Digital asset investment firm CoinShares forecasts that the surge in tokenized real-world assets (RWAs) seen in 2025 will continue into 2026, fueled by growing global demand for dollar yield.
In its 2026 Digital Asset Outlook report, CoinShares highlighted that tokenized RWAs experienced strong growth last year, led by tokenized US Treasurys. On-chain Treasurys more than doubled in 2025, rising from $3.91 billion to $8.68 billion. Private credit tokenizations also nearly doubled, increasing from $9.85 billion to $18.58 billion during the same period.
“Tokenization has moved far beyond the old narrative of crypto enthusiasts,” said Matthew Kimmell, digital asset analyst at CoinShares. “Real assets, issued by reputable firms, are now attracting significant investment. Even regulators engage with crypto rails as credible infrastructure.”
Ethereum remains the leading network for tokenized US Treasurys. Data from RWA.xyz shows that as of Monday, over $4.9 billion in US Treasurys have been tokenized on the Ethereum blockchain.
US Treasurys identified as primary growth driver
CoinShares expects US government debt-backed products to lead the next phase of expansion in 2026, driven by global demand for dollar yield and the efficiency of crypto-based settlement rails.
The firm noted that investors generally prefer holding Treasurys over stablecoins when yield is available with minimal incremental risk.
“We’ve observed stablecoins showing strong global demand as both a reserve and transactional asset,” CoinShares wrote. “Yet when investors, rather than transactors, have a choice, they typically prefer Treasurys over holding dollars directly.”
CoinShares also emphasized that RWA tokenization has moved beyond a niche experiment. As established financial firms issue these assets, they attract significant capital and draw attention from regulators, who increasingly view blockchain as credible infrastructure.
The company added that efficiency gains are now tangible: settlement, issuance, and distribution are increasingly occurring directly on-chain rather than through traditional custodial systems.
While the shift is expected to continue, CoinShares noted competitive tension as multiple networks and settlement systems compete for market share, leaving the ultimate winners and liquidity consolidation uncertain.
Tokenized RWAs surge 229% in 2025
Data from RWA.xyz shows that excluding stablecoins, which have a market capitalization exceeding $300 billion, tokenized RWAs grew from $5.5 billion on Dec. 31, 2024, to $18.1 billion as of writing—a 229% increase in just under a year.
