The tokenization of real-world assets (RWAs) has experienced explosive growth, with the total on-chain value reaching approximately $25 billion to $26.5 billion, marking a fourfold increase over the past year according to data from Nexus and RWA.xyz. This surge, representing a 289% year-over-year gain, is largely fueled by institutional demand for private credit, on-chain treasury bills, and equities.
U.S. Treasuries and commodities dominate the sector, accounting for 58% of the growth and exceeding $16 billion in total value. Corporate bonds and institutional alternative funds have also seen significant jumps, with BlackRock's tokenized assets hitting $2.2 billion and Ondo Finance reaching $2 billion. Despite this concentration, the top asset categories have seen their combined market share drop by 61%, indicating a trend toward increased diversification.
Adoption is broadening, with the number of RWA holders across major blockchains reaching a record high. Ethereum leads with 169,000 holders, followed closely by Solana with 163,000. BNB Chain and Celo also posted new highs of 42,000 and 77,000 holders, respectively. In total, RWA holders jumped 4% to exceed 663,000, while stablecoin holders surged to 233.2 million.
Concurrently, major financial institutions and crypto exchanges are moving to capitalize on this trend. Australian exchange BTC Markets has notified the Australian Securities and Investments Commission (ASIC) of its intention to apply for a markets license to offer regulated tokenized RWAs. CEO Lucas Dobbins stated the goal is to create infrastructure where "tokenized equities, bonds, and real-world assets will trade alongside cryptocurrencies." He cited conservative forecasts suggesting tokenized markets could reach $2 trillion by 2030, with some estimates as high as $16 trillion.
This move aligns with a global wave of institutional adoption. Kraken launched its xStocks platform for tokenized equities in 2025, followed by the xChange trading engine for cross-network trading. Robinhood announced a tokenized stock trading platform for Europe, and the Intercontinental Exchange (owner of the NYSE) is developing a platform for tokenized securities. Nasdaq has proposed integrating tokenized assets, and Coinbase plans to launch an institutional tokenization platform called Coinbase Tokenize.
In Australia, research suggests tokenized markets could generate up to A$24 billion ($16.8 billion) annually in economic gains. Dobbins emphasized that unlocking this potential requires "licensed market infrastructure that allows tokenized assets to trade within a trusted regulatory framework."
