The tokenized RWA market reached $34.5B in May 2026, representing over 100% year-on-year growth. The market cap rose 20 times over the prior three years, increasing from under $2B in 2022 to $29B before the latest milestone. BlackRock, Ondo Finance, and Circle lead institutional adoption, with BlackRock’s BUIDL fund serving as a reference point. Tokenized U.S. Treasuries climbed to $15.20B, and government debt accounts for more than 60% of protocol assets under management. Ondo’s tokenized Treasury products sit near $2.7B total value locked, while Circle’s USYC exceeds $2.9B. Private credit has become the largest non-stablecoin RWA segment, attracting institutional capital into tokenized corporate loans and yield-bearing debt instruments. Standard Chartered projects $30T by 2034, while Ripple and Boston Consulting Group estimate about $18.9T.
"Data shows the tokenized RWA market hit $34.5B in May 2026, up over 100% year-on-year. Blackrock, Ondo Finance, and Circle lead institutional RWA adoption as private credit surpasses treasuries. Standard Chartered projects the tokenized asset market to reach $30 trillion by 2034."
"The sector stood at under $2 billion as recently as 2022. The scale of growth becomes clearer in a historical context because, as reported earlier, the tokenized RWA market cap surged 20 times over during the last three years, reaching $29 billion before the latest milestone. Source: RWA.xyz"
"Government debt now accounts for more than 60% of the tokenized RWA market when measured by protocol assets under management. The shift signals a maturing ecosystem, given that early tokenization was dominated by government-backed assets with predictable yields. That category remains a key institutional entry point with Ondo Finance's tokenized Treasury products sitting near $2.7 billion in total value locked, while Circle's USYC, a yield-bearing product backed by short-duration U.S. government securities, has crossed $2.9 billion."
"At the same time, private credit has quietly overtaken treasuries to become the single largest non- stablecoin RWA segment. Platforms tokenizing corporate loans and yield-bearing debt instruments have also attracted institutional capital that previously had limited access to private market exposure. Long-range projections reflect institutional conviction, with Standard Chartered forecasting the market to reach $30 trillion by 2034, while Ripple and Boston Consulting Group estimate the figure to lie around the $18.9 trillion"
Read at news.bitcoin.com
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