Tokenized RWAs Hit $46.7B as Ethereum Holds Nearly Half the Market
Key Takeaways
Tokenized RWAs reached $46.7B, up 17.4x in three years as credit, gold, and stocks expanded.Ethereum still holds 49.6% of RWAs, but Solana and Robinhood Chain are gaining fast.Growth depends on RWAs gaining deeper DeFi use, liquidity, and secondary-market trading.
RWA Market Grows 17-Fold as Onchain Liquidity Deepens
Tokenized real-world assets have crossed a new milestone, with the onchain market reaching $46.7 billion, as of Sept. 15, as capital spreads across credit, commodities, equities and other financial products.
The scale is notable, but the composition matters just as much. No single issuer controls more than 10% of the market, suggesting the sector is expanding without becoming overly dependent on one platform.
Securitize accounts for $4.6 billion, with Sky a close second at $4.5 billion, followed by Ondo at $3.5 billion. That diversification is becoming one of the strongest signals that tokenization is moving beyond its experimental phase.
Credit and Gold Are Becoming Major Onchain Markets
According to data from Token Terminal, tokenized credit funds now account for $6.4 billion, 13.8% of total RWA value. The category is led by syrupUSDC at $950.6 million, followed by JAAA at $717.8 million, PRIME at $586.9 million, sUSDai at $465.2 million, and STAC at $356.5 million.
Gold is not far behind. Tokenized gold represents $5.1 billion, 11% of the market. Tether Gold leads with $2.7 billion, while Paxos Gold holds about $1.9 billion.
The growth shows that crypto infrastructure is increasingly being used to package assets investors already understand rather than simply create new ones.
RWAs Are Moving Into DeFi
The more important development is what happens after issuance.
Around $3.6 billion, 7.8% of all issued RWA market value, is now deposited across DeFi venues. Meanwhile, decentralized exchange volume reached $1.2 billion on Sept. 12, equal to roughly 2.7% of total issued RWA value.
Ethereum remains the dominant network, holding $22.9 billion, accounting for 49.1% of the market. But recent growth is coming from elsewhere.
Over the past 30 days, Solana added $263.3 million in RWA market cap to reach $3.1 billion, Stellar gained $150.6 million, and Robinhood Chain added $148.9 million.
Tokenized Stocks Are Accelerating Fast
The fastest-moving corner may be equities.
According to commentary from SteinRWA, xStocks and PreStocks took 224 and 252 days, respectively, to reach $1 billion in DEX trading volume. By comparison, bStocks reached that mark in 35 days and Robinhood in 56.
Token Terminal described the trend as a diversification of the RWA market, with firms such as Robinhood and Binance bringing established user bases and revenue streams into tokenized finance.
That matters because distribution may now be just as important as issuance.
The $46.7 billion figure is significant on its own. But the bigger story is that RWAs are starting to behave like actual onchain markets, with liquidity, collateral use, and secondary trading increasingly built around them.
