The tokenized real-world assets market surges to $51 billion: a 40% increase since the beginning of the year
The tokenized real-world assets (RWA) sector is showing impressive momentum despite the overall correction in the cryptocurrency market. Since the beginning of the year, its market capitalization has increased by 40%, reaching $51 billion. This growth is accompanied by an explosive increase in the number of participants: the number of RWA token holders has surged by 60%, exceeding 917,000 addresses.
The leaders in terms of locked assets remain Figure ($18.9 billion) and Securitize ($4.3 billion). These projects form the backbone of the infrastructure for this new class of digital assets.
Market Structure: Lending Dominates, Stocks Lead the Way
An analysis of capital distribution within the sector reveals a clear hierarchy. Private lending accounts for the largest share of RWA at 47% of the total volume. In second place are tokenized U.S. Treasury bonds (30%), followed by precious metals with a 9% share.
The blockchain geography is also telling: 39% of all activity is concentrated on the Provenance network, with another 33% on Ethereum. This indicates that institutional solutions tend to favor proven, regulated networks.
The tokenized stocks segment deserves special attention. Over the past six months, it has grown by 130% to reach $1.6 billion. The monthly transaction volume in this segment in June was $5.3 billion — for comparison, in September of last year, this figure was only $500 million. A more than tenfold increase in nine months points to the formation of sustainable demand.
Three Tokenization Models: From Hybrids to Full Ownership
Three distinct approaches to stock tokenization have clearly emerged in the market. The first is trading infrastructure, where brokers (e.g., Robinhood) buy stocks and hold them as collateral for tokens. This enables 24/7 trading but does not transfer voting rights to the holder. The second is a settlement layer, where blockchain replaces traditional accounting systems. Projects like Figure and Securitize create regulated stacks that provide investors with full ownership rights. The third is a hybrid model, promoted by Coinbase, offering an "exchange for everything" for users outside the U.S., combining tokens for stocks, derivatives, and crypto assets.
Regulatory Factor: SEC as a Key Catalyst
The further development of the industry directly depends on the stance of the U.S. Securities and Exchange Commission (SEC). The regulator has already approved pilot projects by NYSE and Nasdaq for trading tokenized securities. A key stimulus for mass adoption could be the so-called "innovation exemption," which would allow trading of such assets within the U.S.
My view: The growth of the RWA sector amid a correction is a clear signal of market maturity. Institutional investors are increasingly seeking bridges between traditional finance and DeFi. The 130% growth in stock tokenization over six months is not just a trend but the beginning of a structural shift. If the SEC indeed moves toward regulatory easing, we could see an explosive influx of capital into this segment over the next 12–18 months.