Tokenized Real-World Assets Cross $20 Billion in Onchain Value

The tokenized real-world assets (RWAs) market has crossed the $20 billion threshold in on-chain value, suggesting growing investor interest in the sector.

The milestone reflects a 12% increase in total tokenized asset value over the past 30 days, according to data from RWA.xyz. The number of unique asset holders also rose by 5.43% during the same period, reaching a total of 94,809.

Leading the growth is BlackRock’s BUIDL tokenized Treasury fund, which experienced a 190% increase in market capitalization over the past month, reaching $2.3 billion. Tether Gold follows as the second-largest tokenized asset by market cap, with a total of $761 million after a 5% gain during the same period. Rounding out the top three is Franklin Templeton’s BENJI fund, which boasts a market cap of $701 million.

“The tokenized RWA market crossing $20 billion in this market is a strong signal,” said Kevin Rusher, founder of RWA lending platform RAAC. “First, it is the only sector in crypto still reaching new all-time highs while most are far from their highest levels and suffering heavy losses.”

From Theory to Practice

Rusher emphasized that this milestone shows how institutions are not just talking about RWAs but are actively tokenizing them.

“On one side, we’re seeing tokenized credit and Treasuries gaining traction, and on the other side, Layer 1 and DeFi projects are shifting to RWA utility and investments almost daily,” he said. “And the best part of this emerging sector? It’s not just noise — it’s generating real and stable yield.”

While reaching the $20 billion mark is a milestone, Rusher believes the sector is still in its early days. “Most tokenized RWAs now are private credit and Treasuries — which is great,” he said. “But when gold, real estate, and other stable assets come on-chain, it will bring trillions of dollars in value still locked in outdated systems into DeFi and propel the sector into the future."