RWA Market Tops $24.9B as Tokenized Gold, Stocks, and Treasuries Reshape Crypto Finance

TLDR:

• Tokenized RWAs hit $24.9B in Feb 2026, up 289% YoY as six asset classes cross the $1B mark.
• BlackRock’s BUIDL leads tokenized Treasuries at $2.2B after surging 239% over the past year.
• Tokenized stocks reached $786M since mid-2025, growing independently of Bitcoin’s price swings.
• Only 11.8% of $8.49B in RWA stablecoins are active in DeFi due to KYC and whitelist barriers.

The tokenized real-world asset market crossed $24.9 billion in February 2026. That figure marks a 289% increase from $6.4 billion just one year prior. 

Six asset classes now individually exceed $1 billion in tokenized value. The market is no longer driven by a single sector. It is diversifying fast.

Treasuries, Gold, and Equities Drive Explosive RWA Expansion

U.S. Treasuries remained the largest segment. They grew 183% year-over-year, reaching $10.8 billion, according to data compiled by Nexus Data Labs.

Active products expanded from 35 to 53, with entries from Fidelity, ChinaAMC, and VanEck. BlackRock’s BUIDL fund now leads the space at $2.2 billion, up 239% in 12 months.

Ondo Finance’s combined Treasury exposure reached $2 billion across OUSG and USDY. 

Superstate’s USTB grew 499% to $0.8 billion. WisdomTree’s WTGXX surged 759%. The top-three concentration in this market dropped from 61% to 48%, per Nexus Data.

Tokenized stocks are the newest category and the fastest-growing. They scaled from near-zero to $786 million since mid-2025. 

Platforms including Ondo Finance, Backed Finance, Dinari, and Robinhood now offer onchain access to NVDA, TSLA, GOOGL, SPY, and QQQ. Growth continued even while Bitcoin dipped below $70,000.

Tokenized gold also posted strong gains. Circulating supply on Ethereum nearly doubled, from 687,000 to over 1.3 million troy ounces in 12 months. 

The spot price of gold rose 80% over the same period, from $2,963 to $5,327. Supply growth outpaced price gains. That signals active minting, not passive price appreciation.

88% of RWA-Backed Stablecoins Remain Locked Outside DeFi Protocols

The stablecoin side of the RWA story tells a different tale. 

Total RWA-backed stablecoin supply stands at $8.49 billion, per DeFiLlama. Only $1 billion of that, roughly 11.8%, is actively deployed in DeFi protocols.

DAI dominates by market cap at 53%, or $4.48 billion. USDY from Ondo Finance holds 15% of supply. But when filtered for active DeFi usage, USDY drops to just 1.99% of utilization. YLDS, at $598 million in supply, disappears from DeFi entirely.

The gap comes down to access restrictions. KYC requirements and whitelisting walls block permissioned tokens from integrating with permissionless DeFi contracts. 

Permissionless assets show a stark contrast. reUSD posts 96.7% DeFi utilization. USDtb reaches 29.5%. Legacy FRAX sits at 28%.

That leaves $7.49 billion, roughly 88% of all RWA-backed stablecoin supply, sitting outside DeFi. The infrastructure exists. The capital is onchain. 

Composability remains the gap between presence and productivity.

The post RWA Market Tops $24.9B as Tokenized Gold, Stocks, and Treasuries Reshape Crypto Finance appeared first on Blockonomi.