The value of tokenized real-world assets (RWAs) on public blockchains has surged about 66% in 2026, reaching roughly $23.6 billion as of Wednesday, according to data from DeFiLlama.
The market stood at around $14.1 billion on Jan. 1 before climbing steadily through early March. Tokenized funds — including products backed by US Treasury bills, bonds and money market funds — account for the largest portion of the sector.
Data from DeFiLlama shows tokenized funds make up about 44.5% of the market, totaling $10.5 billion. They are followed by tokenized gold and commodities at roughly $6.5 billion, while tokenized equities represent nearly $4 billion. Other segments, such as private credit and yield-generating products, account for smaller shares of the on-chain RWA ecosystem.
Industry participants say the next phase of growth is being driven less by the concept of tokenization itself and more by distribution, broader market access and the appeal of assets that can trade and settle 24/7.
Demand for always-on markets fuels tokenized asset interest
“The real breakthrough is that a handful of products have become much easier to access, distribute and use,” a spokesperson from RWA.xyz said.
Data from RWA.xyz shows tokenized stocks surpassed $1 billion in total on-chain value on Tuesday, with platforms such as Ondo Finance and xStocks accounting for a large share of the activity.
Meanwhile, the tokenized US Treasury market crossed $10 billion in market capitalization in February before climbing further to $11.13 billion in March.
Investors frustrated with limited market hours
Ross Shemeliak, co-founder and chief operating officer of Stobox, said many investors are increasingly frustrated with traditional financial systems that operate within limited trading hours and rely on multiple intermediaries to move capital.
“Investors are tired of financial markets that close at 4 pm and require layers of intermediaries just to transfer capital,” Shemeliak said.
He added that growing institutional experimentation with tokenization has also strengthened the model’s credibility. Over the past year, major financial firms have launched blockchain-based versions of US Treasury instruments, investment funds and other real-world assets, helping accelerate adoption.
