Asset Tokenization Statistics 2026: RWA Market Size & TVL

Tokenized real-world assets reached $38.54 billion in distributed asset value and $358.13 billion in represented asset value, according to RWA.xyz. Those late September 2026 readings anchor the asset tokenization statistics below. That puts only 9.7% of tracked tokenized value on-chain as the native distribution rail, with the rest mirroring holdings recorded off-chain.

The gap matters because the two numbers answer different questions. Distributed value measures assets issued, held, and transferred on a blockchain, while represented value counts on-chain records of assets whose ownership still lives in traditional registries. The figures below cover market size, growth since 2025, Treasury funds, blockchains, tokenized stocks, gold, private credit, issuers, stablecoins, and long-range forecasts.

Key Takeaways

• Distributed assets make up only 9.7% of all tracked tokenized value.
• Tokenized stockholders account for about 82.6% of all RWA holders, even though stocks hold far less value than Treasury funds.
• A single represented asset, Figure HELOC Token, is worth about 1.55 times the entire distributed tokenized Treasury market.
• Ethereum carries about 42.9% of distributed RWA value, and it is 99.4% distributed.
• The market cap of tokenized RWAs surged by 256.7%, rising from $5.4 billion at the start of 2025 to over $19.3 billion at the end of March 2026, per CoinGecko.
• The venture capital asset class returned 61.23% over one year, while US Treasury Debt fell 0.10%.

Editor’s Choice

• Distributed asset value: $38.54 billion, down 1.68% from 30 days earlier.
• Represented asset value: $358.13 billion, down 4.86% from 30 days earlier.
• Total RWA holders: 4,831,500, up 60.73% from 30 days earlier.
• Tokenized U.S. Treasury funds: $14.94 billion in distributed value across 25 assets.
• Tokenized commodities: $4.91 billion distributed and $3.22 billion represented.
• Stablecoin market cap: $306.39 billion held by 291.56 million holders.

Asset Tokenization Statistics: RWA Market Size and Total Value

The figures here draw on 3 Tier 1 regulator and bank releases and 11 Tier 2 data dashboards and industry reports, published between April 2025 and September 2026. Only primary data dashboards, regulator releases and issuer reports qualified. Figures are reviewed on a rolling basis and updated when sources publish new data.

• Total stablecoin value stands at $306.39 billion, up 1.12% from 30 days earlier, tracked separately from RWAs.
• 39 networks carry tokenized assets in the RWA.xyz registry.
• The registry counts 212 tokenization platforms.
• HELOC Token holds $23,149,018,498 in value as an Asset-Backed Credit asset with a Represented tokenization type.
• Tokenized private equity and venture capital hold $2.37 billion in distributed value across 25 assets and 7,286 holders.
• Tokenized stocks hold $3.14 billion in distributed value, up 13.29% from 30 days earlier.

Source: RWA.xyz, September 2026

Tokenized RWA Market Growth Since 2025

• The market cap of tokenized RWAs rose from $5.4 billion at the start of 2025 to over $19.3 billion at the end of March 2026, with tokenized treasuries making up 2/3 of the sector.
• Tokenized treasuries tripled their market cap from $4.0 billion to $13.0 billion in the past 15 months, with 4 assets crossing well above the $1 billion threshold.
• Onchain stocks expanded from $2.1 million to $486.7 million as of end-March.
• Maple Finance multiplied its outstanding loan value by 10x from $0.21 billion to $2.1 billion in the past 15 months.
• The stablecoin market cap recorded a 51.0% increase but has remained largely stagnant since 2025 Q4.

