Tokenized RWA Hits $43B as Ethereum Leads and Market Broadens

Tokenized real-world assets (tokenized RWA) are gaining momentum. Token Terminal says tokenized RWA rose 37% in six months to over $43B, even as the wider crypto market stayed weak. Earlier estimates also pointed to strong growth toward the $30B-$34B range, with most data sets emphasizing U.S. Treasuries and Ethereum settlement. The latest breakdown shows tokenized funds dominate tokenized RWA, holding nearly 80% of capitalization. Commodities account for 16.6%, while tokenized stocks make up 3.8%. On-chain, Ethereum remains the core settlement layer with 57.8% of tokenized RWA value, followed by BNB Chain (8.5%), zkSync Era (7.5%), XRP Ledger (5.8%), and Stellar (5.4%). Issuer concentration is led by Sky (~$6.1B), with Securitize and Ondo Finance each around $3.6B. Beyond Treasuries, the narrative is shifting toward a more diversified yield ecosystem. BlackRock’s BUIDL is cited as a flagship tokenized Treasury vehicle (about $2.0B-$2.4B AUM in earlier reporting). Tokenization also drew mainstream attention: Standard Chartered started coverage on Uniswap and floated a potential 40x UNI move by 2030, while Citi expects tokenized asset market size to reach $5.5T (base) to $8.2T (bull) by 2030, citing clearer regulation and integration with major market infrastructure (e.g., DTCC, NYSE, Nasdaq). Stablecoins—often excluded from tokenized-asset metrics—are viewed as an important growth driver. For traders, the key takeaway is that tokenized RWA is expanding from a Treasury-led bet into broader on-chain yield products. This supports constructive sentiment for tokenized-finance narratives, while Ethereum’s role suggests ETH-related liquidity and flows may remain a primary focus.