The market for tokenized real-world assets (RWAs) has witnessed a remarkable transformation, crossing the $24.9 billion threshold in February 2026. This figure represents a staggering 289% increase from the $6.4 billion recorded just one year earlier. The growth trajectory is no longer confined to a single asset class, with six distinct categories each surpassing the $1 billion mark.
According to data compiled by Nexus Data Labs, U.S. Treasuries have emerged as the dominant segment within this burgeoning market, growing by 183% year-over-year to reach $10.8 billion. The active product landscape has expanded significantly, increasing from 35 to 53, with notable entries from major players such as Fidelity, ChinaAMC, and VanEck. Leading the charge is BlackRock”s BUIDL fund, which now commands a leading position at $2.2 billion, reflecting a remarkable 239% surge over the past year.
In addition, Ondo Finance”s combined Treasury exposure has reached $2 billion through its OUSG and USDY offerings, while Superstate”s USTB has skyrocketed by 499% to $0.8 billion. WisdomTree”s WTGXX also showed impressive growth, increasing by 759%. Notably, the concentration of the top three assets in this market has decreased from 61% to 48%, indicating a diversification of the asset landscape.
The emergence of tokenized stocks marks a new chapter in this market, with values climbing from virtually zero to $786 million since mid-2025. Platforms such as Ondo Finance, Backed Finance, Dinari, and Robinhood now facilitate on-chain access to well-known stocks like NVDA, TSLA, GOOGL, SPY, and QQQ. This growth trajectory has continued unabated, even as Bitcoin dipped below the $70,000 mark.
Tokenized gold also recorded significant gains, with its circulating supply on Ethereum nearly doubling from 687,000 to over 1.3 million troy ounces within 12 months. During this same period, the spot price of gold surged by 80%, climbing from $2,963 to $5,327, indicating active minting rather than mere passive price appreciation.
However, the narrative surrounding RWA-backed stablecoins presents a contrasting story. The total supply of RWA-backed stablecoins stands at $8.49 billion, yet only about $1 billion, or approximately 11.8%, is actively utilized within DeFi protocols. DAI currently dominates the market with a 53% share, equating to $4.48 billion, while USDY from Ondo Finance holds 15% of the supply. Notably, USDY”s active DeFi utilization is a mere 1.99%, underscoring the impact of KYC requirements and whitelisting barriers that hinder the integration of permissioned tokens with permissionless DeFi contracts.
In stark contrast, permissionless assets like reUSD boast a 96.7% utilization rate in DeFi, with USDtb and FRAX at 29.5% and 28%, respectively. This leaves a staggering $7.49 billion, approximately 88% of the total RWA-backed stablecoin supply, sitting idle outside DeFi. While the necessary infrastructure exists and capital is on-chain, the lack of composability remains a significant barrier to realizing the full potential of these assets.
