Key Highlights
- Ethereum’s tokenized real-world assets (RWAs) exceed $15 billion, up 200% from last year.
- BlackRock and JPMorgan are bringing traditional funds on-chain, including tokenized Treasury and money-market funds.
- Ethereum stablecoins surpass $164 billion, serving as a main platform for digital dollar transactions.
The total value of tokenized real-world assets (RWAs) on Ethereum’s mainnet went over $15 billion on February 17, thanks to major institutions such as BlackRock and JP Morgan that have continued issuing blockchain-based funds on the network.
As a result, this has helped Ethereum maintain its position as the leading blockchain for tokenized finance in the space. Meanwhile, this is nearly a 200% increase compared to $4.1 billion just a year ago.
Ethereum now has about 661 different RWA tokens, with about 173,217 holders, which shows that these digital products are being widely adopted.
Ethereum’s RWA market expands rapidly
U.S. Treasuries make up the largest part of the RWA market on Ethereum, with a base of roughly $5.3 billion. Commodities like gold and oil followed closely with $5.1 billion, and private credit accounts for around $2.4 billion. Together, these assets form the core of Ethereum’s tokenized market. In fact, Ethereum represents about 34% of the total on-chain RWA value across all blockchain networks.
Stablecoins, which are tokens pegged to the U.S. dollar, have also grown above $164 billion in total value, reinforcing the blockchain’s role as a primary settlement layer for tokenized dollar-based assets.
Institutions dive in on the action
Institutional investors also add to the numbers. For instance, BlackRock launched its tokenized U.S. Treasury fund, known as BUIDL, in 2024 through Securitize. The fund invests in short-term U.S. government securities and has become one of the largest tokenized money-market products operating on public blockchain infrastructure.
Earlier this month, BlackRock enabled direct on-chain trading of BUIDL through UniswapX in collaboration with Securitize and Uniswap Labs, linking institutional capital with decentralized finance infrastructure.
JPMorgan has also advanced its blockchain strategy. In December 2025, the bank introduced its first tokenized money-market fund on Ethereum, starting with about $100 million for qualified investors. This was part of the bank’s plan to use blockchain technology in its infrastructure, showing the interest in tokenized yield products beyond the crypto space.
Tokenized commodities are also growing fast. Trading firm Wintermute recently started trading tokenized gold for institutions by offering PAXG and XAUT, the two largest gold-backed tokens. The firm said it would provide algorithmically optimized trading, which will allow gold to be bought, sold, and used as collateral on-chain.
Wintermute’s CEO, Evgeny Gaevoy, predicted that tokenized commodities could reach $15 billion by 2026. Right now, commodities already make up more than $5 billion of Ethereum’s RWA market.
Expert’s forecast on RWA’s future
Last year, Standard Chartered projected that tokenized RWAs could reach $2 trillion by 2028, with most issued on Ethereum. Geoffrey Kendrick, the bank’s head of digital assets research, stated that “Stablecoins have created the right conditions for other asset classes to move on-chain at scale.”
He expects tokenized money-market funds and listed equities to lead the market, followed by tokenized funds, commodities, private credits, and real estate.
In short, the increase in adoption shows that traditional finance is moving onto blockchain, which could make buying, selling, and using financial instruments easier. In addition, investors can access the market 24/7, trade gold or bonds, and use the assets for collateral without the need for a middleman. This trend is expected to keep growing with Ethereum as a key platform for these assets.
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