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Recent Developments

• September 17, 2026: The Securities and Exchange Commission issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues to trade tokenized National Market System (NMS) stock, an update to the SEC and CFTC crypto rules that govern U.S. venues.
• September 5, 2026: DBS and Citi’s New York office completed a USD payment using tokenised deposits via the SWIFT Digital Ledger, which took minutes to complete.
• September 4, 2026: The Financial Services Commission introduced a policy roadmap on the digital transformation of securities issuance and circulation, with the first phase beginning in February 2027.
• September 2026: Tokenized stockholders reached 3.99 million, up 72.10% from 30 days earlier.
• September 2026: Tokenized U.S. Treasury distributed value fell 6.95% from 30 days earlier to $14.94 billion.
• September 2026: Monthly active addresses for tokenized commodities rose 133.36% to 222,400.

Tokenized U.S. Treasuries Statistics

• Tokenized U.S. Treasury funds carry a 7D APY of 3.53%.
• Treasury fund holders number 84,841, up 4.20% from 7 days earlier.
• The represented value of tokenized U.S. government debt is $88.73 million, down 26.88% from 30 days earlier.
• The top four Treasury platforms hold about 68.3% of distributed tokenized Treasury value.
• Libeara manages $670.3 million across 5 Treasury assets, and Superstate manages $552.9 million.

Source: RWA.xyz Treasuries dashboard, September 2026

Largest Tokenized Treasury Funds

• USYC holds $2.4 billion, followed by USDY at $2.3 billion and BUIDL at $2.2 billion.
• Treasuries tripled from $4.0 billion to $13.0 billion in 15 months, with 4 assets crossing well above the $1 billion threshold, according to CoinGecko.
• BENJI holds $669.0 million, CUMIU $553.9 million, and USTB $552.9 million.
• OUSG holds $392.7 million in tokenized Treasury exposure.
• The EUTBL non-U.S. government debt token holds $747.9 million.

Tokenized Assets by Blockchain Network

• Ethereum carries $16,540,083,284 in distributed RWA value across 2,871 RWAs and 279,832 RWA holders.
• BNB Chain has 1,898,693 RWA holders on $5,673,724,663 of distributed value.
• Solana holds $4,352,755,842 in distributed value and 715,285 RWA holders.
• Stellar holds $3,384,213,455 in distributed value across 72 RWAs.
• Ethereum also carries $159,324,516,170 in stablecoins.

Key finding: Although 93.4% of RWAs were initially tokenized on Ethereum since 2025, that share has now dropped to 61.1% as newer products are now deployed on other general-purpose blockchains, according to CoinGecko’s 2026 RWA Report. Ethereum still leads by value, but new issuance is spreading across more chains.

Distributed vs Represented Value by Network

• Avalanche carries $11,404,381,325 in represented value against $1,807,343,180 distributed, so only 13.7% is distributed.
• XRP Ledger carries $4,103,217,213 in represented value and is 10.9% distributed.
• ZKsync Era is 32.8% distributed, with $1,977,746,604 represented.
• Polygon is 41.1% distributed, with $729,614,662 represented.
• BNB Chain, Liquid Network, and Monad are each 100.0% distributed.

Tokenized Stocks Statistics

• Tokenized stocks recorded 3,077,808 monthly active addresses, up 108.85% from 30 days earlier.
• Monthly transfer volume for tokenized stocks was $12.93 billion, down 73.03% from 30 days earlier.
• Represented stock value is only $25.93 million.
• Tokenized stocks returned 28.71% over one year and 30.03% year to date.
• Onchain stocks were worth just $486.7 million as of end-March, per CoinGecko.

Tokenized Private Credit Statistics

• Figure: HELOC Token alone carries $23,149,018,498 as a represented asset, a structure close to the loan pools tracked in asset-backed securities industry data.
• Maple Finance holds a near-monopoly on the sector, having multiplied its outstanding loan value by 10x from $0.21 billion to $2.1 billion.
• Specialty Finance returned 9.21% over one year, and Asset-Backed Credit returned 8.88%.
• ACRED holds $95.4 million in distributed credit value.
• Municipal Credit fell 4.69% over one year.

