Tokenized RWA market (excluding stablecoins) reached $46.3B, up 920% in 3 years, with Sky, Ondo, and Securitize leading issuance.
RWA & Tokenization ·
The tokenized real-world asset market excluding stablecoins has grown to $46.3 billion, representing a 920 percent increase over three years. Sky leads issuance volume with $4.9 billion in tokenized assets, trailed by Ondo at $4.0 billion, Securitize at $3.9 billion, and Franklin Templeton at $2.5 billion.
The expansion reflects participation from both crypto-native platforms and traditional finance institutions entering the tokenization space. This dual-source development suggests the market is establishing itself beyond purely blockchain-focused ventures, with established financial players introducing assets on-chain alongside decentralized alternatives.
The concentration of issuance among the top four players—collectively representing roughly $14.3 billion—leaves open questions about market consolidation trends, regulatory barriers affecting smaller entrants, and whether the growth trajectory will sustain as the space matures.