Three Numbers Behind $24.7 Billion in Tokenised Assets

In early 2026, markets delivered the first genuine stress test of tokenised financial infrastructure. Sovereign bond volatility rippled through the crypto market. Central bank transitions rattled market sentiment. Yet $24.7 billion sitting in on chain real-world assets didn’t unwind. Trading continued and settlement remained instantaneous. BlackRock’s BUIDL fund listed on Uniswap – its first DeFi integration – without operational issues.

That resilience is the real story: the fact that the infrastructure works under pressure. More than two-fifths of this market sits in U.S. Treasuries, up from under $1 billion in early 2024. Tokenised commodities have grown 260% year-over-year. Private credit also expanded at 185% per quarter.

Three numbers explain what has changed, and why the next phase of growth will look fundamentally different from the last.

The concentration of the entire tokenised RWA market currently held in U.S. Treasury debt.

Figure 1: US Treasury Debt Instruments Dominate Tokenised Assets

Source: RWA.xyz (As on 12.02.2026)

More than two-fifths of all onchain real-world assets – $10.38 billion – sit in the boring, safest, most institutional instrument on earth. BlackRock’s BUIDL fund holds $2.17 billion, but it is no longer the largest tokenised Treasury product. Circle’s USYC overtook it in late January 2026 but currently sits at $1.56 billion, having grown 11% in the past 30 days while BUIDL contracted 2.85%. Ondo’s Dollar Yield Fund holds $1.3 billion. Franklin Templeton’s Onchain US Government Money Fund ($800 million) integrated directly as exchange collateral.

The difference between the winners and laggards is not brand recognition – it is distribution architecture. Circle’s USYC grew 11% in the past 30 days while BUIDL contracted 2.85%. USYC embedded itself into Binance’s collateral rails four months before BUIDL, capturing the flow of institutional derivatives margin. As JPMorgan framed it: tokenised Treasuries are not an alternative to stablecoins but an evolution of them – programmable cash equivalents that settle faster and integrate into collateral systems with less operational overhead.

Regulatory infrastructure is catching up to match. The International Organization of Securities Commissions (IOSCO) now explicitly recognizes tokenised money market funds as reserve assets for stablecoins and collateral for crypto transactions.

Figure 2: Tokenised US Treasury Debt Instruments Surpass $10 billion

Source: RWA.xyz (As on 12.01.2026)

The yield is a modest 3.5% to 5% APY, and that is precisely the point. In a market where stablecoins yield near zero, tokenised Treasuries offer risk-free returns without exiting crypto rails. For corporate treasuries managing billions in working capital, that efficiency is not marginal. It is structural.

The year-on-year growth of tokenised commodities.

This is the fastest growing vertical in the entire RWA market. But the growth rate is an artefact of starting from a small base. What matters more is the dynamic driving it: investors are treating tokenised gold as “Safe Haven 2.0.” Bitcoin has traded like a risk asset, down 10% over the past year. Gold has functioned as an uncorrelated store of value. Tokenisation adds velocity to that stability — fractional ownership down to $0.01, instant settlement at 3:00 AM on a Sunday, direct redemption for physical bars at 430 tokens.

Tokenised commodities crossed $6.1 billion this week, adding $2 billion since January 1 alone. Gold trades at $5,080 per ounce, up 13% in January and 75% over the past year. But the on-chain version is moving faster than physical metal.

Figure 3: Growth in Tokenised Commodities Moves In Tandem To The Underlying

Source: RWA.xyz (As on 12.02.2026)

Tether Gold (XAUt) now holds $2.7 billion in market cap, up 51.6% in the past month. Paxos Gold (PAXG) sits at $2.3 billion, up 133.2%, with $248 million in fresh inflows in January alone. Tether has accumulated an estimated 140 metric tons of physical bullion—turning the world’s largest stablecoin issuer into a sovereign-scale force in precious metals. Together, these two products represent 83% of the entire tokenised commodities market, backed by audited physical reserves, trading continuously across global exchanges. James Harris, CEO of Tesseract Group, captured the shift: “The growing traction of tokenised gold has improved gold’s utility, particularly around transferability and divisibility, while bitcoin continues to trade more like a risk asset in periods of macro uncertainty.”

The $6.1 billion figure represents gold’s dominance at 73% of all tokenised commodities. The concentration, and its implications, is notable. If tokenisation can add velocity and accessibility to the world’s oldest safe haven asset, the model extends well beyond precious metals.

Figure 4: Gold Dominates Tokenised Commodities at 73%

Source: RWA.xyz

The quarterly growth rate of tokenised Private Credit. (Not annual. Quarterly.)

The growth is particularly notable because Private Credit was assumed to be resistant to tokenisation. These are bespoke, illiquid, relationship-driven instruments, the type of assets that traditionally live in spreadsheets, and legal documentation. Although this category barely registered two years ago. Today it stands at $2.8 billion and is expanding faster than any other RWA segment — growing at 185% per quarter while Corporate Bonds, supposedly the “easier” fixed-income opportunity, lag at $1.7 billion.

If Treasuries represent the foundation of institutional tokenisation, Private Credit is emerging as its most dynamic vertical.

Figure 5: Tokenised Private Credit Grows By 1248% in 1-Year

Source: RWA.xyz (As on 12.02.2026)

The mechanism is collateral mobility. Tokenisation is not merely digitising Private Credit but is converting locked capital into programmable instruments that can move across platforms. The same principle applies across asset classes. Ondo Finance demonstrated this operational reality by tokenising BitGo stock within 15 minutes of its trading debut. They are now running 200+ tokenised stocks and ETFs, scaling toward thousands.

Min Lin, Ondo’s managing director of global expansion, frames this as a deliberate design choice: “The wrapper model has been widely adopted. Stablecoins are essentially wrapped U.S. dollars and we have adopted a very similar model.”

The implication is clear. If stocks can be wrapped in 15 minutes and Private Credit can grow at 185% quarterly, the $127 trillion global equities market and $1.5 trillion Private Credit market are no longer theoretical targets. They are addressable markets with established technical pathways.

Divergence is what matters. Tokenisation has reached a point where price action and structural progress no longer move in lockstep. Early 2026 delivered the first genuine stress test of this infrastructure. Market volatility exposed crypto’s sensitivity to sovereign bond markets and central bank transitions. Yet trading in tokenised RWAs continued. Settlement remained instantaneous. The infrastructure did not break down. In fact, it matured through stress.

The three numbers above — 42% concentration in Treasuries, 360% growth in commodities, 185% growth in private credit — describe a market that has crossed from experimental to operational. Treasuries as collateral infrastructure, commodities as velocity-enhanced safe havens, private credit as the asset class that proved the model by defying assumptions about what could be tokenised.

The denominator remains vast. Global wealth exceeds $200 trillion. Tokenised RWAs represent 0.012% of that total. But the growth vectors are clear, and the infrastructure to capture them is now in existence.

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