Source: RWA.xyz, September 2026

Worth noting: Figure HELOC Token is recorded at $23,149,018,498 as an Asset-Backed Credit asset with a Represented tokenization type. Because its ownership record still sits off-chain, it inflates represented totals without adding to the on-chain distributed market that most private credit tokens trade in.

Tokenized Gold and Commodities Statistics

• Tokenized commodity holders reached 437,730, up 42.75% from 30 days earlier.
• Distributed commodity value fell 4.26% from 30 days earlier, while represented value rose 0.64%.
• The market for tokenized commodities appreciated by 289.1% to $5.6 billion through March 2026, per CoinGecko, and the gold side is profiled in our tokenized commodities market statistics.
• Commodities returned 26.40% over one year.
• AZG holds $132.7 million in tokenized gold exposure.

Top Tokenization Platforms

• Securitize holds $4,677,754,036 in RWA value across 26 RWAs.
• Ondo has 504,176 RWA holders across 460 RWAs.
• Spiko holds $2,687,724,925 in RWA value.
• Tether Holdings holds $2,631,167,871 in a single RWA with 137,509 holders.

Source: RWA.xyz Platforms dashboard, September 2026

What are the top tokenization companies?

Securitize, Ondo, Spiko, Tether Holdings and Franklin Templeton Benji Investments fill rows 1 to 5 of the platform table, measured by RWA value excluding stablecoins, according to RWA.xyz. In Treasury funds, the platform table lists Ondo, Franklin Templeton Benji Investments, Circle, Securitize and WisdomTree first.

Tokenized Asset Class Performance

• Venture Capital returned 61.49% year-to-date.
• Active Strategies returned 5.39% over one year, and Private Equity returned 4.32%.
• Real Estate returned 0.23% over one year.
• The eurSAFO active strategy token holds $1.5 billion.
• The BCAP venture token holds $967.4 million.

Source: RWA.xyz, September 2026

Stablecoins vs Tokenized Real-World Assets

• Stablecoins recorded $7.20 trillion in monthly transfer volume, up 4.31% from 30 days earlier.
• Stablecoins had 59.42 million monthly active addresses, up 10.10%.
• The stablecoin market is about 7.95 times the size of distributed tokenized RWAs, a gap tracked in our stablecoin market cap statistics.
• Tether Holdings and Circle together hold about 83.1% of stablecoin value.

By the numbers: Stablecoins reached a $306.39 billion market cap with 291.56 million holders and $7.20 trillion in monthly transfer volume, per RWA.xyz. Stablecoins remain the cash leg that most tokenized funds settle against, which is why their holder count dwarfs every other asset class.

Asset Tokenization Market Forecast

• Ripple and Boston Consulting Group (BCG) project the market for tokenized real-world assets to grow from $0.6 trillion to $18.9 trillion by 2033.
• The same report forecasts a CAGR of 53%.
• The report outlines a three-phase evolution, starting with institutions tokenizing money market funds and bonds.
• DBS projects Asia’s outbound cross-border payments to reach $24 trillion by 2033, from $13.5 trillion in 2025, volumes that institutional crypto adoption data suggests banks want on-chain rails for.

How many assets will be tokenized by 2030?

Ripple and BCG project $9.4 trillion in tokenized real-world assets by 2030, on the way to $18.9 trillion by 2033. That forecast counts a far wider set of assets than the $38.54 billion that RWA.xyz tracks as distributed today, so the two figures measure different things.

Conclusion

Tokenized real-world assets hold $38.54 billion in distributed value and $358.13 billion in represented value, and the holder count reached 4,831,500. The growth is uneven: Treasury funds, the category that launched the sector, cooled this quarter, while tokenized stocks pulled in millions of new wallets and new issuance kept spreading beyond Ethereum.

The next test is regulatory. The SEC’s exemption window and Korea’s first-phase start date give issuers fixed dates to build toward, and the distributed share of the market is the number to watch for whether that building moves real ownership on-chain.