value jumped 59.77% in 30 days, even as distributed value fell 7.34%, signalling a mix-shift from on-chain native tokens toward representational mirroring.
• May 2026: Tokenized stock holder count grew 25.50% in 30 days to 267,710 wallets, the fastest holder growth across any RWA asset class.

RWA Tokenization Market Size and Total Value

• Distributed Asset Value sits at $33.85 billion, up 0.63% in 30 days, reflecting assets whose blockchain is the actual distribution rail for issuance, custody, and transfer.
• Represented Asset Value reaches $340.10 billion, down 4.97% in 30 days, counting on-chain mirrors of off-chain primary holdings.
• Stablecoins are tracked separately at $306.35 billion in aggregate value across 255.47 million on-chain wallets.
• Total RWA holders across all asset classes reached 790,930, up 7.73% in 30 days, the cleanest growth signal in the market.
• The ecosystem spans 35 blockchain networks and 175 issuing platforms (161 of them distributed).
• The top 5 individual RWAs together account for roughly 8% of the combined Distributed plus Represented market, underscoring how concentrated the asset count is at the top.

Source: RWA.xyz Networks Dashboard, May 20, 2026

By the numbers: RWA.xyz tracks $33.85 billion in Distributed RWA value and $340.10 billion in Represented value across 35 networks as of May 20, 2026. The 10x gap between the two figures shows most “tokenized” headlines are representational mirroring, not on-chain native issuance.

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What is the current size of the tokenized real-world asset market?

The tokenized real-world asset market totals $33.85 billion in Distributed value (truly on-chain native assets) plus $340.10 billion in Represented value (on-chain mirrors of off-chain primary holdings) as of May 20, 2026, tracked across 35 networks and 175 platforms by RWA.xyz. Stablecoins add another $306.35 billion but are reported separately.

Tokenized U.S. Treasuries Statistics

• Circle USYC leads at $2,972,574,894, down 3.12% over 30 days, with 44 Non-U.S. Investor holders under SEC Reg S Exemption.
• BlackRock USD Institutional Digital Liquidity Fund (BUIDL) holds $2,621,962,427, up 3.54%, with 103 U.S. Qualified Purchaser holders under Reg D Exemption.
• Ondo USDY reached $2,140,572,960 across 14,800 holders on Ethereum and BNB Chain under Reg S Exemption.
• Franklin OnChain U.S. Government Money Market Fund sits at $1,484,585,537 with 26 Institutional Investor holders under Reg D.
• Anemoy Capital SPC holds $1,044,910,571 under the BVI Securities and Investment Business Act with 18 Professional Investor holders.
• WisdomTree Government Money Market Digital Fund reached $950,334,897 with 877 U.S. Retail and Institutional holders under SEC Form N-1A.
• Superstate Asset Trust holds $893,032,634 with 100 Qualified Purchasers and Accredited Investor holders under Reg D Rule 506(c).
• Ondo OUSG reached $808,207,535 across 1,102 U.S. Retail and Institutional Investor holders under the Investment Company Act of 1940.

Source: RWA.xyz Treasuries Dashboard, May 20, 2026

Are tokenized U.S. Treasuries SEC-regulated?

Yes. Seven of the top ten tokenized U.S. Treasury funds tracked by RWA.xyz operate under explicit SEC-registered frameworks. Reg D, Reg S, Form N-1A, or the Investment Company Act of 1940 (Anemoy operates under BVI SIBA/FSC BVI and ChinaAMC Digital OFC under HKMA, both outside SEC jurisdiction). BlackRock’s BUIDL has filed both an original Form D on March 18, 2024, and an amended Form D/A on July 18, 2025, under SEC CIK 0002013810, with anyone able to verify the disclosures on EDGAR.

Tokenized Credit and Private Credit Statistics

• Tokenized credit Distributed value sits at $5.16 billion, down 0.41% in 30 days, covering all non-sovereign debt, including private credit, on-chain lending, corporate credit, and structured/specialty credit.
• Represented credit value reaches $22.47 billion, up 4.00% in 30 days, the segment of the market mirroring off-chain credit facilities.
• The class tracks 2,383 assets and 185,137 holders, the largest holder count outside stablecoins and stocks.
• STOKR leads platforms at $1.4 billion (27.85% market share) across 3 RWAs with a 4.34% 30-day gain.
• Maple sits second at $1.4 billion (27.63% share) across 2 RWAs but contracted 22.37% in 30 days.
• Centrifuge holds 9.23% share with $476.2 million across 4 RWAs, a 1.15% gain.
• Hastra at $301.6 million (5.85% share) and Chainlink CCIP at $297.0 million (5.76%) round out the top five; Chainlink CCIP fell 43.50% in 30 days, the steepest decline.

