RWA assets hit $29B record high as tokens gain 11%
Real-world asset tokens gained 11% over the past week while tokenized assets on public blockchains hit an all-time high of $29 billion.
The RWA token category's market cap increased from $67 billion to $76 billion during the seven-day period ending Friday, according to CoinMarketCap data. RWA analytics platform RWA.xyz reported total on-chain RWA value at $29.10 billion as of September 12.
Tokens connected to tokenization and infrastructure projects drove the rally, including Chainlink, Avalanche and Ondo Finance. The record on-chain value reflects growing institutional adoption across different asset types.
Private credit represents more than half of all tracked RWA assets, while tokenized U.S. Treasuries account for about one quarter. The remaining assets include commodities, investment funds, equities and corporate bonds. When stablecoins are added to the calculation, the combined on-chain value reaches $307 billion. Ethereum and its layer-2 networks host the majority of these tokenized assets.
BlackRock's tokenized money-market fund BUIDL maintains its position as one of the sector's largest single products with approximately $2.2 billion in assets under management. Reports emerged this week indicating BlackRock is examining methods to tokenize exchange-traded funds on public blockchains.
"Tokenization is now being pushed by the US government in an effort to modernize US markets," investor Ryan Sean Adams wrote on X. BlackRock CEO Larry Fink previously stated that "every financial asset can be tokenized."
The on-chain RWA market expanded rapidly from roughly $5-10 billion in 2022 to more than $20 billion by mid-2024, according to sector research published earlier this year. The $29 billion threshold recorded this week represents a new peak in the institutionalization of on-chain credit and treasury products.
The growth demonstrates increasing acceptance of blockchain-based asset tokenization among traditional financial institutions and government entities seeking to modernize existing market infrastructure.
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