RWA tokenization market surges to new all-time high

On-chain data showed that tokenized real-world assets just hit an all-time high of $22.1 billion, a 10.5% rise in just 30 days. RWA.xyz analytics platform revealed the surge was driven by private credit and U.S. Treasury debt.

Last week alone saw many announcements from traditional financial institutions and blockchain-native companies advancing their RWA initiatives. Companies like BlackRock, Libre, and MultiBank revealed their new RWA initiatives, signaling growing RWA adoption.

Tokenized real-world assets hit an all-time high

🚀 Tokenized Real-World Assets just hit an all-time high of $22.1B onchain!

🔸+10.5% growth in just 30 days
🔸Driven by Private Credit & US Treasury Debt
🔸Over 100K holders actively participating pic.twitter.com/2fUdAbfDPZ

— Leon Waidmann 🔥 (@LeonWaidmann) May 6, 2025

Analytic platform RWA.xyz noted that on May 6, tokenized real-world assets reached an all-time high of $22.11B. On-chain data also showed that tokenized real-world assets saw a 10.5% jump in the last 30 days.

The analytics firm showed that RWA total holders reached slightly over 100K, a 5.64% from 30 days ago. At the time of publication, there are also a total of 189 tokenized real-world assets issuers.

RWA.xyz indicated that the jump in real-world asset tokenization was largely driven by $13 billion in private credit and $6.6B in U.S. Treasury debt. Public equity made up $448M of total RWA value, with commodities having $1.4B and institutional alternative funds adding roughly $470M.

The analytics company revealed that as of May 1, stablecoins recorded nearly $30.5M in new issuance volume. The firm highlighted the total stablecoin value has surpassed $232B, with 160.85M total stablecoin holders.

RWA.xyz data showed that the market value of tokenized U.S. Treasurys currently stood at $6.5M. The company also noted that Ethereum accounts for the lion’s share of the market, hosting over $4.9 billion in tokenized Treasurys.

Institutional adoption fuels the growth of RWA

BlackRock filed on April 30 to create a digital ledger technology shares class for its $150 billion Treasury Trust fund. The firm said the DTL shares will leverage blockchain technology to maintain a mirror record of share ownership for investors. BlackRock also added that the shares will track its BLF Treasury Trusts Fund (TTTXX), which may only be purchased from BlackRock Advisors and The Bank of New York Mellon (BNM).

Libre also announced on the same day plans to tokenize $500 million in Telegram debt through its new Telegram Bond Fund (TBF). The company said the fund will be available to accredited investors and usable as collateral for onchain borrowing.

The biggest headline to end the week came from Dubai, where MultiBank Group signed a $3 billion RWA tokenization deal with United Arab Emirates-based real estate firm MAG and blockchain infrastructure provider Mavryk. The firm argued the deal was the largest RWA tokenization initiative to date.

“The recent surge isn’t arbitrary. It’s happening because everything’s lining up. Rules are getting clearer in major markets. The tech is stronger, faster, and ready to scale. And big players are actually doing it – BlackRock is tokenizing funds.”

-Eric Priscini, CEO of Hashgraph.

Co-founder of RedStone Marcin Kazmierczak argued that the recent announcements demonstrate that tokenization has moved beyond theoretical discussions into practical applications by market leaders. He also believes the growing adoption by big institutions gives the space more credibility, making others feel more confident to join in and help boost new ideas and investments.

Karmierczak also acknowledged the renewed interest in RWA tokenization is driven by U.S. President Donald Trump’s pro-crypto administration and growing regulatory clarity. Trump had pledged to “make the U.S. the crypto capital of the world.” Crypto regulators like the Department of Justice (DOJ) also announced the dissolution of its cryptocurrency enforcement unit, which signaled a softer approach to the industry.

Chief Technology Officer at Brickken Felipe D’Onofrio said the advancements in technological capabilities, especially in wallets, also played a key role in propelling tokenization adoption. He argued that macroeconomic pressures are pushing institutions to search for efficiency and liquidity in traditionally illiquid markets.

CEO of Security Token Market Herwig Koningson noted that firms like BlackRock have shown that it’s possible to build large-scale tokenized products worth billions of dollars using more than one blockchain simultaneously. He believes it’s the reason banks and traditional firms are now using permissioned blockchains or even private DLT systems.

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