According to Bernstein analysts, the market capitalization of real-world assets that have been tokenized exceeded $51 billion on Monday, up 40% year to date, while the broader crypto market has fallen by about 20% over the same period. Bernstein’s data shows that private credit remains the dominant asset class, accounting for about 47% of the total RWA market capitalization, followed by U.S. Treasury bills at 30% and commodities at 9%. The total number of investors holding RWA assets has surpassed 917,000, up roughly 60% year to date.

Tokenized stocks have increased 130% year to date, from $700 million to $1.6 billion, with monthly trading volume reaching $5.3 billion in June on an annualized basis as of June 19, up from $3.6 billion in May. Ethereum and Provenance together hold more than 70% of total activity across tokenized assets, with Provenance accounting for 39% and Ethereum for 33%. Bernstein noted that the industry is gradually converging around two distinct business models for tokenizing stocks: trading infrastructure platforms such as Robinhood, and payment-layer models built by Figure, Bullish, and Securitize, using SEC-registered infrastructure.