Tokenized RWA market reached $44.6B, growing 18.7x in three years, with U.S. T-bills comprising $14.8B and diversified strategies accounting for the remainder.
RWA & Tokenization ·
The tokenized real-world asset market has expanded to $44.6B over the past three years, representing growth of 18.7x from its prior level, according to Token Terminal on X, excluding stablecoins from the calculation. U.S. Treasury bills dominate as the largest asset class within this market, holding $14.8B in tokenized value.
Beyond T-bills, the remaining $29.8B encompasses a diversified range of asset types. These include yield-generating and active management strategies, credit funds, gold, equities, real estate, and other categories, reflecting a shift toward broader collateral types in the tokenized RWA space.
The composition suggests the market has matured beyond single-asset concentration, though Treasury bills continue to anchor the sector by value. The extent to which growth will continue to be driven by T-bill tokenization versus expansion into newer asset classes remains to be seen.