Tokenized RWA market hit $54.3B, but private credit (mostly home-equity loans) now dominates at $30.1B, challenging the narrative that RWA growth is driven by Treasuries and commodities.
RWA & Tokenization ·
Tokenized real-world assets reached $54.3 billion in total value, with private credit comprising $30.1 billion of that total compared to $8.8 billion in Treasuries. Nearly all the private credit exposure consists of home-equity loans from a single lender, meaning the recent expansion in tokenized RWAs has been driven primarily by lending activity rather than Treasury or commodity assets.