The tokenized real-world asset market has reached $46.7 billion, up 17.4 times in three years, according to Token Terminal data. Ethereum still holds the largest share of the market, but Solana, Stellar, and Robinhood Chain are adding value the fastest. Growth is spreading from issuance into credit funds, gold, tokenized stocks, and deeper DeFi use.
Tokenized real-world assets (RWAs) have crossed a new milestone, with the onchain market reaching $46.7 billion as of Sept. 15, as capital spreads across credit, commodities, equities and other financial products. No single issuer controls more than 10% of the market, suggesting the sector is expanding without leaning on one platform.
Credit and Gold Turn Into Major Onchain Markets
Securitize accounts for $4.6 billion, with Sky a close second at $4.5 billion, followed by Ondo at $3.5 billion. Tokenized credit funds now total $6.4 billion, 13.8% of total RWA value, led by syrupUSDC at $950.6 million, JAAA at $717.8 million, PRIME at $586.9 million, sUSDai at $465.2 million, and STAC at $356.5 million.
Gold is not far behind. Tokenized gold represents $5.1 billion, 11% of the market, with Tether Gold leading at $2.7 billion while Paxos Gold holds about $1.9 billion. The growth shows crypto infrastructure increasingly packaging assets investors already understand rather than creating new ones.
Ethereum Leads as DeFi Use Deepens
Around $3.6 billion, 7.8% of all issued RWA market value, now sits deposited across DeFi venues. Decentralized exchange volume reached $1.2 billion on Sept. 12, roughly 2.7% of total issued RWA value. Ethereum remains the dominant network, holding $22.9 billion, 49.1% of the market. But recent growth is coming from elsewhere: over the past 30 days, Solana added $263.3 million in RWA market cap to reach $3.1 billion, Stellar gained $150.6 million, and Robinhood Chain added $148.9 million.
Tokenization of Stocks Accelerates
The fastest-moving corner may be equities. According to commentary from SteinRWA, xStocks and PreStocks took 224 and 252 days, respectively, to reach $1 billion in DEX trading volume. By comparison, bStocks reached that mark in 35 days and Robinhood in 56. Token Terminal described the trend as a diversification of the RWA market, with firms such as Robinhood and Binance bringing established user bases and revenue streams into tokenized finance.
Distribution may now matter just as much as issuance.
Source: Bitcoin News
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