By the end of Q1 2026, the market capitalization of tokenized real-world assets (RWA), excluding stablecoins, reached $19.3 billion, more than tripling over the past 15 months. The key growth drivers were tokenized commodities and derivatives.
According to a CoinGecko report, the RWA market, excluding stablecoins, grew by 256.7% over the past 15 months. From early 2025 to March 2026, it expanded from $5.42 billion to $19.32 billion.
The fastest-growing segment was tokenized commodities, whose market cap increased by 289%, from $1.43 billion to $5.55 billion. The main drivers were gold-backed tokens Tether Gold (XAUt) and PAX Gold (PAXG). Overall, the tokenized gold market grew by 89.1% over 15 months. PAXG, with a market cap of $2.32 billion, accounts for 41.8% of the tokenized gold market, while XAUt holds about 45.5%, with a market cap of $2.52 billion.
Spot trading volume for tokenized gold reached $90.7 billion in Q1 2026, compared to no more than $84.6 billion in 2025. Most liquidity is concentrated on centralized exchanges, and trading volumes remain sensitive to gold price fluctuations.
The tokenized equities segment reached a market cap of $486.7 million. Segment leaders included:
- Circle — $171.4 million;
- Tesla — $61.7 million;
- Nvidia — $42.6 million;
- Alphabet — $36.9 million.
Trading volume for tokenized equities totaled $15.1 billion in Q1 2026. However, CoinGecko analysts note that this still represents less than 1% of traditional stock market turnover.
The tokenized ETF market grew to $297.5 million in 2026. SPDR S&P 500 products, with a market cap of $32.45 million, and iShares Silver Trust, with $31.75 million, each account for about 11% of the market.
At the same time, the tokenized derivatives market is expanding rapidly. Trading volume in perpetual contracts on RWA products reached $524.8 billion in Q1 2026. Average daily open interest rose to $4.82 billion, up from $850 million a year earlier. A significant contribution to this growth came from the Hyperliquid protocol, where trading volume increased from $12.65 billion in Q4 2025 to $130.9 billion in Q1 2026.
CoinGecko analysts note that the growth of the RWA sector is accompanied by increasing competition among participants, differentiated by regulatory status, asset types, and distribution channels. Centralized exchanges are actively developing strategies around tokenized traditional assets, accelerating their adoption and accessibility for investors.
In 2025, private credit and U.S. debt instruments accounted for more than half of the RWA market, while tokenized commodities were the fastest-growing segment. At the same time, assets under management (AUM) in the tokenization sector reached an all-time high in 2025.
