U.S. T-bills dominate tokenized RWA holdings at $13.3B, followed by yield strategies and credit funds, signaling institutional migration to on-chain assets.
RWA & Tokenization ·
Tokenized real-world assets excluding stablecoins have grown to $46.3 billion, representing a 920 percent increase over the past three years, according to Token Terminal. U.S. Treasury bills hold the largest share at $13.3 billion, establishing government debt instruments as the primary on-chain allocation among institutional participants exploring tokenized finance.
Yield strategies rank second with $11.6 billion in holdings, followed by credit funds at $5.7 billion and gold at $5.1 billion. This distribution reflects diversification across fixed-income products, alternative credit vehicles, and commodity backing—asset classes traditionally managed off-chain through conventional custodians and platforms.
The composition suggests institutional capital is migrating to blockchain infrastructure across multiple categories rather than concentrating in a single product type. What remains unclear is the degree to which these holdings represent new capital entering tokenized markets versus existing institutional assets being converted to on-chain form, and whether growth will sustain at similar rates as regulatory frameworks and market infrastructure mature.