Tokenized RWA Market Exceeds $13 Billion

Since the beginning of the year, the tokenized real-world asset (RWA) market grew by over 150% to more than $13 billion. The private credit segment accounts for the majority share of this market. 

According to data from analytics platform RWA.xyz, the market volume for RWAs grew from $5.2 billion in early January 2024 to $13.2 billion by early November. 

Private credit is the largest segment of the RWA market, representing about 70% of the total. The leader in this segment is the Figure protocol, with over $10 billion in tokenized loans issued, $8.6 billion of which remain outstanding. 

The total value of tokenized assets issued on public blockchain networks is $3.75 billion, with the remaining assets issued on private networks. The most popular public blockchain network for tokenization of RWAs is Ethereum, its share is 79% of the total value of RWAs issued. 

The segment for U.S. government tokenized debt securities exceeded $2.34 billion, with 35 tokenized Treasury bills issued to date. The largest of these is BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), followed by Ondo U.S. Dollar Yield (USDY) and Franklin OnChain U.S. Government Money Fund (FOBXX). The total number of holders of tokenized government debt securities is 8,734. 

A recent meeting of the U.S. Treasury’s Borrowing Advisory Committee noted an increase in demand for T-bills due to tokenization and stablecoins.