Tokenized Treasuries Cool as Wall Street Giants Wage a $35 Billion RWA War

Treasuries Still Dominate, But Growth Has Seen Some Cooling

Tokenized U.S. Treasuries remain the largest category in the sector, with $15.86 billion in distributed value, up 2.23% over 30 days. The category’s average seven-day yield sits at 3.30%, down 2.18% from the prior week. Rwa.xyz statistics log 85 tracked treasury assets and 62,846 holders.

Circle’s USYC token leads the category at $2.96 billion, though it slipped 1.45% over seven days and 3.65% over 30 days. Blackrock’s USD Institutional Digital Liquidity fund (BUIDL), issued through Securitize, holds $2.52 billion, down 12.22% weekly despite a 6.29% monthly gain. Ondo’s U.S. Dollar Yield token (USDY) sits at $2.16 billion. Franklin Templeton’s iBENJI product holds $1.64 billion, and its sibling BENJI token adds another $734.5 million.

Janus Henderson’s Treasury Fund (JTRSY), built on Centrifuge, holds $880.7 million. JPMorgan’s OnChain Liquidity-Token Money Market fund (JLTXX), issued via Kinexys Digital, posted the sharpest gain among major treasury products, up 87.23% over 30 days to $809.7 million. Wisdomtree’s Treasury Money Market Digital fund (WTGXX) holds $764.9 million with a 3.50% yield. Superstate’s Invesco Short Duration US Government Securities fund (USTB) rounds out the top tier at $683.8 million, though it dropped 18.39% for the month.

By network, Ethereum carries the largest share of tokenized treasury value at $7.1 billion, followed by BNB Chain at $4.7 billion and Stellar at $1.2 billion. Solana holds $997.2 million, Avalanche C-Chain holds $842.9 million, XRP Ledger holds $292.7 million, and SEI holds $259.2 million, based on distributed value as of July 21, 2026.

Non-U.S. Government Debt Grows Fast From a Small Base

Tokenized debt issued outside the United States reached $1.41 billion in distributed value, up 6.90% over 30 days, spread across 24 assets and 9,908 holders. Spiko’s EU T-Bills Money Market Fund (EUTBL) leads the category at $1.02 billion, up 2.97% weekly and 10.07% monthly. Cashlink’s NRW1 token, issued on Polygon, holds $114.2 million. Libeara’s suite of Asian money market funds trails behind: ChinaAMC’s HKD fund (CAMMF) at $91.2 million, the A&I CAMC RMB fund (AICRT) at $72.7 million, ChinaAMC’s RMB fund (CRMBR) at $31.3 million, and the A&I CAMC HKD fund (AICHT) at $26 million.

Spiko’s UK T-Bills fund (UKTBL) holds $18.2 million. Backed Finance’s GOVIES Euro fund (bC3M) holds $9.9 million. OpenTrade’s Fixed Term E.U. Bonds Vault on Ethereum holds $5.7 million, and Etherfuse’s CETES token holds $5.3 million.

Tokenized Stocks Post the Sector’s Strongest Growth

Tokenized equities and ETFs grew faster than any other category tracked. Distributed value rose 15.10% over 30 days to $1.86 billion, while represented value climbed 6.41% to $20.25 million. Monthly transfer volume jumped 31.75% to $8.00 billion, and holders surged 75.71% to 671,490, even as monthly active addresses fell 22.04% to 168,368.

Figure’s FGRS token leads the category at $211.2 million. Securitize Corp.’s SECZ token holds $162.6 million. xStocks’ Strategy PP Variable token (STRCx) holds $125.8 million. Ondo’s tokenized version of Circle Internet Group (CRCLon) holds $99.7 million, and its tokenized iShares Core S&P 500 ETF (IVVon) holds $67.7 million. xStocks’ Circle token (CRCLx) holds $44.7 million, while Ondo’s Micron Technology token (MUon) holds $42.1 million and its SPDR S&P 500 ETF token (SPYon) holds $42.1 million. Securitize’s Exodus Movement Inc. token closes out the top tier at $41.7 million.

