The State of RWA Tokenization
2026 Mid-Year Report
Key figures
RWA tokenization market size in 2026, with the source for each number
The tokenized real-world asset market held about $33.5B of on-chain value, excluding stablecoins, in July 2026 by rwa.xyz’s count, and $31–36B across the main trackers. Every figure below is third-party data, dated and attributed; Stobox compiles it and does not own it.
| Measure | Value | Source |
|---|---|---|
| Tokenized RWA on-chain value, excluding stablecoins (July 2026) | $33.5B | rwa.xyz |
| Same measure across trackers (mid-2026) | $31–36B | Chainalysis-based analyses ($31B); Canton Network, late-2025 report ($36B) |
| Underlying assets those tokens reference | $369B | rwa.xyz |
| Tokenized US Treasuries and money-market funds | $13.4–15.2B | rwa.xyz; per-fund disclosures |
| Tokenized private credit, active on-chain to broader counting | $8–18.9B | rwa.xyz; Blockworks/Fensory |
| Ethereum's share of RWA value (July 2026) | 47.9% | rwa.xyz |
| Share of reported RWA value sitting idle | 56% | thirdweb, idle-assets analysis |
| Forecasts for 2030–2034 | $2T to $30.1T | McKinsey 2024 ($2T by 2030, base); Standard Chartered 2024 ($30.1T by 2034) |
Data gathered 10 July 2026. Ranges are shown where trackers disagree; the full source list is in the methodology section at the end of the report.
How to cite this report
Quote a figure with its original source (for example, “rwa.xyz, July 2026”) and this report as the place it was compiled:
Stobox (Gene Deyev), “The State of RWA Tokenization: 2026 Mid-Year Report,” stobox.io/reports/state-of-rwa-2026, updated 11 September 2026.For current values, the live trackers are authoritative; this page records what they showed on the date stated.
01
Market size – with the methodology said out loud
Trackers disagree because they count differently. rwa.xyz, the canonical dashboard, showed $33.5B of distributed on-chain RWA value (ex-stablecoins) in July 2026; Chainalysis-based analyses put it near $31B (+400% since early 2025); Canton's late-2025 report said $36B. Counting the underlying assets those tokens reference, rwa.xyz reports $369B. Claims of "$60B+" include broader definitions where, by the same analysis, 56% of assets sit idle.
Stablecoins are a separate $290–321B market (USDT ~$184–190B, USDC ~$73B) and are excluded above – the standard methodology (also McKinsey's) to avoid double-counting.
2022
~$2B
End-2024
~$6.4B
2025
~$18–26B
Mid-2026
$31–36B
Trajectory: ~$2B (2022) → ~$6.4B (end-2024) → ~$18–26B (2025) → $31–36B (mid-2026).
02
The segments
| Segment | On-chain value | What's behind the number |
|---|---|---|
| Tokenized US Treasuries & MMFs | $13.4–15.2B | 76 products, ~58,700 holders. Top funds: BlackRock BUIDL ($2.4–3.1B), Circle USYC ($2.9B), Ondo USDY ($2.1B), Franklin BENJI ($2.05B), Centrifuge JTRSY ($1.2B). |
| Private credit | $8–18.9B* | Tracker ranges vary with methodology; $33.7B originated all-time. Maple ($4B+ originated), Centrifuge, Goldfinch, Apollo ACRED (~$125M). |
| Commodities (mostly gold) | $5.5B | XAUT + PAXG hold 96%+ of tokenized gold. Q1 2026 spot volume $90.7B – more than all of 2025 ($84.6B). |
| Corporate bonds | $1.77B | One of six categories above $1B. |
| Tokenized equities | $0.5–1B | The newest category – born mid-2025, accelerating after Nasdaq's March 2026 approval; Q1 2026 spot volume already $15.1B. |
| Real estate | $1–3B (est.) | The hardest segment to measure – most 'tokenized real estate' is SPV interests, splitting across categories. Reference project: Dubai's Land Department, targeting $16B by 2033. |
* Private-credit figures span $8B (active on-chain AUM, conservative) to $18.9B (broader counting); $33.7B has been originated all-time. Sources: rwa.xyz, Blockworks/Fensory, per-fund disclosures – full list in the sources section.
03
The half-year the rails became regulated
December 2025 to July 2026 delivered more regulatory infrastructure than the previous five years combined. The question "is tokenization allowed?" is now settled in every major market.
DTCC receives SEC no-action relief for a DTC tokenization pilot covering Russell 1000 equities, Treasuries, and major ETFs.
