Tokenized Real-World Assets Reach $46.7 B, Ethereum Still Dominates

The on‑chain market for tokenized real‑world assets (RWAs) hit $46.7 billion as of September 15, 2026, marking a 17.4‑fold increase over the past three years. The expansion spans credit funds, commodities, equities and several blockchain platforms.

Market composition and diversification

No single issuer controls more than 10 % of the total market. The largest issuers are Securitize ($4.6 B), Sky ($4.5 B) and Ondo ($3.5 B), indicating a broadening ecosystem.

Credit funds and gold lead the asset mix

Tokenized credit funds account for $6.4 billion (13.8 % of total RWA value). The top credit tokens are syrupUSDC ($950.6 M), JAAA ($717.8 M), PRIME ($586.9 M), sUSDai ($465.2 M) and STAC ($356.5 M). Tokenized gold represents $5.1 billion (11 % of the market), led by Tether Gold ($2.7 billion) and Paxos Gold ($1.9 billion).

DeFi integration and liquidity

Approximately $3.6 billion (7.8 % of issued RWA value) is currently deposited in DeFi protocols. Decentralized exchange (DEX) volume reached $1.2 billion on September 12, about 2.7 % of total issued RWA value.

Blockchain distribution

Ethereum remains the dominant network with $22.9 billion (49.1 % of the market). Recent growth has been observed on other chains: Solana added $263.3 million in the last 30 days to reach $3.1 billion, Stellar gained $150.6 million, and Robinhood Chain added $148.9 million.

Tokenized equities accelerate

Equity tokens are gaining traction. According to SteinRWA, xStocks and PreStocks required 224 and 252 days respectively to achieve $1 billion in DEX trading volume, while bStocks reached that level in 35 days and Robinhood in 56 days. Platforms such as Robinhood and Binance are expanding distribution of tokenized stocks.

Outlook

The $46.7 billion figure underscores that RWAs are evolving into functional on‑chain markets with growing liquidity, collateral use and secondary trading.