Tokenized Real-World Assets Hit $46.2 Billion, Ethereum Dominates

The tokenized real-world assets (RWAs) market has reached a significant milestone, with approximately $46.2 billion worth of assets now live on-chain across 36 blockchains. This figure excludes stablecoins and represents the slower, more paperwork-heavy side of tokenization, including bonds, funds, credit, and stocks.

According to Token Terminal data, the on-chain RWA market reached approximately $46.2 billion to $46.3 billion as of late September 2026. Ethereum dominates the market with a share of around 48%, or roughly $22.2 billion. BNB Chain sits in second place with $5.5 billion, about 12% of the total.

US Treasury bills are the biggest category at roughly $13.9 billion, followed by active yield strategies at about $10.7 billion, and credit funds at approximately $6.5 billion. Tokenized stocks have posted the strongest growth over the past 30 days, adding around $592 million in market cap.

The difference in market size comes down to methodology, with trackers making different calls about which assets count as 'distributed,' how to treat assets that sit on one chain but are represented on another, and which products qualify as RWAs at all.

Risks remain, including regulatory frameworks still in development and data providers disagreeing on the market's size by billions. The leap from $46 billion to $2 trillion by 2030 is a forecast, not a guarantee.