Gold Still Anchors the Commodities Market

Tokenized commodities carry $4.48 billion in distributed value, down 3.88% over 30 days, alongside $3.19 billion in represented value, up 2.26%. Monthly transfer volume fell nearly in half, down 49.23% to $3.27 billion, while monthly active addresses slipped 1.21% to 36,136 and holders dipped 0.28% to 240,860. Tether Gold (XAUT) and Paxos Gold (PAXG) remain the two largest gold-backed tokens driving the category, alongside smaller issuers including Matrixdock Gold, Streamex GLDY and Comtech Gold.

Real Estate Remains the Smallest Category

Tokenized real estate held $202.63 million in distributed value, down 0.02% over 30 days, and $279.84 million in represented value, unchanged. The category spans 104 assets across 11 countries and counts 18,660 holders, though monthly active addresses fell 14.23% to 1,103.

Private Equity and Venture Capital Keep Climbing

Distributed value in tokenized private equity and venture capital reached $2.13 billion, up 8.26% over 30 days, spread across 29 assets and 7,200 holders. Securitize’s Blockchain Capital III Digital Liquid Venture fund (BCAP) leads at $967.6 million. Ctrl Alt’s Titan III Equity Token (TTN-III) holds $300.1 million, and its Hera I Equity Token (HERA-I-E) holds $280.1 million.

Securitize’s Exodus Movement Inc. Class B shares (EXODB) hold $88.5 million. Colb Finance’s Colb Revolut token (CREV) holds $88.1 million. Republic’s preSPAX fund holds $85.8 million, and its Animoca Equity token (AB1) holds $49.9 million. Beself Brand’s BeToken (BTK) holds $47.4 million, and Mubadala Capital’s two Alternative Solutions Fund tranches on KAIO hold $39.7 million and $25 million respectively.

Credit Leads on Represented Value

Tokenized credit carries $6.93 billion in distributed value, up 2.87% over 30 days, and $35.75 billion in represented value, up 3.55%, across 2,509 assets and 185,845 holders. Figure’s HELOC Token (FIGR_HELOC), built on Provenance, dominates the category and the entire RWA sector at $20.1 billion in represented value.

Bridgetower’s DOM X Arizona Copper-Gold Project (AZX1), a hybrid asset on Avalanche, holds $11.06 billion. Maple’s Syrup USDC token holds $1.22 billion in the credit category. STOKR’s Blockstream Mining Note 2 (BMN2) holds $759.6 million, and Centrifuge’s Janus Henderson AAA CLO Fund (JAAA) holds $689.2 million. STOKR’s PKH Mining Note 2 (PKH2) holds $577.5 million, Realiz’s VuMe Bond 2030 on Stellar holds $500 million, and Hastra’s PRIME token holds $417.4 million.

The Biggest Assets in the Sector

Ranked by total value, Figure’s HELOC Token tops the entire RWA market at $20.1 billion, followed by Bridgetower’s DOM X Arizona Copper-Gold Project at $11.06 billion. Circle’s USYC ($2.96 billion) and Blackrock’s BUIDL ($2.52 billion) hold the third and fourth spots. Tether Gold ($2.43 billion), Justoken’s JMWH ($2.23 billion), Ondo’s USDY ($2.16 billion), Paxos Gold ($1.80 billion), Franklin Templeton’s iBENJI ($1.64 billion) and Maple’s Syrup USDC ($1.52 billion) round out the top ten.

Further down the list, Spiko’s EU T-Bills fund ($1.02 billion) ranks 11th, followed by Securitize’s Blockchain Capital III fund ($967.6 million), Centrifuge’s Janus Henderson Treasury Fund ($880.7 million), Spiko’s Amundi Overnight Swap Fund ($816.7 million, up 49.61% monthly), JPMorgan’s JLTXX ($809.7 million), WisdomTree’s WTGXX ($764.9 million), STOKR’s Blockstream Mining Note 2 ($759.6 million), Franklin Templeton’s BENJI ($734.5 million), Centrifuge’s JAAA ($689.2 million) and Superstate’s USTB ($683.8 million).

The pullback from the July 10 peak shows how quickly capital moves between treasury products, equities, and credit instruments as yields and demand shift week to week. Institutions from Blackrock to JPMorgan to Franklin Templeton continue building out competing products, while newer entrants like Bridgetower’s mining and mineral-backed credit note demonstrate that tokenization is expanding well beyond government debt and gold. For investors and policymakers watching onchain finance, the data points to a maturing but still volatile market, one where represented and distributed values can swing sharply even as total holder counts keep climbing.

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