Tokenized U.S. Treasuries Still Lead, But Equities Are Catching Up

The real-world asset (RWA) market continues to be dominated by tokenized U.S. Treasuries, yet new data shows that equities are emerging as the fastest-growing segment within the sector.

The shift suggests that 2026 may mark a broader expansion of on-chain financial products beyond yield-focused instruments.

As of February 12, 2026, tokenized U.S. Treasury debt accounts for approximately $10.5 billion in market capitalization, maintaining a clear lead over other asset classes. However, growth momentum is increasingly visible in tokenized public equities, which currently stand near $937 million and are expanding at a faster relative pace.

The Current RWA Breakdown

The broader composition of the tokenized asset market highlights a diversified structure:

• U.S. Treasury Debt: $10.5B
• Commodities: $5.3B
• Private Credit: $2.8B
• Institutional Alternative Funds: $2.2B
• Corporate Bonds: $1.7B
• Non-U.S. Government Debt: $947.6M
• Public Equity: $937.0M

Treasuries remain the core foundation due to their yield stability and regulatory clarity, making them attractive for institutional adoption. Commodities and private credit follow as the next largest categories, reflecting demand for income-generating and inflation-hedging instruments.

Why Equities Are Gaining Momentum

While smaller in absolute size, tokenized equities are seeing accelerated adoption, particularly as decentralized finance infrastructure improves. The ability to use tokenized stocks as collateral, integrate them into lending markets, and access them globally without traditional brokerage constraints is driving new demand.

Unlike Treasuries, which primarily serve as yield-bearing instruments, tokenized equities introduce growth exposure into DeFi-native portfolios. That combination of capital efficiency and composability is positioning equities as a high-growth vertical within RWAs.

2026: From Yield to Utility

The data suggests that the RWA narrative is evolving. Early growth was centered on stable, income-producing assets like government debt. Now, the focus appears to be broadening toward utility, composability, and integration with on-chain financial systems.

If this trend continues, 2026 could represent a transition phase where tokenization moves from experimental adoption to a more comprehensive financial infrastructure layer spanning debt, credit, commodities, and equities alike.

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