Tokenized RWAs Reach $39.1 Billion as Treasuries and Credit Take 61% of the Market
TREE NEWS reports: The global market for tokenized real-world assets has climbed to roughly $39.1 billion as of early September 2026, with tokenized U.S. Treasuries and credit products accounting for about 61% of that total, the research arm of Korean fintech platform Toss.
The findings underscore how quickly the on-chain representation of traditional financial instruments has moved from experiment to a meaningful corner of the digital asset economy. The report, titled DeFi and Tokenized Assets: Connecting Traditional Finance with On-Chain Finance, frames tokenization as the connective tissue between two worlds that spent years operating in parallel.
Why Treasuries and Credit Lead
Tokenized Treasuries have become the default entry point for institutions seeking yield on-chain. They offer familiar credit exposure, short duration, and — crucially — a regulatory profile that is easier to underwrite than most crypto-native products. Credit products, meanwhile, have expanded as private-credit managers and fintech lenders tokenize loan books to broaden their funding base.
- Treasuries: Short-duration government debt wrapped as transferable tokens, used as collateral and cash-management tools.
- Credit: Tokenized private credit, trade finance, and consumer lending pools targeting yield-hungry on-chain capital.
- Other categories: Commodities, real estate, equities, and fund interests fill out the remaining ~39% of the market.
Implications for DeFi and TradFi
The composition matters. A market dominated by Treasuries and credit is a market dominated by yield and collateral — exactly the primitives DeFi needs to mature. Tokenized Treasuries give stablecoin issuers and DAOs a place to park reserves. Tokenized credit gives lenders a bridge between on-chain liquidity and off-chain borrowers.
For traditional institutions, the appeal runs the other way: tokenization offers 24/7 settlement, programmable compliance, and fractional ownership without rebuilding their entire back office. The convergence is no longer a pitch deck theme; it is showing up in market size.
A Forward Look
Three questions will shape the next phase. First, whether tokenized Treasuries stay concentrated among a handful of issuers or diversify. Second, whether credit tokenization can scale without repeating the opacity that plagued earlier structured products. Third, whether regulatory clarity in major jurisdictions — particularly around custody and securities classification — keeps pace with issuance.
If the current trajectory holds, tokenized RWAs are on a path to becoming a core piece of financial market infrastructure rather than a niche crypto narrative. The $39.1 billion figure is small next to global fixed income, but the growth curve is what matters — and it is pointing up.
