Tokenized RWAs Reach $31.76B; USYC Tops $3B

Onchain tokenized real-world assets totaled $31.76 billion, with Circle’s USYC above $3 billion and BlackRock’s BUIDL near $2.4 billion, according to onchain data.

Growth through 2026 has been driven mainly by tokenized U.S. Treasuries. Banks, asset managers and fintech firms have moved cash-market and credit products onto public ledgers to shorten settlement times, enable programmable collateral and provide round-the-clock access to assets that traditionally traded only during market hours.

Private credit has become one of the larger tokenized segments. Multiple blockchains are competing to host these instruments; Solana holds more than $2 billion in tokenized real-world assets. Tokenization infrastructure has expanded across chains, with a provider adding connectivity to Tron earlier this year to broaden distribution.

New launches have placed private-company equity and payroll on blockchains. A tokenization platform put shares of private companies such as SpaceX and Revolut onchain, giving investors blockchain-based exposure to shares normally restricted to a small group of accredited backers. A payroll firm launched a real-time wage service on Stellar that lets workers receive pay continuously rather than on biweekly cycles.

Liquidity varies by asset class. Tokenized Treasuries show the deepest pools of capital. Newer categories, including tokenized private equity and fresh corporate share issuances, have thin secondary markets. Much of the outstanding supply is concentrated with a small number of issuers.

Regulatory treatment of tokenized securities differs by jurisdiction, and market participants are seeking clarity as products expand beyond money-market style exposure. The $31.76 billion onchain tally captures holdings in government debt, private credit and early experiments with equity and payments that have appeared in recent years.