News, data and analysis on tokenized assets, market design and digital economic systems.
What is being tokenized, class by class: how each is defined, whether a market exists in it yet, who issues it, where it settles and how it is supervised. Listed in taxonomy order, not by size.
Each class is sized by a single published aggregate, chosen for comparability rather than headline value and named with its source on every row. Where no provider publishes one the class carries no figure, which is not the same as a figure of zero.
18 times the next largest figure here, so stated rather than drawn: on one scale every bar below would be a hairline. It is in the table view with the rest.
3 categories have no verified figure and are omitted rather than shown as zero.
| Asset class | Value |
|---|---|
| Stablecoins | $297,980,000,000 |
| Government securities | $16,200,000,000 |
| Private credit | $6,980,000,000 |
| Commodities | $4,590,000,000 |
| Equities | $1,940,000,000 |
| Tokenized funds | $1,410,000,000 |
| Real estate | $202,630,000 |
| Asset class | Reported size | As of | Source |
|---|---|---|---|
| Government securities | $16.2bn | 25 July 2026 | RWA.xyz |
| Private credit | $6.98bn | 25 July 2026 | RWA.xyz |
| Tokenized funds | $1.41bn | 16 June 2026 | RWA.xyz |
| Real estate | $203m | 25 July 2026 | RWA.xyz |
| Commodities | $4.59bn | 25 July 2026 | RWA.xyz |
| Equities | $1.94bn | 22 July 2026 | RWA.xyz |
| Corporate debt | — | — | |
| Tokenized deposits | — | — | |
| Stablecoins | $298bn | 25 July 2026 | RWA.xyz |
| Other tokenized assets | — | — |
Each entry opens on its definition and its current market state.
Sovereign debt exposure issued or recorded on blockchain networks. In practice almost all of it is fund shares - tokenised money-market and short-duration government funds holding Treasury bills, notes and repo - rather than directly tokenised bonds. A smaller non-US segment covers euro, sterling, Hong Kong dollar and renminbi government paper.
Loans and loan portfolios originated off public markets and recorded, funded or traded onchain. The segment spans consumer secured lending (home-equity lines), collateralised loan obligations, corporate and specialty finance credit, crypto-collateralised institutional lending, and structured notes against operating assets such as mining fleets.
Units of regulated collective investment vehicles issued as blockchain tokens, with an onchain share register maintained by a transfer agent. Three sub-segments: money-market and short-duration government funds, actively managed strategies, and feeder vehicles into private-market funds.
Equity or debt interests in individual properties and property portfolios issued as tokens, usually through a special-purpose vehicle, trust or regulated real-estate fund whose shares are recorded onchain.
Tokens representing title to physical commodities held in custody, or claims on warehoused inventory. Gold dominates; the rest comprises other precious metals, agricultural products, diamonds and, at experimental scale, uranium.
Listed and private company shares, and exchange-traded fund shares, made transferable on blockchain networks. Three models coexist: third-party tokens representing an entitlement to a share held in conventional custody, issuer-sponsored tokens that are the share itself, and exchange-traded tokenised share classes fungible with conventional shares.
Bonds and notes issued by financial and non-financial companies in tokenised or digitally native form, where the security is constituted and settled on a distributed ledger rather than through a conventional central securities depository.
Commercial-bank deposit liabilities recorded as transferable tokens on a distributed ledger. The claim remains a deposit on the issuing bank's balance sheet, inside the banking regulatory perimeter, and carries the same treatment as a conventional deposit; the token changes how the claim moves, not what it is.
Tokens designed to hold a fixed value against a reference currency, issued by non-bank entities and backed by reserves, over-collateralised crypto positions, or hedged derivative structures. They are the settlement asset for most onchain activity and, by value, the largest category of tokenised real-world assets.
Tokenised exposures that do not fit the main classes: insurance and reinsurance risk, mining and energy production notes, physical collectibles such as diamonds, environmental and carbon credits, and claims on intellectual property or revenue streams. The defining feature is bespoke valuation and single-operator dependence rather than a shared market structure.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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