Tokenized real-world assets have grown to $46.2 billion in total market size, with about $15 billion concentrated in products linked to U.S. Treasuries, according to RWA.xyz data cited as of September 11.

The reported total depends on how tokenized products are counted. RWA.xyz put the overall market at $46.2 billion, but said the figure falls to about $38 billion when excluding products that resemble stablecoins. That distinction matters because tokenized Treasury products are often grouped with broader on-chain cash-management tools.

Within the sector, U.S. Treasury-related products account for roughly $15 billion. The largest named products in the report include BlackRock's BUIDL fund, Franklin Templeton's BENJI, and Tond Finance's USDY. The data also points to a highly concentrated market structure, with about 70% of all tokenized real-world assets held in just five assets.

Blockchain distribution remains uneven. Ethereum hosts the largest amount of decentralized real-world assets at about $17.3 billion, while Stellar ranks third with around $3.3 billion. The Stellar Development Foundation separately said in June that the size of real-world assets on Stellar had surpassed $3 billion, and Franklin Templeton said the Stellar share of BENJI had exceeded $650 million.

Tond Finance said USDY's issuance balance stands at $2.14 billion, of which $2.1478 billion is in U.S. Treasuries. More broadly, the data snapshot shows continued demand for tokenized exposure to short-duration traditional assets, but it does not establish whether rising issuance has been matched by stronger liquidity, trading turnover, or broader user participation.

Why It Matters

The update adds to evidence that tokenization is becoming one of crypto's more established institutional use cases, especially in Treasury-backed products. Instead of focusing on speculative on-chain assets, a growing share of activity is tied to regulated, yield-bearing instruments issued or distributed through recognizable financial brands.

It also underscores that the sector is still early in its market-structure development. Asset concentration, differing counting methods, and limited visibility into secondary-market activity suggest that headline growth alone does not yet answer how scalable or liquid the market is across chains, venues, and investor types.