Onchain RWA market (excluding stablecoins) has grown 17.8x over three years to $44.6 billion across diverse asset classes.
RWA & Tokenization ·
The onchain real-world asset market, excluding stablecoins, has expanded to $44.6 billion over three years, representing a 17.8x increase. The growth spans multiple asset classes including Treasury bills, yield strategies, credit funds, gold, energy, stocks, and real estate.
This expansion reflects diversification across numerous sectors rather than concentration in a single asset type. The breadth suggests institutional and retail participants are deploying capital across different RWA verticals, from traditional fixed-income instruments to alternative assets.
Open questions remain about the composition of this $44.6 billion figure—specifically, which asset classes contribute most significantly to the total, how much growth is attributable to new capital inflows versus price appreciation, and whether the growth rate is accelerating or moderating.