Tokenized Treasuries Slip as RWAs Drop to $34.67B

Real-world asset tokens totaled $34.67 billion in distributed value on a July 22, 2026 snapshot, down from a $35.2 billion peak recorded on July 10, 2026, according to sector tracker data. BlackRock, JPMorgan and Franklin Templeton increased their onchain product offerings during the period.

U.S. Treasury products remained the largest category with $15.86 billion in distributed value, a 2.23% increase over 30 days. The category’s seven-day average yield was 3.30%, a 2.18% decline from the prior week. The tracker recorded 85 treasury assets and 62,846 holders.

Top treasury tokens by distributed value included Circle’s USYC at $2.96 billion, BlackRock’s USD Institutional Digital Liquidity fund (BUIDL) at $2.52 billion (down 12.22% over seven days, up 6.29% over 30 days) and Ondo’s USDY at $2.16 billion. Franklin Templeton’s iBENJI held $1.64 billion and BENJI $734.5 million. Janus Henderson’s JTRSY reported $880.7 million. JPMorgan’s OnChain Liquidity-Token Money Market fund (JLTXX), issued via Kinexys Digital, rose 87.23% over 30 days to $809.7 million.

By blockchain network, Ethereum carried the largest share of tokenized treasury value at $7.1 billion, followed by BNB Chain at $4.7 billion and Stellar at $1.2 billion. Solana held $997.2 million, Avalanche C-Chain $842.9 million, XRP Ledger $292.7 million and SEI $259.2 million.

Tokenized non-U.S. sovereign instruments reached $1.41 billion in distributed value, up 6.90% over 30 days across 24 assets and 9,908 holders. Spiko’s EU T-Bills Money Market Fund (EUTBL) led that segment at $1.02 billion. Other non-U.S. offerings on Polygon and various issuers contributed smaller pools of liquidity.

Tokenized equities and ETFs recorded the fastest growth among categories. Distributed value in tokenized stocks rose 15.10% over 30 days to $1.86 billion. Represented value climbed 6.41% to $20.25 million. Monthly transfer volume increased to $8.00 billion and total holders rose 75.71% to 671,490, while monthly active addresses fell 22.04% to 168,368. Figure’s FGRS led the stock category at $211.2 million, followed by Securitize’s SECZ at $162.6 million and xStocks’ STRCx at $125.8 million.

The commodities category held $4.48 billion in distributed value, down 3.88% over 30 days, with represented value of $3.19 billion. Tether Gold (XAUT) and Paxos Gold (PAXG) were the largest tokens in the commodities market. Tokenized real estate measured $202.63 million in distributed value across 104 assets in 11 countries.

Private equity and venture capital tokens reached $2.13 billion in distributed value, up 8.26% over 30 days across 29 assets and 7,200 holders. Securitize’s Blockchain Capital III Digital Liquid Venture fund (BCAP) led that sector at $967.6 million.

Tokenized credit showed $6.93 billion in distributed value and $35.75 billion in represented value across 2,509 assets and 185,845 holders. Figure’s HELOC token (FIGR_HELOC), built on Provenance, held $20.1 billion in represented value and was the largest single asset by represented value. Other large assets in the sector included Bridgetower’s DOM X Arizona Copper-Gold Project at $11.06 billion, Circle’s USYC at $2.96 billion, BlackRock’s BUIDL at $2.52 billion, Tether Gold at $2.43 billion and Ondo’s USDY at $2.16 billion.

The data reflect asset values and flows onchain as of the July 22, 2026 snapshot.