Key Highlights
- BitGo held the largest share of real-world asset issuer TVL at 27.5%, with approximately $7.3 billion locked.
- The overall RWA issuer market reached $26.6 billion across 21 projects, according to Token Terminal data.
- Securitize ranked second with 14.9%, followed by Ondo Finance at 13.4% and BlackRock at 10.3%.
BitGo, a digital asset infrastructure provider, held the largest share of total value locked (TVL) among real-world asset (RWA) issuers, accounting for 27.5% of the market, or nearly $7.3 billion. The overall TVL across real-world asset issuers stood at $26.6 billion across 21 projects.
According to Token Terminal data (on Aug 15 at 18:00 UTC), Securitize ranked second with 14.9% ($4.0 billion), followed by Ondo Finance with 13.4% ($3.6 billion) and BlackRock with 10.3% ($2.7 billion).
Tradable held 8.6% ($2.3 billion), Centrifuge 5.9% ($1.6 billion), Superstate 4.1% ($1.1 billion), and Spiko 4.1% ($1.1 billion). Blockchain Capital accounted for 3.6% ($959.5 million), while WisdomTree held 2.8% ($752.0 million). The remaining projects collectively accounted for 4.9%.
A parallel measure of capital deployed showed a total of $26.2 billion, reflecting a 156.4% increase. Under this metric, BitGo’s share was 28.0%, Securitize 15.2%, Ondo Finance 13.6%, BlackRock 10.5%, and Tradable 8.7%. The remaining distribution closely mirrored the TVL rankings.
RWA market has expanded since 2024
Charts tracking historical TVL data from early 2022 through mid-2026 shows that the RWA issuer market remained relatively small and stable in its earlier stages before beginning a sustained expansion in 2024. Growth accelerated through 2025 and into 2026, with the aggregate issuer TVL reaching $26.6 billion.
BitGo remained the largest single contributor across the later stages of the period, while Securitize, Ondo Finance, BlackRock, and other issuers increased their respective contributions as overall activity expanded.
Monthly active addresses across RWA issuers totaled 10.1 million, reflecting a 61.3% increase. Robinhood accounted for 9.5 million addresses, or 94.4% of the total, while Binance bStocks recorded 494,500 addresses, representing 4.9%.
All other listed projects, including Ondo Finance, BitGo, xStocks, LiveArt, OpenEden, Spiko, USDai, and Nest, each held shares of 0.5% or less.
BitGo’s RWA exposure is tied to WBTC
According to Token Terminal data (on Aug 15 at 18:00 UTC), BitGo’s asset market capitalization stood at $7.3 billion, a decline of 2.7%. The figure was accounted for entirely by WBTC. The asset had approximately 196,900 holders, 2,000 daily asset senders, and 20,500 monthly asset senders.
Asset transfer volume over 30 days reached $852.9 billion, while the 30-day transfer count stood at approximately 681,100. Asset TVL measured $2.9 billion, with 30-day trading volume at $1.3 billion.
The distinction between BitGo’s $7.3 billion issuer-level market capitalization and its $2.9 billion asset TVL reflects the different metrics tracked in the Token Terminal data.
Ethereum still dominates RWA activity
Ethereum remained the largest blockchain for RWA issuer activity, accounting for 56.6% of the sector’s $26.6 billion TVL across 20 networks.
According to Token Terminal data (on Aug 15 at 18:00 UTC), Ethereum held $15.1 billion of the total. zkSync Era followed with $4.2 billion, or 15.7%, while Avalanche recorded $1.9 billion (7.0%) and Solana $1.8 billion (6.6%). Stellar held $1.1 billion, representing 4.0% of the total.
Arbitrum One accounted for 3.0%, BNB Chain 2.4%, Sei EVM 1.0%, Offchain 1.0%, and XRP Ledger 0.8%, with the remaining share distributed among other networks. The overall TVL figure of $26.6 billion reflected a 174.6% increase.
RWA market shows concentration across issuers and chains
The issuer and blockchain data point to a market that remains concentrated among a relatively small number of major participants. BitGo, Securitize, Ondo Finance, and BlackRock together accounted for roughly two-thirds of issuer TVL, while Ethereum alone held more than half of the sector’s value.
At the same time, the growing contributions from networks such as zkSync Era, Avalanche and Solana indicate that RWA activity is expanding beyond Ethereum. The combination of rising issuer TVL and broader chain distribution suggests that tokenized real-world assets are continuing to develop across both established financial institutions and crypto-native infrastructure.
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