How fast is tokenized credit growing?

Tokenized credit growth is uneven across the market. Distributed value (on-chain native) contracted 0.41% in 30 days to $5.16 billion, while represented value (mirrors of off-chain credit) grew 4.00% to $22.47 billion. Holder count fell 1.14% to 185,137, a shift suggesting the segment’s growth came from larger ticket sizes rather than new wallets.

Tokenized Commodities Statistics

• Tokenized commodities distributed value reached $7.18 billion, down 7.34% in 30 days across 83 total assets.
• Represented value sits at $3.14 billion, up 59.77% in 30 days, the steepest 30-day move in any RWA category.
• Monthly transfer volume was $10.77 billion, down 11.45% in 30 days, and holder count reached 223,440.
• Paxos Gold (PAXG) alone holds $4,272,988,905 at 59.54% market share, down 9.63% in 30 days.
• Tether Gold (XAUT) sits at $2,625,293,498 at 36.58% share, down 5.11%; combined, Paxos plus Tether reach roughly 96% of the category.
• PAXG carries an issuer footprint that is the cleanest in the market: Paxos Trust Company, LLC (LEI 549300EQW4J4RXDLD359), regulated by NYDFS, custodians Brink’s Global Services Ltd. and ICBC Standard Bank, audited monthly by WithumSmith+Brown, with 83,670 holders and 11,403 monthly active addresses.
• XAUT operates under a different regulatory frame: Tether Holdings Ltd in El Salvador under the LEAD Law, regulated by the National Commission of Digital Assets (CNAD), audited by BDO Malta with 44,735 holders.

Worth noting: Paxos and Tether jointly hold close to all of the $7.18 billion tokenized commodities market through PAXG (59.54% share) and XAUT (36.58% share). This is closer to a duopoly than the “diverse commodity tokenization” framing common in industry coverage; every other platform combined holds under 4% of category value. The commodities breaks down per-metal trade and treasury figures.

Tokenized Equities and Stocks Statistics

• Tokenized stocks distributed value reached $1.43 billion, up 25.83% in 30 days, the fastest 30-day value growth of any RWA category.
• Holder count grew 25.50% in 30 days to 267,710 wallets, the fastest holder growth too, a dual-axis growth signal absent from every other asset class.
• Monthly transfer volume reached $3.10 billion across 86,896 monthly active addresses.
• 2,250 total tokenized stocks are tracked, the second-largest asset count after credit.
• Ondo leads with $887.8 million across 231 stocks (60.87% share, up 33.98% in 30 days).
• xStocks sits second at $394.2 million across 161 stocks (27.03% share, up 28.19%).
• Securitize, WisdomTree, Superstate Opening Bell, Figure, and STOKR follow at 5.12%, 1.77%, 1.72%, 1.46%, and 0.71% market share, respectively.
• The largest single tokenized stock is Circle Internet Group (Ondo Tokenized) CRCLon at $158,300,520 under SEC Reg S Exemption, issued by Ondo Global Markets (BVI) Limited with custodian Alpaca Securities LLC, held by 3,582 wallets.

The dual-axis growth in tokenized equities, value, and holders both up roughly 25% in 30 days mirrors the kind of accelerating curve retail investing data showed during the 2020-2021 broker app surge.

Tokenized Private Equity and Venture Capital Statistics

• Blockchain Capital III Digital Liquid Venture Fund (BCAP) leads PE/VC at $963,514,617 on Securitize across zkSync Era and Ethereum.
• BCAP is issued from the Cayman Islands, restricted to Accredited investors under SEC Reg. D, with 630 holders, a $20,000 USD minimum investment, and 2.50% management fees.
• Titan III Equity Token (TTN-III) follows on Ctrl Alt and Solana at $237,097,531 in private equity, held by a single wallet under a non-regulated frame.
• Hera I Equity Token (HERA-I-E) on Ctrl Alt and Solana stands at $217,097,531, also held by a single wallet.
• Exodus Movement Inc. (Class B Common Stock) features as a tokenized public-equity entry on the same dashboard.

