Equities and tokenized commodities lead as tokenized RWA maintain inflows amid crypto winter

RWA projects are among the few platforms to survive the liquidity outflows following the recent market downturn. Tokenized assets kept drawing in liquidity, even as traders abandoned altcoins and OG tokens. 

RWA platforms were among the winners in the past month, as traders switched their allocations from altcoins and tokens. Tokenized stocks and metals took the place of digital assets with no backing, aiming to tap more value as BTC broke down to the $60,000 level. 

In 2026, RWA turned into one of the most robust narratives and use cases. Tokenization platforms and trading venues are on the rise, though RWA volumes remain relatively low compared to token trading. 

Gold, silver led the RWA trend in February

Tether’s tokenized gold XAUT led the expansion of liquidity due to renewed buying interest and persistent near-peak valuations for gold. Silver was also among the hottest assets in the past few weeks, as crypto markets adapted to trading traditional commodities.

Tether’s gold-backed token surpassed Paxos Gold as the most popular RWA token in the past month. 

Other assets that grew their exposure to crypto traders included BlackRock’s BUIDL, as well as Ondo’s tokenized stocks. The interest in RWA tokens followed a series of liquidity outflows from the markets for BTC, ETH, and other leading altcoins. 

RWA value reaches new records

The total value in tokenized assets expanded to a new record above $24B. US tokenized bonds accounted for the largest share of tokenization. Commodities, however, drove the value growth in the past month. Private credit was also among the growth sectors in RWA tokenization. 

When it comes to adoption, however, RWA paints a different picture. Treasury debt is mostly held by a small number of large entities, and does not drive wide retail adoption. 

The biggest number of active users were driven to tokenized commodities and equities. Over 309K wallets now hold some form of tokenized public equity, with over 213K holding commodities. 

When it comes to on-chain transactions, commodities were the most actively moved tokens. However, tokenized gold was among the biggest tools to move on-chain value, with over $7.8B in daily value transfers. 

Tokenized RWA also became a part of the DEX trading mix, though with limited markets. Currently, HIP-3 is among the most active venues for tokenized shares. The market remains fragmented, with different issuers still relying on a limited number of trading platforms. 

The rush to tokenized equities is still within rational limits and has not spilled over to support RWA tokens. The narrative is still led by ONDO, LINK, and Stellar, but the tokens are still far from their all-time peaks.

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