According to the report "The Real State of Tokenization in 2026" co-released by BeInCrypto Research and rwa xyz, as of May 2026, the scale of tokenized real-world assets (RWA) is approximately $60 billion (excluding stablecoins and repurchase agreements). However, the market is highly concentrated, with just 62 assets accounting for about 88% of the market value, and five products occupying roughly half of the market. Meanwhile, about 56% of the market value has no weekly on-chain transfer activity, and 97% of the market remains inaccessible to U.S. retail investors, with only tokenized U.S. Treasuries reaching the production-grade stage. The report suggests that a significant portion of tokenized assets is still stuck in the asset registration (Representation) stage, and the infrastructure for improving asset distribution, liquidity, and composability is still under construction.