Two of the top four PE/VC tokens have a single holder each, with Ctrl Alt’s Titan III and Hera I concentrating more than $450 million in two wallets. These are institutional vehicles, not retail distribution.

Tokenized Real Estate Statistics

• Tokenized real estate distributed value sits at $168.68 million across 78 assets in 11 countries.
• Represented value reaches $279.84 million with no 30-day change.
• The holder count is 10,630, down 0.37% in 30 days, the most retail-shaped distribution after stocks.
• Monthly active addresses grew 3.51% to 974.
• Groma leads platforms with $68.2 million at 45.05% market share across a single tokenized property.
• Reental sits second at $62.9 million (41.52% share) across 33 RWAs, a much wider portfolio than Groma.
• DigiShare holds $20.0 million at 13.21% share, rounding out the top three.

Tokenized Non-U.S. Government Debt Statistics

• Tokenized non-U.S. government debt sits at $1.38 billion in distributed value, up 0.88% in 30 days.
• The category tracks 24 total assets and 9,411 holders, a tighter footprint than U.S. Treasuries.
• Spiko leads with 2 RWAs at $1.0 billion, the dominant platform.
• Other named assets include Spiko EU T-Bills Money Market Fund, ChinaAMC HKD Digital Money Market Fund (multiple share classes), Etherfuse CETES, OpenTrade Fixed Term E.U. Bonds Vault, abrdn Liquidity Fund (Lux) Sterling Fund, State Street GBP Liquidity LVNAV Fund, Etherfuse GILTS, Etherfuse KTB, Etherfuse EUROB, and KfW DLT I.

Source: RWA.xyz Non-U.S. Government Debt Dashboard, May 20, 2026

Tokenized Active Strategies and Hedge Fund Vehicles

• Tokenized active strategies distributed value reached $1.23 billion, up 8.12% in 30 days.
• The represented value sits at $283.97 million.
• The category covers 29 assets and 24,941 holders, up 7.47% in 30 days.
• Top assets include Spiko Amundi Overnight Swap Fund (EUR and USD variants), Superstate Crypto Carry Fund, Mantle Index Four Fund, Sailing Investment Limited Partnership Fund, RLP Diversified Fixed Income Strategy Vault, Nest Basis Vault, KAIO Laser Digital Tokenised Carry Fund, KAIO Brevan Howard PT Fund Limited, and Goldstream Fund.

Source: RWA.xyz Tokenized Active Strategies Dashboard, May 20, 2026

Blockchain Networks Powering Tokenization

• The ecosystem spans 35 blockchain networks supporting tokenized real-world assets, with many carrying both distributed and represented asset types.
• Total RWA holders across all networks reached 790,930, up 7.73% in 30 days.
• Total stablecoin holders sit at 255.47 million, up 4.31% in 30 days, over 320x the unique RWA-holder count.
• Top 30-day net flows by tokenization platform favored Justoken, followed by Franklin Templeton, Backed Finance, Paxos, Ondo, Superstate, Spiko, Chainlink CCIP, Maple, and Centrifuge, a competitive mix that differs sharply from the dominant DeFi protocols by TVL.
• Ethereum remains the foundational settlement chain for institutional tokenized vehicles like BlackRock BUIDL, Franklin OnChain U.S. Government Money Market Fund, and Ondo OUSG, even as newer networks gain flow share.

Source: RWA.xyz Networks Dashboard, May 20, 2026

What blockchain hosts the most tokenized assets?

Ethereum hosts the largest dollar concentration of institutional tokenized funds, including BlackRock BUIDL ($2,621,962,427), Ondo USDY ($2,140,572,960), and Ondo OUSG ($808,207,535), while Justoken, Franklin Templeton, and Backed Finance lead trailing-30-day net flows at the platform layer across the broader ecosystem. The asset-class mix differs sharply by chain: Treasuries cluster on Ethereum; tokenized stocks and active strategies skew toward Solana and BNB Chain.

