Tokenized Real-World Assets (RWAs) Surge Past $17 Billion Milestone

The total value of tokenized real-world assets (RWAs) has crossed the $17 billion mark for the first time ever,  with private credit making up the lion’s share of that value at around $11 billion.

According to data from tokenized real-world asset monitor RWA.xyz, a total of $17.1 billion worth of assets are now tokenized on-chain, with $11 billion worth of private credit being tokenized, as well as $3.5 billion worth of U.S. Treasuries, $1.14 billion worth of commodities, $410 million in institutional alternative funds, $104 million in non-government debt, and smaller amounts of stocks and corporate bonds.

These assets are currently being held by nearly 83,000 holders across 10 different blockchains, with most of the funds being tokenized on top of Ethereum or ZKsync Era, with other major networks for these assets including Stellar, Aptos, Polygon, and Solana.

Notably, the data shows that there are only 29 tokenized real-world assets on ZKsync Era, while there are 162 on Etherem 105 on Arbitrum, and 103 on Base. Most token holders, over 60,000, are on Ethereum, while an additional 7,400 are on Avalanche and around 5,000 on Solana.

RWA Issuance Dominated by Major Players

The issuance of tokenized RWA is currently dominated by major players, which include Hashnote – which was late last month acquired by leading stablecoin issuer Circle – as well as BlackRock, Franklin Templeton, and Ondo, which tokenizes money market funds and bonds.

Other major issuer of real-world assets on-chain include Paxos and Tether, which both operate gold-backed cryptocurrencies. The figures reported in this article, it’s worth noting, exclude stablecoins, which can be considered real world assets.

If stablecoins were to be included, the total RWA value would be around $230 billion, and would have a total of 146.6 million holders, with stablecoin accounting for the lion’s share of those holders as they are widely adopted assets.