TL;DR
- Tokenized real-world assets surpass $21 billion in total value.
- U.S. Treasury debt dominates, representing over $9.1 billion.
- Growth is driven by major institutions like BlackRock and clearer regulations.
Tokenized real-world assets now represent a combined value exceeding $21 billion. Data from January 21, 2026, shows a total value locked of $21.35 billion. U.S. Treasury debt forms the largest single component of this market. It accounts for $9.1 billion, representing more than two-fifths of the total.
Tokenized Real-World Assets Reach $21B in TVL
The RWA sector continues to expand, both in total value locked and in the range of assets being tokenized. Long-term projections highlight the scale of this trend. @McKinsey estimates the tokenized asset market could reach $2 to $4… pic.twitter.com/LkzBpPFhaX
— CryptoRank.io (@CryptoRank_io) January 21, 2026
Market Composition Expands Beyond Treasury Debt
Other asset classes are gaining traction on-chain. Tokenized commodities, including gold, have reached a value of $3.7 billion. The private credit sector holds $2.5 billion. Meanwhile, institutional alternative funds and corporate bonds contribute another $3.4 billion combined.
Smaller segments are also developing. Public equities and non-U.S. government debt each account for roughly $800 million. Private equity, real estate, and managed strategies make up the remainder.
Large financial institutions are leading the expansion
BlackRock’s BUIDL fund now holds over $2 billion in tokenized U.S. Treasury products. Other firms like VanEck and Apollo Global Management have introduced similar offerings. These platforms provide familiar investment exposure through blockchain infrastructure.
Exchange and infrastructure support is widening. Companies like Coinbase and Ondo Finance are building tools for asset managers. Their work helps bring traditional financial instruments onto distributed networks.
Tokenized U.S. Debt Leads as Real-World Asset Market Tops $21 Billion
The market for tokenized real-world assets continues to expand. New data confirms the total value locked across these instruments has surpassed $21 billion. A clear preference for fixed-income products defines the current market structure. U.S. Treasury debt represents the single largest category, accounting for $9.1 billion of the total.
This segment alone constitutes 42.4% of all tokenized RWA value
Commodities form the next largest category, with a TVL of $3.7 billion. This reflects growing demand to track physical assets like gold on-chain. Private credit and institutional alternative funds account for a combined $4.7 billion.
Institutions are using blockchain rails primarily for fixed-income exposure. Corporate bonds add another $1.2 billion to this segment. Public equities, at $867 million, show slower adoption for tokenization.
Non-U.S. government debt holds $821 million
Private equity and real estate account for $425 million and $243 million respectively. Actively managed strategies represent the smallest slice at $199 million. These figures point to an early but diversifying market.
Analysts are now questioning the sector’s growth ceiling. Discussions have shifted from theoretical potential to concrete scaling timelines. The pure RWA market, excluding stablecoins, must expand significantly to meet some projections.
Can the Market Reach $100 Billion in 2026?
The current TVL of over $21 billion sets a new baseline. To reach a $100 billion valuation by year-end, the market would need to grow nearly fivefold. This growth trajectory appears ambitious within a single year.
However, the sector has demonstrated rapid expansion before. The first weeks of January alone saw a 5% increase in total value locked. Major financial institutions are now actively building the necessary infrastructure. Their participation could accelerate adoption beyond current linear projections.
