‘State Of RWA’ Report Identifies Tokenized Treasuries And Private Credit As Core Drivers Of Institutional Blockchain Adoption

Dune, in partnership with cryptocurrency exchange Bitmart, has released a new State of RWA Report examining the current direction of real-world asset tokenization and the infrastructure needed to support it. The report argues that the central question for institutional market participants in 2026 is no longer whether real-world assets will move into the mainstream, but how quickly the operational framework needed to support that shift can be built.

The report points to a regulatory turning point across major markets, citing the GENIUS Act and CLARITY Act in the United States, alongside Europe’s MiCA framework, as part of a broader structure for compliant tokenized asset issuance and distribution. Even so, the report says the market remains far from fully scaled. Onchain RWA total value locked has risen sharply, increasing from about $6 billion in early 2025 to $24.6 billion by April 2026, yet this still represents only a small share of the institutional capital that could eventually flow into the sector.

The study outlines a market that is becoming more differentiated across asset classes. Tokenized U.S. Treasuries are described as the base layer of the market, offering annualized yields of roughly 4% to 5% and instant liquidity. Tokenized private credit sits higher on the risk curve, with yields in the 8% to 12% range, while tokenized commodities, led by gold-backed tokens with a combined market capitalization of $5.4 billion, are positioned as inflation hedges with continuous price discovery. The report also highlights BlackRock’s BUIDL fund, now above $2.4 billion in assets under management, as an example of how institutional products can scale when trust, custody infrastructure, and DeFi connectivity align.

Infrastructure, Access, and the Next Phase of Growth

A key theme of the report is that the main bottleneck is no longer regulation alone, but the infrastructure required to translate regulatory permission into institutional execution. The report cites persistent issues including fragmented liquidity across blockchains, inconsistent custody standards, unresolved questions around legal enforceability, and limited institutional-grade reporting. According to the findings, only 10% of roughly $27 billion in tokenized RWAs is actively composable, underscoring the gap between market potential and practical deployment.

The report also identifies high-net-worth and ultra-high-net-worth investors as one of the largest untapped pools of demand. With an estimated $90 trillion in investable assets across those groups, even a 5% allocation to tokenized RWAs would dwarf the current market. Lower entry thresholds, such as Hamilton Lane’s tokenized private equity fund with a $10,000 minimum, together with T+0 redemption mechanics, are making these products more accessible to sophisticated non-institutional investors.

At the same time, custody and legal ownership remain major structural constraints. In many tokenization models, the token reflects a claim against a special-purpose vehicle or issuer rather than direct title to the underlying asset. The report says this means institutional-scale adoption will depend on stronger legal frameworks and more mature custody systems.

The report concludes that Asia-Pacific is emerging as a parallel regulatory center rather than a secondary market, with Hong Kong, Singapore, Japan, and the UAE developing distinct frameworks and attracting meaningful institutional activity. Dune, RedStone, and Optimism contributed data and infrastructure perspectives to the analysis.

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