The combined market for tokenized real-world assets (RWAs) has surged to a record $43.8 billion across 32 blockchains, while the segment of tokenized U.S. Treasuries alone now exceeds $15.2 billion on 18 networks, according to fresh data from Token Terminal. The two milestones, reported within days of each other, highlight a rapid institutional embrace of on-chain representations of physical and government-backed assets.
Ethereum remains the dominant infrastructure for this transformation. In the broader RWA aggregate, the network commands a 52.2% share, owed to its deep DeFi liquidity, mature smart-contract tooling, and established institutional on-ramps. For tokenized Treasuries specifically, Ethereum’s lead narrows to 43.2%, reflecting the growing appeal of cheaper alternatives. BNB Chain has carved out a substantial 12.9% of all RWAs and an even more impressive 31.5% of tokenized Treasuries, capitalizing on low-cost execution and strategic partnerships. zkSync Era holds 7.3% of the RWA market by leveraging its ZK-Rollup architecture for cost efficiency, while Stellar claims 7.5% of the tokenized Treasury market, underscoring its long-standing focus on compliance-friendly asset tokenization.
Demand for on-chain yield and the search for dependable collateral within DeFi have fueled the expansion, attracting both hedge funds and traditional asset managers. Tokenized Treasuries, in particular, act as a bridge, offering yield-bearing exposure without leaving the blockchain ecosystem. As the trend matures, analysts anticipate that more blockchains will join the fray, intensifying competition and further blurring the line between traditional finance and digital assets.
