Tokenized financial assets have surged 37% in six months as institutions expand blockchain adoption and the market broadens beyond funds and private credit, according to Token Terminal.
The market for tokenized real-world assets (RWAs) continues to expand despite broader weakness in crypto markets, with the value of onchain financial assets climbing sharply over the past six months as traditional financial products migrate onto blockchain rails.
According to Token Terminal, tokenized assets now exceed $43 billion in market value, up roughly 37% over the past 180 days.
The figures exceed those reported by other industry trackers, most notably RWA.xyz, which values the combined RWA market at less than $33 billion. The discrepancy likely reflects methodological differences, with Token Terminal including a broader range of tokenized financial assets.
Tokenized funds dominate the sector, accounting for nearly 80% of total market capitalization. Commodities rank a distant second at 16.6%, followed by tokenized stocks at 3.8%.
Ethereum remains the leading blockchain for tokenized assets, hosting 57.8% of total value. BNB Chain accounts for 8.5%, followed by zkSync Era (7.5%), XRP Ledger (5.8%) and Stellar (5.4%), reflecting the sector’s gradual expansion beyond Ethereum.
Sky is the largest issuer with $6.1 billion in tokenized assets, followed by Securitize and Ondo Finance at $3.6 billion each, according to Token Terminal.
Related: Crypto Biz: SpaceX fuels tokenization’s next boom
Tokenization has gained mainstream attention as major financial institutions embrace blockchain-based infrastructure. Earlier this week, Standard Chartered initiated coverage of Uniswap, arguing that the decentralized exchange’s UNI token could appreciate 40-fold by 2030 as tokenized assets increasingly migrate onchain.
The bank projects the decentralized finance sector will grow to $2.7 trillion over the same period, driven largely by the expansion of tokenized financial products.
Citigroup has also turned bullish on tokenization, projecting that the market will reach $5.5 trillion by 2030 in its base case and up to $8.2 trillion in a bull scenario.
The bank argues the industry is moving beyond the pilot stage as regulatory clarity improves. Citi identified the Depository Trust & Clearing Corporation, the New York Stock Exchange and Nasdaq integrating tokenization into core issuance processes as key catalysts for growth.
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