The total value of tokenized real-world assets (RWAs) reached approximately $293 billion in August 2025, according to RWA.xyz data, with stablecoins comprising $266.7 billion of this sum. Excluding stablecoins, the RWA market doubled year-over-year to $26.3 billion, up from $12.4 billion during the same period in 2024.
Tokenized U.S. Treasuries emerged as the fastest-growing segment, surging 80% year-to-date to $7.31 billion. BlackRock's BUIDL fund dominates this category with $2.397 billion in assets, while Tether Gold (XAUT) ranks as the second-largest RWA issuer overall with $1.252 billion in tokenized gold. Private credit remains the largest non-stablecoin segment at $15.3 billion, accounting for over half of the non-stablecoin RWA value.
Institutional adoption is accelerating, with Wall Street firms leveraging tokenization to broaden investor access to traditionally exclusive assets like private credit and Treasuries. BlackRock and Franklin Templeton (whose BENJI fund holds $700 million) are embedding tokenized products into operational infrastructure, using them as yield-bearing alternatives to non-interest stablecoins. Ethereum hosts over 50% of non-stablecoin RWAs, though networks including Solana, Stellar, Aptos, and ZKsync are gaining market share.
The stablecoin sector continues to anchor the ecosystem with $267 billion in value and 189 million global holders, creating structural demand for short-term U.S. government securities. This growth signals tokenization's evolution from conceptual testing to functional financial infrastructure integrated into global capital markets.