Tokenized RWAs Rally: Surpass Stablecoins by Q1 2026

Published: 2026-05-02 19:08:27 |

CoinGecko’s RWA Report 2026 says tokenized RWAs are accelerating and outpacing stablecoins. From Jan 2025 to end-Q1 2026, tokenized RWAs market cap rose from $5.42B to $19.32B (+256.7%). Their share of the stablecoin market climbed from 2.7% to 6.4%, with the momentum picking up in 2025. Tokenized RWAs span treasuries, commodities, stocks, and tokenized ETFs. Tokenized treasuries still dominate but slipped in share (73.7% to 67.2%) while adding about $9B (+225.5%). Commodities gained share, led by gold-backed tokens: Tether Gold (XAUT) and Paxos Gold (PAXG). Combined, XAUT and PAXG grew 289% from $1.43B to $5.55B, contributing 89% of that increase. Gold spot trading tied to tokenized gold also rose to $90.7B in Q1 2026 (from $84.6B total in 2025). Beyond spot assets, trading activity improved. Tokenized stocks grew to $486.69M by Mar 31, 2026, and spot volume reached $15.12B in Q1 2026. Tokenized ETFs rose to $297.50M by end-Q1, while tokenized perpetuals volume hit $524.79B in Q1 2026 (above all of 2025), with open interest rising to $6.68B. Key takeaway for traders: tokenized RWAs growth is translating into higher liquidity and more activity across venues, which can shift risk, volumes, and correlations—especially around gold-backed flows. Keywords: tokenized RWAs, stablecoins, gold-backed tokens, tokenized treasuries, RWA trading volume.

Bullish

The report’s data points to sustained demand and liquidity expansion in tokenized RWAs, which typically supports risk-on activity inside this niche. Treasuries keep growing in absolute terms, while commodities (especially gold-backed XAUT/PAXG) drive a larger share of gains, implying fresh flow momentum. Higher spot volumes across tokenized stocks and stronger ETF growth, plus a major jump in tokenized perpetuals volume and open interest, suggest tighter spreads and deeper trading—conditions that can attract more participation. In the short term, traders may see increased intraday volatility around gold-backed tokens as growth is concentrated there (XAUT/PAXG driving most commodity gains). In the long term, if liquidity keeps improving, correlations between tokenized RWA proxies and broader crypto risk appetite may strengthen, reinforcing a constructive outlook for trading activity in tokenized RWA markets.