Tokenized Real-World Assets Reach $31.76 Billion as Circle's USYC Tops $3 Billion

The market for tokenized real-world assets ( RWAs) has climbed to about $31.76 billion in onchain value, led by tokenized U.S. Treasuries from Circle and Blackrock. Fresh launches bringing private equity and payroll onchain suggest the institutional push is broadening beyond bonds.

• Key Takeaways:
• • Tokenized real-world assets reached about $31.76 billion, with Circle’s USYC topping $3 billion and Blackrock’s BUIDL near $2.4 billion.
• • Recent launches have put tokenized SpaceX and Revolut equity onchain via platforms like Colb.
• • Concentration among a few issuers and thin liquidity for newer assets remain key risks for the sector.

A Market Pushing Toward New Highs

Tokenized real-world assets, i.e. traditional financial instruments represented as blockchain tokens, now total roughly $31.76 billion in distributed value, according to figures circulating among onchain researchers. The tally has been setting records through 2026 as banks, asset managers and fintechs have moved government debt, credit and equities onto public networks.

Image source: X Bitcoin.com News reported that the tokenized RWA market cap surged roughly 20-fold in three years to top $29 billion, a base it has since extended. The growth has been driven less by retail speculation than by institutions seeking faster settlement, programmable collateral and round-the-clock access to assets that traditionally trade only during market hours.

Circle and Blackrock Lead the Treasury Race

Tokenized Treasuries remain the engine of the sector with Circle’s USYC product pushing past $3 billion in value, edging Blackrock’s tokenized fund BUIDL, which sits around $2.4 billion. The latter had previously sought the SEC’s approval for the BUIDL fund on Ethereum, a milestone that helped legitimize tokenized money-market exposure for institutional allocators.

Beyond treasuries, the asset mix seems to be widening as private credit too has grown into one of the largest tokenized segments, and Bitcoin.com News reported that real-world assets on Solana crossed $2 billion as networks compete to host the new instruments. Tokenization infrastructure has also expanded across chains, with Securitize integrating with Tron to broaden distribution earlier this year.

Equities and Payroll Move Onchain

The newest launches point to where the sector is heading, given that tokenization platform Colb recently brought tokenized SpaceX and Revolut equity onchain, giving investors blockchain-based exposure to two of the most sought-after private companies in the world (assets normally walled off from all but the wealthiest backers).

Payments have followed as well, with Zebec recently launching a real-time payroll platform on Stellar, letting workers receive wages continuously rather than waiting for biweekly cycles, an early example of tokenization touching everyday financial plumbing rather than just investment products.

That said, risks remain since much of today’s tokenized supply remains concentrated with a handful of issuers, and regulatory treatment of tokenized securities still varies by jurisdiction. Furthermore, liquidity for newer instruments such as tokenized private equity is thin compared with the deep markets for tokenized treasuries.

Even then, the direction is quite clear as the market currently holds a total capitalization of $31.76 billion, rapidly expanding into domains like equities and payroll. Consequently, the next test will be whether tokenized assets can keep attracting institutional capital as the offerings move further from the safety of government debt.