Tokenized Assets' $60 Billion Value Masks Inactive Majority

The tokenized real-world assets (RWA) sector has seen significant nominal growth in recent months. According to market data, the total value of RWA has surpassed $60 billion, with a 256.7% increase in market capitalization from January 2025 to March 2026.

However, analysis of on-chain activity reveals a disconnect between nominal value and effective utilization. In fact, research by RWA.xyz found that out of 1,289 tokenized assets worth over $100,000, 910 or $32.9 billion registered no transfers during the observed week, indicating that 56% of the RWA tokenization market remains inactive.

The inactivity is not uniform and is instead concentrated among a limited number of institutional issuers. In fact, five issuers - Figure HELOC, Circle USYC, Tether Gold, BlackRock BUIDL, and Justoken JMWH - represent approximately half of the market.