4.5 Market Snapshot: Current State and Growth Trajectory
How large the tokenized RWA market was on 25 September 2026 by each measure, what the main public trackers count when they publish a total, what the distributed market holds and where it concentrates, how it grew from 2022 and what moved it in the last year, how the earlier sections' own figures read on a single date, and which dated milestones and forecasts frame the trajectory.
Section 4.1 read rwa.xyz on 16 September 2026, Section 4.2 on 20 September, and Section 4.3 and Section 4.4 on 22 September. Each date was real, and each was different, because those sections moved product by product and chain by chain. Section 4.4 closed by promising a single date instead: how large the tokenized market is with the stablecoin layer included and excluded, how fast it has grown, and what the trackers actually count when they publish a total. This section puts the market on 25 September 2026.
Three earlier sections already cover ground this one will not repeat. Section 3.1 already explains why published totals disagree and how the widely quoted 2030 projections were built. Section 1.3 already gives the BCG and Ripple forecast of $18.9 trillion by 2033. Section 3.3 already covers secondary-market trading in tokenized assets. None of that arithmetic is redone here.
The pattern this section documents can be stated plainly before the detail arrives. On 25 September 2026 rwa.xyz put distributed tokenized assets at $38.62 billion, about one eighth of the $306.15 billion stablecoin layer1. Its $358.03 billion represented figure is mostly one platform's daily repo turnover2. Distributed value about doubled in under ten months after rwa.xyz relabeled its headline in November 20253, and tokenized Treasury funds doubled in the year to 25 September 2026415. In the 30 days to 23 September 2026, Treasury funds saw net outflows while stocks and active strategies grew1.
This section takes no position on which tracker is right or which forecast will prove closer. It states what each one counts, on one day, and leaves the judgment to the reader.
The Market on One Date
Table 1 gives rwa.xyz's six headline aggregates on 25 September 2026 and their 30-day changes: distributed and represented value as the tracker's own framework post defines them, the Broadridge repo line inside represented value, the stablecoin total it reports separately, and the two holder counts it sums token by token1267.
| Measure, as rwa.xyz labels it | Value on 25 September 2026 | Change over 30 days | What it counts |
|---|---|---|---|
| Distributed Asset Value | $38.62 billion | -1.58% | Tokens holders can move to wallets outside the issuing platform |
| Represented Asset Value | $358.03 billion | -2.65% | Records kept on a chain, with no on-chain investor transfer |
| Broadridge DLR, inside represented | $316.52 billion | n/a | Daily repo turnover on one platform |
| Total Stablecoin Value | $306.15 billion | +1.10% | Stablecoins, reported separately |
| Total Asset Holders | 4,719,322 | +59.39% | Holding addresses, summed token by token |
| Total Stablecoin Holders | 291.44 million | +2.96% | Stablecoin holding addresses |
The definitions, quoted from rwa.xyz's framework post of 21 November 20257: distributed assets "can be moved to wallets outside the issuing platform and transferred between wallets, including those with whitelist or eligibility controls"; for represented assets "The blockchain primarily serves as a recordkeeping and reconciliation layer." Section 2.3 introduced this distinction first.
Stablecoins sit outside both totals by default. The dashboard offers a toggle labeled "Include stablecoins, cash and cash-equivalents"1; adding the $306.15 billion stablecoin total to distributed value gives $344.77 billion, of which distributed RWAs are about 11%1. Section 2.1 already treats fiat-backed stablecoins as settlement infrastructure rather than RWA exposures, and Section 4.4 covers that settlement layer in full. Section 3.1 already explains why a single inclusion choice moves a headline by an order of magnitude.
The represented figure is dominated by one entry. $316.52 billion of the $358.03 billion, 88%, is Broadridge's Distributed Ledger Repo, whose rwa.xyz page shows "Daily Repo Turnover $316.52B" next to "Daily Repo Par Value $346.33B" and states that "DLR runs on Canton technology"2. The same series read $166.78 billion on 21 September 20262. Broadridge's own release states that "In August 2026, DLR processed an average of $351 billion in daily repo transactions, totaling $7.4 trillion for the month"8; rwa.xyz's 25 September reading is about 90% of that August daily average28. The Broadridge figures Section 4.1 and Section 4.2 printed, $323.77 billion and $327.02 billion, are the same daily series as it stood on 15 and 18 September 2026, when those sections read it on 16 and 20 September2. A day's turnover is not an amount outstanding, and it cannot be added to token values.
What remains once the repo line is set aside is $41.51 billion, led by Figure's HELOC token at $23.04 billion19; Section 4.1 profiles Figure as the platform behind it. The ECB's own chart note states that its tokenised-asset series "has been constructed using distributed and represented assets, excluding repos"10; built the same way from rwa.xyz's 25 September 2026 figures, the total is $80.13 billion12. Section 3.1 gives the ECB's own reading for February 2026, €38 billion.
On the same day, then: distributed RWA tokens were $38.62 billion; adding stablecoins gives $344.77 billion; adding represented records outside the repo line to the distributed figure gives $80.13 billion12. The repo line adds to neither.
The diagram reads top to bottom as how one tracker's headline totals nest on one day. Green marks RWA tokens that can leave the issuing platform, an outstanding stock; red marks the represented total and the repo line that dominates it, a daily flow; navy marks the frame, the stablecoin layer this paper treats as settlement infrastructure, and the represented records outside the repo line, led by Figure's loan book. The diagram simplifies three things. Its percentages are shares of rwa.xyz's full distributed class table, $38.68 billion, rather than of the $38.62 billion headline. The stablecoin box is the same tracker's separate headline, not a subset of the other two boxes. And represented value outside the repo line mixes Figure's loan book with other, smaller records that do not share a single description.
