The tokenized real-world assets (RWA) sector is experiencing explosive growth, with the number of RWA holders surging nearly tenfold in the past year to approach 800,000 users. This rapid expansion signals a major shift in investor behavior, as demand for blockchain-based assets tied to physical-world value like real estate, bonds, and commodities skyrockets. The ecosystem is now on pace to surpass the milestone of 1 million holders in the near future, marking a significant achievement for the sector.
By the end of 2025, the total value of RWAs on public blockchains climbed to roughly $19 billion, indicating a sharp acceleration. Growth has been concentrated in asset classes with clear collateral, transparent pricing, and established custody standards. Tokenized U.S. Treasuries remain the foundational pillar of the on-chain RWA ecosystem, valued for their low risk, clear yield, daily liquidity, and strong legal frameworks. They serve as the primary entry point for institutions exploring blockchain exposure.
The fastest expansion in 2025 came from tokenized commodities, particularly gold. On-chain commodity products grew more than 60% quarter over quarter, pushing the total tokenized commodity value to around $3.5 billion. This growth was largely driven by offerings from companies like Tether and Paxos, reflecting investor demand for inflation hedges with on-chain functionality.
Institutional alternative funds and private credit platforms, such as Maple Finance, also saw steady growth, though they face challenges related to distribution, compliance, and redemption mechanics. The data underscores that the current bottleneck is no longer tokenization technology itself, but rather distribution, trust, custody, and regulatory compliance.
Analysts predict the next major growth phase for RWAs will be unlocked by tokenized money, including stablecoins and tokenized bank deposits. This evolution could enable atomic settlement and fully on-chain markets, shifting the industry's focus from merely placing assets on-chain to operating entire financial markets on blockchain infrastructure.
