Tokenized Real-World Assets Surge 260% in 2025

Tokenized real-world assets (RWA) are having a stellar year.

The sector has grown 260% from $8.6 billion at the beginning of the year to over $23 billion today, according to Binance Research’s latest monthly market report.

Private credit and U.S. Treasury debt account for the vast majority, at 58% and 34%, respectively, totalling 92% in all.

“One of the most notable trends is the explosive growth in the tokenized RWA market,” the report notes. “This reflects not only regulatory progress but also real-world utility, as institutions increasingly explore blockchain-based access to private credit and U.S. Treasury markets. The deeper integration of RWAs with DeFi platforms marks a significant step toward bridging traditional finance and on-chain ecosystems.”

One of the biggest drivers is BlackRock’s BUIDL tokenized Treasury fund, which has grown from $649 million at the beginning of the year to $2.9 billion, an increase of nearly 350%.

The tokenized Treasury fund is also connecting RWAs with decentralized finance (DeFi), with DeFi protocol Euler launching sBUIDL, allowing holders of the staked BUIDL token to borrow USDC or AUSD stablecoins.

Another big winner is Tradable, a ZKSync Era-native protocol launched in January 2025, “which has quickly outpaced competitors with over $2 billion in tokenized assets to date,” Binance said.

“Additionally, Centrifuge and Securitize have introduced tokenized funds on Solana, connecting with established Solana DeFi protocols such as Kamino Finance,” the report said. “The increasing fusion of tokenized RWAs with DeFi not only injects a fresh source of reliable yields into on-chain financial ecosystems but also addresses longstanding concerns about DeFi’s sustainability.”

Corporate Treasuries Expand

Corporate Bitcoin treasuries continue to grow, with 116 companies now publicly acknowledging that they hold BTC.

“These companies now hold 809,000 BTC, up from 312,000 BTC a year ago,” the report said.

The trend is accelerating, with more than 25 companies disclosing new BTC holdings over the past two months.

Recent additions to the segment include Trump Media, Nakamoto, GameStop and French football team Paris Saint-Germain. However, the biggest by far is still Michael Saylor’s strategy, which now holds almost 72% of all corporate Bitcoin treasury holdings, the report stated.

While some companies are accumulating other cryptocurrencies, including ETH, SOL, XRP and other non-bitcoin holdings, they remain niche.

“These strategies carry structural risks,” the report said. “Equity valuations for many firms have become heavily tied to crypto holdings, often trading at significant premiums. As adoption broadens, these premiums are compressing, while newer entrants face additional governance, risk, and liquidity challenges during market stress.”

That said, momentum is strong, it noted, adding that Bitwise has projected corporate treasuries could hold more than one million BTC by 2026.