The market for tokenized real-world assets (RWA) continues its strong growth and is now approaching the $35 billion threshold. Driven by institutional products, treasuries and gold-backed tokens, these assets continue to drive adoption on the blockchain. According to data published by rwa.xyz, the total value of RWAs today reached $34.14 billion, up 10.58% over the last 30 days. A progression which reflects the growing confidence of investors in tokenized real assets.
In brief
- The RWA market grows 10.58% to $34.14 billion, evidence of the rise of blockchain-based assets.
- Ethereum retains 58% of the total value, while Arbitrum jumps 122% over the month, confirming multi-chain expansion.
- Tokenized Treasuries and gold-backed assets are showing double-digit growth, supported by global demand for yield.
- Major institutional players like Franklin Templeton, Ondo and Fidelity help drive innovation and market depth.
Tokenization attracts an ever-widening audience of investors
The tokenization of RWAs makes it possible to represent and exchange on public blockchains financial instruments that are traditionally off-chain, such as US Treasury bills, commodities, institutional funds or even private credit. Its value lies in continuous access to markets, 24/7, accelerated settlements and compatibility with decentralized applications, thus promoting a more fluid and global circulation of liquidity.
According to rwa.xyz, participation in RWAs continues to grow. The number of asset holders increased by 6.71% in one month to reach 489,037, while the number of active transmitters now stands at 225.
Ethereum dominates as Arbitrum posts record month
Among public blockchains, Ethereum remains the essential benchmark for tokenized assets with $12.48 billion, up 20.73% over the month, or a market share of 58.24%.
Here is the performance of the other networks:
- zkSync Era ranks second with $2.37 billion in tokenized assets, down slightly by 2.46%, or 11.04% of the total market.
- Polygon follows with $1.14 billion, down 3.74% over the month (5.31% of the market).
- Arbitrum records a spectacular surge of 122.3%, reaching $874 million and 4.08% of the RWA market, its best monthly performance to date.
- Avalanche remains stable at $745.7 million (−0.56%), while Aptos advances 0.19% to $724.8 million.
- Solana increased by 5.04% to 695.9 million, driven by the rise of DeFi and new tokenization projects.
- Stellar, BNB Chain and XRP Ledger bring up the rear with respective gains of 23.28%, 14.99% and 3.45%.
This distribution confirms the dominance of Ethereum, even if competing layer-1 and layer-2 blockchains are gradually gaining ground.
Treasury bills and gold, drivers of RWA growth
Treasury-backed RWAs remain the mainstay of the market, supported by continued strong institutional demand for assets offering yield and stability.
Performance side:
- Franklin Templeton's BENJI fund rose 16.10% for the month to $849.43 million.
- Ondo's OUSG (United States Short Term Government Bond) gained 8.41% to 792.12 million.
- Ondo's USD Yield (USDY) remained stable at 657.72 million.
- Circle's USYC climbed 8.00% to 623.28 million, benefiting from increased institutional adoption.
- Superstate US Short Term Treasury Bills (USTB) jumped 79.92% in 30 days to 510.54 million.
- Fidelity Digital Intermediate Treasuries (FDIT) rose 9.21%, while Janus Henderson JTRSY fell 14.51% to 295.20 million.
Commodity-backed RWAs, dominated by tokenized gold, also had an exceptional month. Tether Gold (XAUT) soared 84.15% to $1.66 billion, while Paxos Gold (PAXG) rose 28.83% to $1.36 billion. These assets continue to attract investors looking to protect against inflation and diversify their stores of value on the blockchain.
JSOY OIL remains stable at $313.34 million, while sovereign products show contrasting results: China AMC USD (CUMIU) remains at 503.10 million and Spiko European Treasury Bills (EUTBL) decline slightly to 324.58 million.
A more structured market thanks to clear custody and issuance frameworks
In the institutional category, Janus Henderson AAA (JAAA) is up 23.27% to $969.46 million, while Blockchain Capital (BCAP) is up 11.49% to $404.96 million. Superstate Crypto Cash (USCC) advances 10.81% to 253.64 million, and Legion Strategies (LS) remains stable at 217.93 million.
Equity and private market tokens showed contrasting performances: Exodus Movement EXODB fell 12.77% over the week but remained stable over the month at 480.97 million, while EXOD fell 14.80% to 223.37 million. Despite this volatility, these products demonstrate the expansion of the market for tokenized private stocks and assets.
The structure of the RWA market is consolidating around clearer custody and issuance frameworks. Issuers continue to back yield-generating assets with blockchain tokens, while custodians manage collateral off-chain. The protocols in turn ensure issuance and trading on the secondary market, laying the foundations for sustainable institutional adoption.
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