RWA Market Surpasses $43 Billion as Tokenisation Momentum Accelerates

The total value of tokenised real-world assets (RWAs) has exceeded $43 billion, marking a 300% year-over-year increase and cementing tokenisation as one of blockchain’s most compelling use cases.

Market Breakdown

The RWA market spans multiple asset categories:

By Asset Type:

• Tokenised Treasuries: $12.88 billion (largest category)
• Private credit: $10.2 billion
• Commodities (gold, etc.): $8.5 billion
• Real estate: $4.1 billion
• Tokenised equities: $3.8 billion (fastest growing)
• Other: $3.5 billion

By Blockchain:

• Ethereum: 57.8% market share
• XRP Ledger: Strong recent inflows ($1.9B)
• Stellar, Polygon, Solana: Growing presence

Why Now?

Several factors are driving the acceleration:

• Regulatory clarity – Frameworks emerging in key jurisdictions
• Institutional infrastructure – Major custodians and exchanges launching RWA products
• Yield environment – Tokenised Treasuries offer attractive on-chain yields
• Operational efficiency – Settlement times reduced from days to minutes

Key Players

The market is increasingly institutional:

• BlackRock BUIDL – Tokenised money market fund reaching billions in AUM
• Ondo Finance – Leading tokenised Treasury provider
• Securitize – Infrastructure powering major issuances
• Centrifuge – Private credit tokenisation pioneer

Outlook

Citigroup predicts the tokenisation market could reach $8 trillion by 2030. While such projections involve substantial assumptions, the direction of travel appears clear: tokenisation is moving from pilot to production across the financial industry.

If you have any queries relating to tokenised assets and RWAs or cryptocurrency and blockchain taxation more generally, then please do not hesitate to get in touch. The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article.