The tokenized real-world asset (RWA) market has exploded from $5 billion in 2022 to over $24 billion by June 2025, marking 380% growth and cementing RWAs as crypto’s second-fastest-growing sector after stablecoins.
Onchain Finance Transforms: RWAs Hit $24B Led by Tokenized Treasuries and Credit
According to a comprehensive report by Redstone, and co-authored by Gauntlet and rwa.xyz, the 85% year-over-year expansion reflects a decisive shift from experimental pilots to scaled institutional adoption. Major financial institutions like Blackrock, JPMorgan, and Franklin Templeton are now deploying production-grade solutions, with governments increasingly recognizing blockchain as critical infrastructure for modernizing legacy systems.
Tokenized U.S. Treasuries exemplify this institutional momentum, ballooning from $100 million in 2023 to $7.5 billion by mid-2025. Blackrock’s BUIDL fund issued by Securitize dominates this segment with $2.9 billion in assets. Private credit, however, is the largest RWA category at $14 billion, driven by platforms like Figure and Tradable that tokenize loans on Provenance and Zksync Era blockchains.
Commodities tokenization reached $1.6 billion, overwhelmingly led by gold-backed tokens PAXG ($851M) from Paxos and Tether’s XAUT ($679M). Equity tokenization, while nascent at $365 million, gained traction through partnerships like Exodus-Securities’ $900 million Algorand-based offering.
The integration of RWAs into decentralized finance (DeFi) is unlocking new use cases. Platforms like Securitize’s sToken framework enable regulated assets to function as DeFi collateral, while Morpho v2 offers fixed-rate loans tailored for institutions. Spark Protocol and Pendle Citadels further bridge traditional finance (TradFi) with onchain yield strategies.
Specialized blockchain oracles, such as Redstone’s RWA pricing solutions, address unique challenges like net asset value (NAV) calculations and illiquidity adjustments. In 2025, the blockchain protocol Ethereum remains the dominant RWA chain ($7.5B), followed by Zksync Era ($2.2B) and Solana ($351M).
Industry projections suggest 10-30% of global assets could be tokenized by 2030–2034, potentially bridging over $400 trillion in TradFi value to onchain ecosystems.
