The State of Real-World Asset Tokenization: Mid-2026 Edition
A comprehensive review of the principal segments of the tokenized RWA market, including treasuries, private credit, real estate and commodities.
The tokenized real-world asset market has crossed $26 billion in total value across the principal segments — U.S. treasuries, private credit, real estate and commodities — as of the end of the first quarter.
Treasuries remain the dominant segment by both absolute value and institutional adoption. BlackRock's BUIDL and Franklin Templeton's BENJI together represent roughly 65 percent of total tokenized treasury assets.
Private credit is the fastest-growing segment. Apollo, Hamilton Lane and Securitize together facilitated more than $4 billion of new tokenized private credit issuance over the past twelve months.
The real estate and commodities segments remain earlier in their development arc, but Capimax, Securitize and a small number of specialist platforms have established credible operating capability in both.
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