Tokenized RWA Market Hits $51B; Private Credit Tops 44%

Bernstein Research estimates the tokenized real-world asset market at $51 billion, a 42% increase year-to-date, with private credit representing roughly 44% of the total. The research firm noted its figure exceeds some other trackers, reflecting differences in how onchain and hybrid assets are counted and reported.

Figure Technology Solutions ranked first among platforms with about $18 billion in tokenized assets. The company tokenized roughly $5 billion in consumer loans in 2026, recorded a monthly origination peak of $1.3 billion in April and reported that its Connect marketplace accounted for 56% of loan volumes in the first quarter of 2026.

Private credit on blockchain consists of loans issued outside traditional banks, where investors provide capital directly in exchange for interest. Bernstein attributed much of the onchain private credit growth to platforms that package loans through special purpose vehicles and custodial arrangements, which can be recorded differently across analytics providers.

Securitize and Paxos each hold about $4.2 billion in tokenized assets across categories including U.S. Treasuries, commodities and tokenized equities. BlackRock’s tokenized money market fund, BUIDL, has surpassed $2.5 billion in assets, reflecting interest from large asset managers in digital fund structures.

On the derivatives side, decentralized exchange Hyperliquid reported RWA-related open interest of about $2.6 billion in May and reported roughly $65 billion in trading volume in April 2026, according to the report.

Analysts highlighted tracking challenges for the tokenized RWA market. Many credit structures use hybrid onchain-offchain models, custodians or special purpose vehicles, which can obscure where value is recorded and create discrepancies between estimates from different analytics firms.

Ross Shemeliak, co-founder of tokenization firm Stobox, commented that private credit meets investor demand for yield while providing capital to businesses. He also noted that changes in counting methods explain some recent shifts in market rankings and that blockchain is increasingly used as infrastructure for global capital markets.

The report shows U.S. Treasury debt is the second-largest RWA category at about 30% of the market, with commodities at roughly 14%. It also documents rising activity in tokenized derivatives and fund structures as participants use tokenization for trading, financing and collateral arrangements.