Key Highlights
- The tokenized real-world assets market reached $44.7 billion as of August 26, 2026, according to Token Terminal.
- Tokenized funds accounted for $34.1 billion, or 76.4% of the market, making them the largest RWA category.
- Commodities represented $7.7 billion, while tokenized stocks accounted for $2.8 billion.
The market capitalization of tokenized real-world assets (RWAs) reached $44.7 billion, according to data from Token Terminal as of August 26, 2026. The figure represents a cumulative increase of 5,672.8% from the earlier baseline levels shown in the charts.
Funds formed the largest category, with a market capitalization of $34.1 billion, or 76.4% of the overall total. Commodities followed at $7.7 billion, representing 17.3%, while tokenized stocks accounted for $2.8 billion, or 6.3%.
The breakdown shows that tokenized funds continue to account for most of the market.
Assets and issuers performance
Among individual assets, sUSDS had the highest market capitalization at $4.4 billion, equal to 9.7% of the total. USYC and XAUT each stood at $2.9 billion, representing 6.6% and 6.5%, respectively.
BUIDL followed with $2.8 billion, or 6.2%, while JMWH stood at $2.2 billion (5.0%), USDY at $2.1 billion (4.8%), and PAXG at $2.0 billion (4.5%). Moreover, iBENJI recorded $1.7 billion, sUSDe followed with $1.3 billion, and PAPLO stood at $1.1 billion.
A broad “Other” category covering the remaining assets totaled $21.3 billion, or 47.6% of the market.
Among issuers, Sky and Securitize each recorded $4.5 billion in market capitalization, giving them the largest individual shares at 10.1% each. Ondo Finance followed with $3.5 billion (7.8%).
Tether and Circle each stood at $2.9 billion (6.6%). Franklin Templeton followed with $2.5 billion (5.6%), Tradable with $2.3 billion (5.1%), Justoken with $2.2 billion (5.0%), and Paxos with $2.0 billion (4.5%). Centrifuge accounted for $1.6 billion (3.6%).
The remaining issuers collectively represented $15.7 billion, or 35.1% of the total.
Tokenized assets see greater DeFi use
Tokenized assets have also seen increased use in decentralized finance as the overall DeFi market has weakened.
A report from CoinShares and Token Terminal published on August 6 found that deposits of tokenized real-world assets into DeFi lending platforms and decentralized exchanges reached $7.4 billion in the second quarter of 2026, up from $2.3 billion in the same period a year earlier.
The more-than-threefold increase occurred even as overall DeFi deposits declined by approximately 15% between the second quarter of 2025 and the second quarter of 2026, a period marked by investor withdrawals and lower crypto-asset prices.
The data indicates that tokenized RWAs have continued to be used in DeFi even as broader deposits declined, although it does not by itself establish the reasons for the divergence.
Ethereum hosts more than half of tokenized RWAs
According to a previous CryptoTimes report, Ethereum remained the largest blockchain for tokenized RWAs, hosting $23.2 billion, or 51.8% of the market. This share is lower than the 56.6% of total value locked attributed to Ethereum in mid-August, although the two figures measure different segments of the digital-asset market.
BNB Chain ranked second with $5.7 billion (12.9%). zkSync Era held $3.3 billion (7.3%), Solana $2.8 billion (6.2%), the XRP Ledger $2.5 billion (5.5%), and Stellar $2.2 billion (4.9%).
Avalanche accounted for $1.3 billion (3.0%), Injective $1.1 billion (2.4%), Arbitrum One $950.5 million (2.1%), and Base $351.2 million (0.8%). Other chains together made up $1.4 billion, or 3.1%.
The 51.8% figure refers specifically to tokenized RWA market capitalization and should not be compared directly with Ethereum’s share of total value locked across DeFi, as the two metrics cover different segments of the digital-asset market.
Tokenized RWA market expands
Token Terminal’s charts show the market capitalization of tokenized RWAs increasing from early 2024 through 2025 and into 2026, with the latest reading reaching $44.7 billion.
The current composition remains concentrated in funds, which account for more than three-quarters of the total market, while commodities and tokenized stocks make up most of the remainder.
The data also shows that Ethereum continues to host the largest share of tokenized RWAs, although other networks account for a significant portion of the market.
Token Terminal provides the underlying data for the sector, asset, issuer, and blockchain breakdowns. The figures reflect the latest market-capitalization and market-share readings available in its visualizations.
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