Tokenized real-world assets (RWAs) experienced a 229% growth in 2025, rising from $5.5 billion to $18.1 billion, primarily driven by tokenized U.S. Treasurys which doubled to $8.68 billion. This surge reflects increasing institutional adoption and demand for dollar yield, positioning RWAs for continued expansion into 2026.
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Tokenized U.S. Treasurys lead the market with over $4.9 billion on Ethereum.
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Private credit in RWAs nearly doubled from $9.85 billion to $18.58 billion in 2025.
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RWAs grew 229% excluding stablecoins, with projections for onchain growth fueled by global dollar yield demand into 2026.
Tokenized RWAs surged 229% in 2025, led by U.S. Treasurys. Discover growth drivers and 2026 outlook in this CoinShares analysis. Explore now for investment insights!
What is the growth trajectory of tokenized RWAs in 2025?
Tokenized real-world assets (RWAs) have seen explosive growth in 2025, with the total market capitalization excluding stablecoins increasing by 229% from $5.5 billion at the end of 2024 to $18.1 billion. This expansion is largely attributed to the tokenization of U.S. Treasurys, which more than doubled from $3.91 billion to $8.68 billion, alongside a near-doubling in private credit from $9.85 billion to $18.58 billion. According to the CoinShares 2026 Digital Asset Outlook report, this momentum underscores the integration of traditional finance with blockchain technology.
Why are U.S. Treasurys dominating tokenized RWAs?
U.S. Treasurys represent the most immediate growth vector for tokenized RWAs due to their appeal as low-risk, yield-bearing assets amid global demand for dollar-denominated returns. Data from RWA.xyz indicates that Ethereum hosts over $4.9 billion in tokenized U.S. Treasurys, making it the leading blockchain for this category. Investors increasingly favor these tokenized securities over stablecoins when yields are accessible with minimal additional risk, as they provide stability and efficiency through onchain settlement.
The shift toward tokenized Treasurys is supported by established financial institutions issuing these assets, attracting substantial capital inflows. CoinShares digital asset analyst Matthew Kimmell noted that tokenization has evolved beyond crypto enthusiast narratives, with reputable firms and even regulators engaging blockchain as reliable infrastructure. Settlement processes are now occurring directly onchain, reducing reliance on traditional custodial methods and enhancing operational efficiency.
Ethereum leads US Treasurys by market capitalization. Source: RWA.xyz
This development signals a maturing market, where competitive dynamics among networks like Ethereum and others will determine liquidity consolidation. CoinShares anticipates that while multiple platforms compete for dominance, the overall trend favors tokenized U.S. government debt products due to their alignment with investor preferences for secure, yield-generating holdings.
Frequently Asked Questions
What factors are driving the 229% growth in tokenized RWAs in 2025?
The 229% growth in tokenized RWAs in 2025 stems from heightened institutional interest in blockchain-based assets, particularly U.S. Treasurys and private credit, which saw significant value increases. Global demand for dollar yield has accelerated adoption, enabling efficient onchain issuance and settlement. CoinShares highlights that this expansion reflects RWAs’ transition from niche to mainstream financial tools, backed by data from RWA.xyz showing market cap rises to $18.1 billion.
How will dollar yield demand influence tokenized RWAs in 2026?
Dollar yield demand is expected to propel tokenized RWAs further in 2026 by encouraging investors to opt for yield-bearing assets like U.S. Treasurys over plain stablecoins. This preference enhances liquidity and integration with traditional markets, fostering onchain growth. As CoinShares CEO Jean-Marie Mognetti observes, digital assets are embedding within the real economy, with 2026 poised for consolidation and broader regulatory acceptance.
Key Takeaways
- Explosive 2025 Growth: Tokenized RWAs expanded 229% to $18.1 billion, led by U.S. Treasurys doubling to $8.68 billion and private credit nearly matching that rise.
- Ethereum’s Dominance: Over $4.9 billion in tokenized U.S. Treasurys reside on Ethereum, underscoring its role as the primary network for RWA activity per RWA.xyz data.
- 2026 Outlook: Sustained dollar yield demand will drive onchain adoption; monitor network competition for liquidity shifts and prepare for institutional integration.
RWA growth from 2021 to 2025. Source: RWA.xyz
Conclusion
The remarkable 229% surge in tokenized RWAs throughout 2025, spearheaded by U.S. Treasurys and private credit, illustrates the sector’s rapid maturation and appeal to institutional players seeking dollar yield efficiency. As networks like Ethereum solidify their positions, tokenized real-world assets are set to deepen their footprint in the global financial landscape. Looking ahead to 2026, investors should anticipate ongoing consolidation and innovation, positioning RWAs as a cornerstone of hybrid finance—stay informed to capitalize on these evolving opportunities.
Digital asset investment firm CoinShares forecasts sustained momentum for tokenized real-world assets into 2026, propelled by robust global appetite for dollar yields. The firm’s 2026 Digital Asset Outlook report details how tokenized U.S. Treasurys spearheaded 2025’s advancements, escalating from $3.91 billion to $8.68 billion, while private credit advanced from $9.85 billion to $18.58 billion.
Matthew Kimmell, a digital asset analyst at CoinShares, emphasized that tokenization now transcends initial crypto hype, incorporating tangible assets from trusted issuers and garnering regulatory acknowledgment of blockchain’s infrastructural viability.
Ethereum continues to dominate tokenized U.S. Treasurys, with RWA.xyz reporting more than $4.9 billion on the network as of recent data.
CoinShares projects U.S. government debt instruments to fuel further RWA expansion in 2026, attributing this to worldwide dollar yield pursuit and blockchain’s superior settlement capabilities. Investors exhibit a clear inclination toward Treasurys when yields present low-risk opportunities, surpassing stablecoins in appeal for those prioritizing returns over mere transaction utility.
The firm asserts that RWA tokenization has outgrown experimental phases, evidenced by major financial entities’ involvement, which draws significant investments and prompts regulators to treat crypto protocols as legitimate systems. Practical benefits, such as streamlined onchain issuance and distribution, are materializing, supplanting outdated custodial frameworks.
Nevertheless, CoinShares cautions that rivalry among blockchains and settlement mechanisms could shape the market’s trajectory, leaving questions about prevailing platforms and liquidity patterns unresolved.
Related: Hua Xia state-linked Chinese bank tokenizes $600M in yuan bonds.
RWA.xyz figures confirm that, sans stablecoins exceeding $300 billion in market cap, RWAs ballooned from $5.5 billion on December 31, 2024, to $18.1 billion currently—a 229% uptick in under a year.
CoinShares CEO Jean-Marie Mognetti declared that digital assets have transitioned from peripheral status to integral components of the conventional economy. He added, “If 2025 marked a poised reentry, 2026 appears primed for deeper entrenchment in tangible economic structures.”
Magazine: Koreans ‘pump’ alts after Upbit hack, China BTC mining surge: Asia Express.
Source: https://en.coinotag.com/coinshares-predicts-ethereum-led-tokenized-rwas-to-grow-into-2026-on-us-treasury-demand
