The tokenized real asset (RWA) market continues to grow despite broader weakness in cryptocurrency markets, and the value of onchain financial assets has skyrocketed over the past six months as time-honored financial products migrate to blockchain rails.

According to Token Terminal, the market value of tokenized assets now exceeds $43 billion, up approximately 37% over the last 180 days.

The numbers dwarf those reported by other industry trackers, most notably RWA.xyz, which values ​​the total RWA market at less than $33 billion. The discrepancy likely reflects methodological differences, with Token Terminal covering a wider range of tokenized financial assets.

Tokenized funds dominate the sector, accounting for nearly 80% of the total market capitalization. Commodities are a distant second with 16.6%, followed by tokenized stocks with 3.8%.

Source: Token terminal

Ethereum remains the leading blockchain for tokenized assets, accounting for 57.8% of the total value. BNB Chain accounts for 8.5%, followed by zkSync Era (7.5%), XRP Ledger (5.8%), and Stellar (5.4%), reflecting the gradual expansion of the sector beyond Ethereum.

According to Token Terminal, Sky is the largest issuer with $6.1 billion in tokenized assets, followed by Securitize and Ondo Finance with $3.6 billion each.

Related: Crypto Biz: SpaceX is driving the next tokenization boom

Tokenization goes beyond treasures

Tokenization has gained mainstream attention as major financial institutions implement blockchain-based infrastructure. Earlier this week, Standard Chartered initiated coverage of Uniswap, arguing that the decentralized exchange’s UNI token could gain 40x by 2030 as tokenized assets increasingly migrate to the network.

The bank forecasts that the decentralized financial sector will grow to $2.7 trillion over the same period, mainly due to the development of tokenized financial products.

Source: Frank Chaparro

Citigroup has also been bullish on tokenization, forecasting that the market will reach $5.5 trillion by 2030 in the base case and up to $8.2 trillion in the bull case.

The bank argues that as regulatory clarity improves, the industry moves beyond the pilot stage. Citi recognized the Depository Trust & Clearing Corporation, New York Stock Exchange and Nasdaq incorporating tokenization into core issuance processes as key growth catalysts.

Stablecoins, which are often excluded from tokenization metrics, are expected to be a major growth driver for the sector. Source: Citi

While tokenized funds and private credit continue to dominate the market, tokenized stocks are gaining popularity thanks to platforms such as Ondo Markets and xStocks. This trend reflects a broader shift in the industry, with Binance Research recently stating that RWA growth is becoming more diversified.

“2026 marks the maturation of RWA tokenization from a treasury-dominated narrative to a diversified-income ecosystem,” Binance Research said in a report earlier this month.

Related: JPMorgan and Citi-backed Clearing House plan tokenized depository network in 2027: WSJ