The market capitalization of tokenized real-world assets (RWAs) surpassed $51 billion. Analysts attributed the sector’s growth to rising institutional demand for the tokenization of traditional financial instruments.
Despite an approximately 20% decline in the broader crypto market’s capitalization during the first six months of 2026, the tokenized real-world asset sector grew 40% over the same period, reaching a market capitalization of $51 billion. The Block reported, citing a client research report from Bernstein Research.
According to Bernstein, the number of tokenized asset holders exceeded 917,000, up roughly 60% since the beginning of the year. The largest market segments were:
- Private credit, accounting for approximately 47% of the RWA sector’s market capitalization;
- U.S. Treasuries, representing 30%;
- Commodities, accounting for about 9%.
More than 70% of the market was concentrated on the Provenance and Ethereum blockchains. Provenance accounted for 39% of the tokenized asset market, while Ethereum represented 33%.
The largest tokenization platforms by assets under management were:
- Figure, $18.9 billion;
- Securitize, $4.3 billion;
- Ondo, $3.8 billion;
- Circle, $3 billion;
- Tether, $2.5 billion.
Analysts noted that tokenized equities remained the fastest-growing segment of the market. Their capitalization rose 130% since the beginning of the year, increasing from $700 million to $1.6 billion.
As of June 19, the monthly run rate for tokenized equity transfers exceeded $5.3 billion, more than doubling over the previous two months. For comparison, the figure stood at $3.6 billion in May and just $500 million in September 2025.
Analysts identified two primary models emerging in the tokenized equities market:
- The trading infrastructure model involves issuing tokens backed by underlying shares held in custody by a licensed intermediary. This approach enables 24/7 trading and instant settlement. However, tokenholders don’t receive direct shareholder rights, including voting rights and participation in corporate governance.
- The settlement infrastructure model uses blockchain as the primary record-keeping and settlement system for shares issued directly by companies. Tokenholders receive the full set of shareholder rights available to owners of traditional securities. Figure, Bullish, and Securitize are developing this type of infrastructure through regulated solutions built on licensed broker-dealers, custodians, and transfer systems.
The market’s growth has also been supported by regulatory developments in the U.S. In December 2025, the Securities and Exchange Commission approved a pilot tokenization project for the Depository Trust & Clearing Corporation (DTCC) and also approved Nasdaq’s initiative to facilitate trading in tokenized securities. Citi Institute projects that the tokenized asset market could reach $5.5 trillion by 2030.
