RWA Crypto Market Surges to Over $20 Billion Led by Tokenized Treasuries

The RWA (Real-World Asset) crypto market has seen significant growth in 2026, driven by tokenized treasuries. This category now accounts for a major share of the on-chain market, with over $20 billion in value locked as of April 2026.

This is a substantial increase from 2022, when RWA crypto had under $1 billion in value. Tokenized treasuries have become the largest segment within this category, offering yield-bearing exposure with same-day settlement and 24/7 access.

BlackRock BUIDL and Circle USYC are among the institutions anchoring the institutional treasury segment, while Ondo has built a platform connecting tokenized treasury products with DeFi infrastructure and collateral use.