Binance: On-chain tokenized real-world assets (RWA) surge 589% to $31.4 billion, institutionalization process accelerates

Binance Research’s latest report shows that the on-chain tokenized Real World Assets (RWA) market has surged 589% since the start of 2025, now topping $31.4 billion – up from $21.5 billion at the start of 2026, and roughly five times its size at the start of 2025. The main growth comes from bonds and money market funds, which together added around $6.5 billion, with an 83% increase. Tokenized U.S. Treasuries, money market funds, gold-backed assets, and tokenized listed stocks are the primary drivers of this expansion. Among these, tokenized stocks, while having a smaller base, have seen particularly robust growth, signaling that issuers are testing whether blockchain can support the circulation of a broader range of traditional securities assets. Analysts note that this RWA growth cycle differs from previous narratives in the crypto space, which centered on speculative trading or DeFi yields. It is more closely tied to traditional financial infrastructure, focusing on institutional needs like settlement efficiency, collateral liquidity, and programmable asset services. However, compared to the global bond, money market fund, and stock markets worth tens of trillions of dollars, $31.4 billion remains a negligible fraction. The report highlights that the key to the next phase of growth is not token issuance itself, but improvements in liquidity depth, legal enforceability, custody standards, and secondary market access. Regulatory frameworks remain the core bottleneck restricting further scale expansion.