Tokenized Assets Hit $46.2B, Ethereum Leads the Pack

Tokenized real-world assets (RWAs) have reached a significant milestone, with a total value of $46.2 billion spread across 36 blockchains. This figure excludes stablecoins, focusing on more complex assets such as bonds, funds, credit, and stocks. Ethereum dominates the market, holding around 48% of the total value, or roughly $22.2 billion.

US Treasury bills are the largest category, accounting for approximately $13.9 billion. Active yield strategies follow at about $10.7 billion, with credit funds at around $6.5 billion. Tokenized stocks have seen the strongest growth over the past 30 days, adding around $592 million in market cap.

However, not all data providers agree on the size of the market. rwa.xyz reported a distributed onchain RWA value of $38.61 billion across 39 networks, with Ethereum at roughly $16.7 billion. This discrepancy comes down to methodology, with trackers making different calls about which assets count as 'distributed'.

Despite the disagreements, the growth of RWAs is undeniable. Holder growth has increased notably, with millions of addresses now involved in RWAs. McKinsey projects that the tokenized asset market, excluding stablecoins, could reach $2 trillion by 2030.