SEC staff statement: a security's technological format does not alter its legal character – tokenized securities are securities, full stop.
Dubai opens a regulated secondary market for tokenized title deeds – 7.8M property tokens tradeable, linked to the official land registry.
SEC approves Nasdaq's rule change to trade tokenized forms of listed securities on its main order book. Cayman enacts the first statutory tokenized-funds regime in a major fund domicile (March 24).
FINRA approves the first broker-dealer custody of tokenized securities with atomic settlement. ERC-7943 (uRWA) reaches Final status as Ethereum's RWA standard – backed by a coalition including Stobox – and CMTA's Swiss CMTAT standard adds support for it.
Securitize lists on NYSE (SECZ) at a $1.25B valuation – the first pure-play tokenization IPO – and tokenizes its own stock on listing day. MiCA's transitional period ends across the EU. DTCC's tokenization pilot begins (launch slated October). Robinhood launches an L2 purpose-built for tokenized stocks.
Full jurisdiction-by-jurisdiction rules live in our guides cluster – US, EU, UK, UAE, Switzerland, Germany, Liechtenstein, Singapore, Hong Kong, BVI, Cayman, Luxembourg – each dated and sourced.
04
Where the value lives (chains)
- Ethereum47.9%
- BNB Chain12.1%
- Solana9.8%
- Stellar9.0%
Share of RWA value, rwa.xyz, July 2026.
Ethereum remains the center of gravity with 47.9% of RWA value (rwa.xyz, July 2026), followed by BNB Chain (12.1%), Solana (9.8% – whose RWA holder count overtook Ethereum's for the first time in mid-2026, powered by tokenized stocks), and Stellar (9.0%). The EVM L2s are the issuance workhorses – Robinhood launched a dedicated tokenized-stock L2 on the Arbitrum stack on July 1, and Base anchors the USDC-native settlement rails (where Stobox Compass issues). Institutional plumbing runs in parallel: JPMorgan's Kinexys settles $7B+ daily across 8 currencies.
05
The liquidity reality check
The honest chapter most reports skip: issuing a token does not create a market.
56%
of reported RWA value sits idle, by one mid-2026 analysis
$90.7B
tokenized gold spot volume, Q1 2026 – more than all of 2025
$15.1B
tokenized equities spot volume, Q1 2026
$524.8B
RWA perpetuals traded in Q1 2026, against ~$33B of spot value
Analyses of on-chain transfer data show tokenized Treasuries and private credit – the two largest segments – trade thinly, with activity dominated by mint-and-redeem cycles rather than secondary transfers; by one mid-2026 analysis, 56% of reported RWA value sits idle. Where trading is real, it's concentrated: tokenized gold did $90.7B of spot volume in Q1 2026 (more than all of 2025), new tokenized equities did $15.1B, roughly 60% of CEX RWA volume runs through a single venue, and derivatives dwarf everything – $524.8B of RWA perpetuals traded in Q1 2026 alone against ~$33B of spot value.
Cross-chain friction is measurable too: 1–3% pricing gaps for identical assets, 2–5% cost to move capital between chains. For issuers the lesson is structural: plan distribution and secondary access as deliberately as issuance – it's why transfer rules that travel with the token (and licensed venues to route to) matter more than the mint.
06
The projection spread – quoted responsibly
| Forecaster | Projection | Method note |
|---|---|---|
| McKinsey (2024) | $2T by 2030 (base) · $4T bullish | Deliberately conservative; excludes stablecoins, CBDCs, and deposits to avoid double-counting. |
| BCG & ADDX (2023–24) | $16T by 2030 | The most-cited figure – models ~10% of global GDP tokenized. |
| Ripple & BCG (Apr 2025) | $18.9T by 2033 | Three-phase adoption model (money markets → credit → alternatives), ~53% CAGR. |
| Standard Chartered (2024) | $30.1T by 2034 | The most bullish; includes trade finance at scale. |
A 15× spread between serious forecasters is itself the finding: the direction is consensus, the slope is not. At mid-2026's ~$33B, even McKinsey's conservative $2T-by-2030 implies ~60× growth in four years.
07
The missing middle – an operator's view
The data above is institutional: mega-funds tokenizing Treasuries and credit. The small-and-mid-market – private companies tokenizing their own equity, real estate, or revenue – is the least tracked segment in the industry: no tracker publishes counts of sub-$50M tokenized raises, STO market estimates disagree by 5×, and secondary data is essentially absent.