Tokenization Platforms by Market Share

• 175 total tokenization platforms are tracked, 161 of them distributed (using the blockchain as the actual distribution layer).
• Securitize leads non-stablecoin AUM at $4,306,975,467 across 22 RWAs and 1,798 holders, offering U.S. Treasuries, Venture Capital, and six other asset classes across 16 supported networks.
• Securitize supports Plume, Ink, Solana, BNB Chain, XDC, Mantle, zkSync Era, Aptos, Avalanche C-Chain, and Algorand, among others, with the broadest cross-chain footprint of any platform.
• Top platforms by trailing-30-day net flows include Justoken, Franklin Templeton, Backed Finance, Paxos, Ondo, Superstate, Spiko, Chainlink CCIP, Maple, and Centrifuge.
• Platform concentration mirrors the broader asset, where the same five firms hold the majority of mutual-fund AUM, while traditional finance integration accelerates settlement-rail adoption.

Source: RWA.xyz Tokenization Platforms Dashboard, May 20, 2026. Some platforms span multiple asset classes; combined figures aggregate across categories where the same issuer reports separate funds.

Which company has the largest tokenized fund?

By single-fund AUM, Circle’s USYC at $2,972,574,894 is the largest tokenized U.S. Treasury fund, with BlackRock’s BUIDL at $2,621,962,427 and Ondo’s USDY at $2,140,572,960 close behind. By individual asset across all categories, the HELOC Token at $17,826,935,243 is the largest tokenized real-world asset of any kind.

Asset Managers Driving the Tokenization Push

• 84 asset managers oversee tokenized portfolios across 200 RWAs tracked by RWA.xyz, excluding stablecoin issuers.
• Distributed AUM reached $29.30 billion, down 1.06% in 30 days.
• Represented AUM reached $3.59 billion, up 48.35% in 30 days, the strongest 30-day momentum signal in any aggregate.
• Holder count totaled 283,630, up 3.98% in 30 days.
• Top managers by trailing-30-day net flows include Justoken, Franklin Templeton, Paxos, BlackRock, and Federated Hermes, a mix of crypto-native asset issuers and traditional institutional investors entering the market.

Source: RWA.xyz Asset Managers Dashboard, May 20, 2026

Key finding: Asset-manager Represented AUM grew 48.35% in 30 days even as Distributed AUM fell 1.06%. The 30-day mix-shift in both commodities and asset-management lines shows the same pattern: institutional issuers increasingly mirror off-chain holdings on-chain rather than issuing native on-chain assets.

Largest Individual Tokenized Assets

• Figure HELOC Token (FIGR_HELOC) at $17,826,935,243 on Provenance, the single largest tokenized RWA, classified as Represented Asset-Backed Credit, up 6.39% in 30 days.
• Paxos Gold (PAXG) at $4,272,988,905 on Ethereum, a distributed commodity, down 9.63% in 30 days.
• Circle USYC at $2,972,574,894 across BNB Chain, Ethereum, and Solana, a distributed U.S. Treasury fund with a 3.12% 7-day APY.
• Tether Gold (XAUT) at $2,625,737,604 across Arbitrum, Avalanche C-Chain, BNB Chain, and Ethereum. Distributed commodity.
• BlackRock USD Institutional Digital Liquidity Fund (BUIDL) at $2,621,962,427 on Securitize. Distributed U.S. Treasury fund.
• Together, the top 5 individual assets aggregate to roughly $30 billion in value, close to the entire $33.85 billion distributed market total.

The takeaway: The five largest tokenized assets aggregate to roughly $30 billion, close to the entire on-chain Distributed market plus the single largest Represented asset. Read carefully, tokenization in 2026 is one credit token plus four institutional funds. The retail mosaic of “everything will be tokenized” still sits down the long tail.

Conclusion

The truly on-chain tokenization market is $33.85 billion in distributed value spread across 35 networks and 790,930 holders, one-tenth the size headlines suggest once the represented mirror is set aside. The BIS Working Paper 1178 framing of “unified ledgers” and a future Finternet gives the macro context: regulators and central bankers see tokenization as a public-policy aim, not just a market trend.

The year ahead is a concentration story: tokenized Treasuries already function as money-market infrastructure for qualified investors, and tokenized commodities sit in a two-firm duopoly.