With $2 Billion in Real-World Assets, ZKsync Era is Now the Second-Largest RWA Chain

ZKsync Era is now the second-largest real-world asset (RWA) chain behind Ethereum, and it's largely driven by Tradable, a private credit tokenization firm.

Tokenizing RWAs has been hailed as one of crypto’s ‘killer use cases,’ with funds like BlackRock’s BUIDL tokenized money market fund gaining widespread attention. Global consulting firm McKinsey & Co estimates that RWAs will be a $2 trillion to $4 trillion market by 2030.

In terms of total value locked (TVL) on blockchain networks, there is nearly $9.5 billion in RWAs, according to RWA.xyz, with Ethereum accounting for roughly $5 billion and ZKsync Era $2.1 billion. In third place is Stellar, with a distant $472 million in TVL.

Private Credit Leads

Tradable aims to bring Web3 technology to traditional asset managers in the market for institutional-grade private credit loans to businesses. That’s expected to grow into a $2.6 trillion market by 2029, according to Morgan Stanley.

Tradable has almost $1.9 billion in active tokenized loans across 30 institutional-grade private credit positions, giving it a market share of nearly 90% among ZKsync’s RWA protocols.

That puts it in second place overall among private credit protocols, which have $12.2 billion in active loans, according to RWA.xyz. Tradable’s still well behind Figure, which has over $9.5 billion in active loans.

In total, there is just over $19 billion in tokenized RWAs across all categories, including U.S. Treasuries, commodities like gold, stocks and real estate. That excludes stablecoins, many of which are backed by real-world assets, notably U.S. Treasuries.