#RWA is a strong narrative with impressive growth from $5.4B in 2025 to ~$20B in May 2026.

However, this is not a story of the entire industry exploding b/c more than 95% of this added value came from only two categories:
– Tokenized Treasuries
– Commodities
The remaining categories such as private credit, real estate, and equities have either grown very slowly or are still at the “pilot” stage.
► Here are the stage of 5 categories in #RWA
1/ Tokenized Treasuries: Bonds & Money Market Funds
Market cap: ~$12.97B USD (67.2% of the total market).
Growth: +$9.00B USD (+225.5%) in 15 months.
Top players: #BlackRock BUIDL (~$3B), #Circle USYC (~$3B), $Ondo USDY (~$2.1B), #Franklin BENJI (~$2.2B),…
2/ Tokenized Commodities
Market cap: $5.5B USD (28.7% of the market).
Growth: +289.1% (from $1.43B to $5.55B).
Drivers: $PAXG + $XAUT accounted for 89.1% of the growth (each ~$2.3-2.5B). Spot trading volume in Q1 2026 reached $90.7B USD, surpassing the entire year of 2025 ($84.6B).
3/ Tokenized Private Credit - high potential
Market cap / Active value: ~$3.5B USD credit assets.
Top players: @maplefinance (syrupUSDC ~$1.5B), @centrifuge, @goldfinch_fi, #Apollo ACRED.
This is a category with great potential due to attractive yields of 8-15% but has not yet achieved an explosion.
4/ Tokenized Real Estate - loser
Market cap: Only ~$200-300M USD.
Growth: Very slow, still at the level of “hundreds of millions”.
Tokenized Real Estate is losing market share to other categories due to difficulties in complex management, low liquidity, and regulatory issues.
5/ Tokenized Stocks & ETFs - emerging
Market cap: ~$0.8B.
Trading volume: Stocks $15.1B USD in Q1 2026.
Top players: @HyperliquidX, @OndoFinance, @xStocksFi
This is the category most worth watching for the 2026-2027 period. When regulation becomes clearer (Nasdaq, DTCC, BlackRock are pushing), equities will explode.