7,000+
tokenized assets exist
56% of market value is dormant on-chain.
Half the Tokenization Market Isn’t Moving
An independent look at where institutional money actually flows.
Get the ReportBuilt with our research team.
56% of market value is dormant on-chain.
Half the Tokenization Market Isn’t Moving
An independent look at where institutional money actually flows.
Get the ReportBuilt with our research team.
56% of market value is dormant on-chain.
Half the Tokenization Market Isn’t Moving
An independent look at where institutional money actually flows.
Get the ReportBuilt with our research team.
1,289
assets tested to see if tokenized markets actually move
Only 379
less than 1 in 3 showed any weekly activity
76
transfers a week, even among active assets movement is low
The Real State of Tokenization
Tokenization has moved past novelty, but progress is uneven. While infrastructure is advancing and a handful of assets have reached meaningful scale, most tokenized value remains concentrated and activity levels suggest adoption is still early.
More than 7,000 tokenized assets exist, yet 62 hold 88% of value. 5 products account for roughly half the market. Only one asset class, US Treasuries, has reached production-grade maturity. And 56% of tokenized asset value showed no weekly transfer activity.
88%
of value held by just 62 assets
56%
of asset value showed no weekly transfer activity
1/12
asset classes reached production-grade maturity
The Real State of Tokenization
Tokenization has moved past novelty, but progress is uneven. While infrastructure is advancing and a handful of assets have reached meaningful scale, most tokenized value remains concentrated and activity levels suggest adoption is still early.
More than 7,000 tokenized assets exist, yet 62 hold 88% of value. 5 products account for roughly half the market. Only one asset class, US Treasuries, has reached production-grade maturity. And 56% of tokenized asset value showed no weekly transfer activity.
7,000+
tokenized assets exist
88%
of value held by just 62 assets
56%
of asset value showed no weekly transfer activity
1/12
asset classes reached production-grade maturity
The Real State of Tokenization
Tokenization has moved past novelty, but progress is uneven. While infrastructure is advancing and a handful of assets have reached meaningful scale, most tokenized value remains concentrated and activity levels suggest adoption is still early.
More than 7,000 tokenized assets exist, yet 62 hold 88% of value. 5 products account for roughly half the market. Only one asset class, US Treasuries, has reached production-grade maturity. And 56% of tokenized asset value showed no weekly transfer activity.
7,000+
tokenized assets exist
88%
of value held by just 62 assets
56%
of asset value showed no weekly transfer activity
1/12
asset classes reached production-grade maturity
Key Findings
Key Findings
Source: rwa.xyz· data as of May 31, 2026
Source: rwa.xyz· data as of May 31, 2026
Source: rwa.xyz· data as of May 31, 2026
MARKET SIZE
$60B
Tokenized real-world assets now sit on-chain.
MARKET SIZE
$60B
Tokenized real-world assets now sit on-chain.
MARKET SIZE
$60B
Tokenized real-world assets now sit on-chain.
CONCENTRATION
88%
of market value sits in just 62 assets.
CONCENTRATION
88%
of market value sits in just 62 assets.
CONCENTRATION
88%
of market value sits in just 62 assets.
ACCESS
97%
of the market remains outside US retail reach.
ACCESS
97%
of the market remains outside US retail reach.
ACCESS
97%
of the market remains outside US retail reach.
REGULATION
39%
of the market lacks a clear regulatory framework.
REGULATION
39%
of the market lacks a clear regulatory framework.
REGULATION
39%
of the market lacks a clear regulatory framework.
MATURITY
1/12
asset classes has reached production-grade scale.
MATURITY
1/12
asset classes has reached production-grade scale.
MATURITY
1/12
asset classes has reached production-grade scale.
This edition was reviewed by our Expert Council - practitioners in institutional strategy and on-chain finance.
AUTHOR
BeInCrypto Research Team
DATA PARTNER
rwa.xyz
Methodology
Framework
EDITORIAL MODEL
Independent
No commercial
sponsorship
Our Council Members:
Andrew O’Neill
Managing Director and Analytical Lead for Digital Assets at S&P Global Ratings
EXPERTISE
Risk • Compliance • Governance
“
Tokenized funds still carry familiar off-chain risks around fund management, asset quality, and redemption. What changes is the technology layer.
