Chart of the week: Tokenized 'real-world' assets top $30B in market cap

Tokenized “real-world” assets (RWAs) have surged 10x in two years, now topping $30B — with nearly half held in U.S. Treasury debt.

The growth reflects rising institutional demand to put traditional financial instruments onchain, from government bonds and commodities to equities and private credit. While U.S. Treasuries dominate today, the asset class is broadening, with more categories gaining meaningful share in recent quarters.