The global real-world asset tokenization (RWA) market jumped more than threefold within a year as on-chain access to traditional assets with stable returns, including U.S. Treasuries and gold, broadened. A report by iM Securities and RWA.xyz shows the market rising from about $55 billion in January 2025 to roughly $188 billion by December 2025.
U.S. Treasuries accounted for about $86 billion, the largest share, reflecting surging demand for tokenized government debt after BlackRock’s tokenized money market fund Build. Gold-based tokens, including XAUT and PAXG, followed, as gold demand fed tokenized asset issuance.
Other growth drivers included institutional capital in alternative investment funds ($26 billion) and private credit ($22 billion), along with smaller allocations to non-U.S. bonds, listed equities and private equities. Tokenization lowers barriers by enabling fractional ownership and allows asset holders to use tokens as on-chain collateral, improving capital efficiency.
Mainstream managers like BlackRock have bolstered market credibility, while regulators move to formalize RWA frameworks to accelerate adoption. Standards Chartered projects a $2 trillion non-stablecoin-based RWA market by 2028, with asset-mix projections including about $750 billion in MMF tokenization, $750 billion in U.S. equity tokenization, and $250 billion in other assets. Sustained growth depends on stablecoin liquidity and DeFi-based deposit structures.
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