Sandy Kaul
Franklin Templeton Executive Vice President and Head of Digital Assets & Innovation
EXPERTISE
Innovation • Liquidity • Automation
“
There's going to be increased demand from corporate treasurers on really utilizing the effectiveness of these new tokenized money market fund products to improve their overall treasury operations.
Fabian Dori
Head Asset Management, Member of the Group Executive Board
EXPERTISE
Markets • Macro • Allocation
“
Tokenization enables the rise of an agentic economy because agents need above all smart contract platforms that give them the ability to interact in an autonomous independent way.
Varun Paul
Senior Director, Financial Markets
EXPERTISE
Infrastructure • Settlement • Connectivity
“
If you believe any of the estimates, by 2030 there could be anything from $5 trillion to $30 trillion worth of tokenized assets on blockchains.
Featured Contributions from:
What's inside
62 assets above $100M · the products allocators evaluate
62 assets above $100M · the products allocators evaluate
Analysis of market structure, access, maturity, and institutional adoption across tokenized assets above $100M.
| # | Asset | Issuer | Class | Value |
|---|---|---|---|---|
| 01 | Figure HELOC | Figure Technologies | Asset-backed Credit | $18.3B |
| 02 | USYC | Circle | US Treasury Debt | $2.96B |
| 03 | Tether Gold | Tether | Commodities | $2.69B |
| 04 | BUIDL | BlackRock · Securitize | US Treasury Debt | $2.42B |
| 05 | JMWH | Justoken | Commodities | $2.23B |
| 06 | USDY | Ondo Finance | US Treasury Debt | $2.10B |
| 07 | PAX Gold | Paxos | Commodities | $2.10B |
| 08 | iBENJI | Franklin Templeton | US Treasury Debt | $1.59B |
| 09 | WTGXX | WisdomTree | US Treasury Debt | $0.91B |
| 10 | Anemoy T-Fund | Janus Henderson · Centrifuge | US Treasury Debt | $0.87B |
| # | Asset | Issuer | Class | Value |
|---|---|---|---|---|
| 01 | Figure HELOC | Figure Technologies | Asset-backed Credit | $18.3B |
| 02 | USYC | Cricle | US Treasury Debt | $2.96B |
| 03 | Tether Gold | Tether | Commodities | $2.69B |
| 04 | BUIDL | BlackRock · Securitize | US Treasury Debt | $2.42B |
| 05 | JMWH | Justoken | Commodities | $2.23B |
| 06 | USDY | Ondo Finance | US Treasury Debts | $2.10B |
| 07 | PAX Gold | Paxos | Commodities | $2.10B |
| 08 | iBENJI | Franklin Templeton | US Treasury Debt | $1.59B |
| 09 | WTGXX | WisdomTree | US Treasury Debt | $0.91B |
| 10 | Anemoy T-Fund | Janus Henderson · Centrifuge | US Treasury Debt | $0.87B |
$60B
Core assets
Credit, treasuries, commodities, equities, real estate — the investor-facing market.
$360B
+ Stablecoins
Tokenized dollars on the same rails — proof that tokenized assets reach institutional scale.
$695B
+ Settlement layer
Including blockchain-settled repo positions — how deeply embedded the rails already are.
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WHAT'S INSIDE
Get the report & the data behind it
Get the report & the data behind it
Get the report & the data behind it
The complete Part 1 report — market structure, maturity, access, and depth
he full 62-asset institutional-core dataset
The regulatory-access breakdown across every framework
On-chain dormancy and holder-concentration analysis
Working on Edition 2
Working on Edition 2
#Tokenized treasuries
#Reserve quality
#DeFi risk
We shape each edition with a small group of partners...
and we're already working on the next one
Talk to the team
Working on Edition 2
#Tokenized treasuries
#Reserve quality
#DeFi risk
We shape each edition with a small group of partners...
and we're already working on the next one
Talk to the team
Prepared independently by the BeInCrypto Research team from sources believed reliable. For informational purposes only; not investment, legal, or tax advice. Commercial relationships are subject to BeInCrypto's editorial and research independence policies and do not determine analytical conclusions.
Prepared independently by the BeInCrypto Research team from sources believed reliable. For informational purposes only; not investment, legal, or tax advice. Commercial relationships are subject to BeInCrypto's editorial and research independence policies and do not determine analytical conclusions.
Prepared independently by the BeInCrypto Research team from sources believed reliable. For informational purposes only; not investment, legal, or tax advice. Commercial relationships are subject to BeInCrypto's editorial and research independence policies and do not determine analytical conclusions.
