On-chain Tokenization of Real-World Assets Surpasses $25 Billion, Nearly Quadrupling in One Year

On March 9, CoinDesk data shows that on-chain tokenization of real-world assets (RWA)—excluding stablecoins—has surpassed $25 billion, nearly quadrupling from roughly $6.4 billion a year ago. Over the past year, several traditional asset management firms have ramped up tokenized product launches, with BlackRock, Fidelity Investments and WisdomTree all rolling out related tokenized fund offerings. Currently, six asset classes have on-chain values exceeding $1 billion: U.S. Treasuries, commodities, private credit, institutional alternative funds, corporate bonds and non-U.S. government bonds. U.S. Treasury products have seen particularly strong growth, with the number of related tokenized offerings rising from 35 to more than 50. Industry data, however, indicates the current RWA market growth stems primarily from institutional issuance—not secondary trading. A large share of on-chain transfer volume is concentrated at the $10 million level, meaning institutions typically allocate funds via batch transactions rather than continuous trading. Additionally, integration between RWA and decentralized finance (DeFi) remains limited. Of the roughly $84.9 billion in RWA-backed stablecoin supply, only about 12% has been deployed to DeFi protocols; most remaining assets remain relatively closed off due to KYC requirements, whitelisting and compliance restrictions. The industry views the future deep integration of these assets into the DeFi ecosystem as a key factor in whether the tokenization market can expand further.