What follows is therefore first-hand rather than tracker data: across 100+ client engagements in 20+ jurisdictions since 2018 ($305M+ structured and supported), the binding constraint has never been token technology – it is issuer readiness. Deals stall at the canonical record: reconciled ownership, valuation, cap table, and agreements that survive a broker-dealer's or counsel's diligence.
That diagnosis is why the Stobox stack starts with a free readiness score and one verified company record before any raise or mint – and why 2026's regulatory clarity moves the bottleneck to exactly this layer. The infrastructure is licensed; the question left is whether the business is ready.
08
What to watch in H2 2026
- The SEC's proposed crypto safe-harbor package (July 2026) – scope of the tokenized-securities exemption as it finalizes.
- DTCC's tokenization service launch, slated October 2026 – settlement-layer tokenization at market scale.
- EU DLT Pilot permanence trialogues, and CIMA's final tokenized-funds rules replacing Cayman's interim conditions.
- Nasdaq's first tokenized-equity trades (expected Q3) and whether tokenized-stock liquidity follows the gold pattern.
- Whether secondary-market activity in tokenized credit/Treasuries breaks out of the mint-and-redeem pattern.
Questions this raises
Answered plainly.
How big is the tokenized RWA market in mid-2026?
About $31–36 billion of on-chain value excluding stablecoins, depending on the tracker – rwa.xyz, the canonical dashboard, showed $33.5B in July 2026, roughly 4× early 2025. Counting the underlying assets those tokens reference, the figure is ~$369B. Stablecoins are a separate ~$290–321B market. Anyone quoting '$60B+' is using broader definitions that include idle, illiquid collateral.
What are the largest tokenized asset classes?
Tokenized US Treasuries and money-market funds lead (~$13–15B, headlined by BlackRock's BUIDL), followed by private credit (~$8–19B depending on methodology), gold and commodities (~$5.5B), corporate bonds (~$1.8B), and the newest category – tokenized equities – born mid-2025 and accelerating after Nasdaq's March 2026 approval. Real estate remains the hardest to measure because most of it is tokenized through SPV interests.
Is tokenized-asset liquidity real yet?
Partly – and honest issuers should say so. Gold and equities trade meaningfully ($90.7B and $15.1B spot in Q1 2026 respectively), and derivatives dwarf everything ($524.8B of RWA perps in Q1 2026 alone). But most tokenized Treasuries and private credit show mint-and-redeem patterns rather than secondary trading, and by one analysis over half of reported RWA value sits idle. Tokenization creates the possibility of liquidity; the market for each asset still has to be built.
What changed for issuers in 2026?
The rails became regulated reality: the SEC's January statement settled tokenized securities' legal status, Nasdaq and FINRA approvals opened regulated trading and custody, DTCC began piloting settlement-layer tokenization, MiCA's transition ended in the EU, Cayman wrote tokenized funds into statute, and ERC-7943 gave the industry a neutral token standard. The bottleneck moved decisively from 'is this allowed?' to 'is your company ready?'
Methodology & sources
Where every number comes from.
Data gathered July 10, 2026. On-chain figures follow rwa.xyz methodology (distributed on-chain value, stablecoins excluded); where trackers disagree, ranges are shown with the disagreement stated. Projections are attributed with publication dates; regulatory items cite primary sources. Stobox first-hand observations in §7 are labeled as such and use only published Stobox figures.
- rwa.xyz – canonical RWA dashboard
- Canton Network – state of RWA tokenization
- thirdweb – the idle-assets analysis
- Blockworks – tokenized private credit
- Chainalysis – on-chain commodities
- SEC – statement on tokenized securities (Jan 2026)
- SEC/Nasdaq tokenized-trading approval (Mar 2026)
- FINRA – first tokenized-securities custody approval (May 2026)
- DTCC – tokenization service pilot
- Securitize NYSE listing (Jul 2026)
- ERC-7943 Final status (May 2026)
- Dubai DLD secondary market (Feb 2026)
- MiCA transitional period end (Jul 2026)
- McKinsey – tokenization projections
- Ripple & BCG – $18.9T by 2033
- Standard Chartered – $30.1T by 2034
- BCG & ADDX – $16T by 2030
- JPMorgan Kinexys expansion (Jun 2026)
- RWA perpetuals volume (Q2 2026)
- Robinhood Chain launch (Jul 2026)
General information, not investment advice. Figures change; the live trackers above are authoritative for current values. Third-party trademarks belong to their owners.
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