What Each Tracker Counts
Table 2 sets rwa.xyz's two headline aggregates beside three other trackers' totals for 25 September 2026, each with what it calls its own number and what sits inside it12111213.
| Tracker | Headline label | Value on 25 September 2026 | Stablecoins inside? | What else is inside |
|---|---|---|---|---|
| rwa.xyz | Distributed Asset Value | $38.62 billion | No | Fund, commodity, stock and credit tokens that can leave the issuing platform |
| RWA.io | Asset Tokens Market Cap | $39.64 billion | No | 2,787 asset tokens |
| Token Terminal | Tokenized assets market cap | $347.8 billion | Yes, $301.8 billion | Funds $34.7 billion, commodities $7.7 billion, stocks $3.5 billion |
| RWA.io | Total RWA Market Value | $355.84 billion | Yes, $298.29 billion | Project tokens $17.90 billion |
| rwa.xyz | Represented Asset Value | $358.03 billion | No | Broadridge DLR daily repo turnover, $316.52 billion |
| CoinGecko | Real World Assets (RWA) category | $74.8 billion | Not stated | Figure's HELOC token $23.71 billion; Chainlink, Stellar and Ondo tokens |
The two totals that exclude both stablecoins and the repo line sit close together: $38.62 billion on rwa.xyz and $39.64 billion on RWA.io111. Token Terminal's total falls to $46.0 billion once its $301.8 billion of stablecoins is set aside, and that remainder still counts sUSDS at $4.4 billion and sUSDe at $1.3 billion among its funds12.
Every total above $340 billion adds stablecoins, the repo line, or both11211. RWA.io's $355.84 billion and Token Terminal's $347.8 billion both include stablecoins; rwa.xyz's $358.03 billion represented figure includes the Broadridge repo line instead.
CoinGecko measures something else again: the market value of tokens it tags Real World Assets, including the native tokens of blockchains and protocols rather than only asset-backed instruments. Figure's HELOC token alone is about 32% of its $74.8 billion total, and Chainlink at $10.03 billion and Stellar at $7.60 billion are its next two constituents13. Section 3.3 already cites CoinGecko's separate RWA report and its smaller, differently scoped figure.
None of these totals sees the permissioned platforms that report to no public tracker at all; Section 3.1 already covers why.
What the Distributed Market Holds
Table 3 orders rwa.xyz's home-page league table of distributed asset classes by value on 25 September 2026, each against its share 30 days earlier under the classification framework the tracker introduced on 17 March 2026114.
| Asset class, as rwa.xyz names it | Distributed value | Share | Share 30 days earlier | Tokens |
|---|---|---|---|---|
| US Treasury Debt | $14.94 billion | 38.6% | 41.0% | 99 |
| Commodities | $4.92 billion | 12.7% | 13.1% | 91 |
| Active Strategies | $4.01 billion | 10.4% | 9.2% | 46 |
| Stocks | $3.13 billion | 8.1% | 6.9% | 5,743 |
| Asset-Backed Credit | $2.71 billion | 7.0% | 6.5% | 33 |
| Specialty Finance | $2.64 billion | 6.8% | 6.4% | 13 |
| Corporate Credit | $1.79 billion | 4.6% | 4.8% | 67 |
| Private Equity | $1.33 billion | 3.4% | 3.4% | 24 |
| non-US Government Debt | $1.05 billion | 2.7% | 3.1% | 27 |
| Venture Capital | $1.04 billion | 2.7% | 2.6% | 6 |
| Diversified Credit | $0.85 billion | 2.2% | 2.2% | 38 |
| Real Estate | $0.23 billion | 0.6% | 0.6% | 85 |
Shares in Table 3 are of rwa.xyz's full class table, $38.68 billion, which includes two classes too small to list and sits $0.06 billion above the $38.62 billion headline1.
Yield-bearing debt, US Treasury Debt together with non-US Government Debt and the four credit classes, is about 62% of the class table, $23.98 billion1. Treasury funds alone fell from 41.0% to 38.6% of it over 30 days1. The 17 March 2026 post explains why several classes cannot be read against last year's: "we created a unified Credit category that encompasses all non-sovereign debt across both private and public borrowers"14. The same change created Active Strategies and split private equity from venture capital, so the credit, private equity, venture capital, and Active Strategies classes cannot be compared across that date.
Concentration follows the same page's platform, manager, and network tables1. Securitize is the largest distributed platform at $4.72 billion, 12.2% of the platform table, and the five largest platforms hold 42.4%. Tether is the largest manager, at $2.65 billion. Ethereum holds 42.8% of the network table, and the three largest networks together, Ethereum, BNB Chain, and Solana, hold 68.9%; Section 4.2 already explains how these networks came to carry most distributed value. Tether's gold token XAUT, valued by rwa.xyz at $2.65 billion, is larger than any single Treasury fund on the tracker that day, the largest being Circle's USYC at $2.43 billion155.
Holders: 4,719,322 addresses, up 59.39% in 30 days1. Section 4.3 already gives rwa.xyz's definition of a holder as a unique address and shows that the count measures wallets rather than owners. One addition belongs here: the tracker's own documentation lists holder counts among the metrics it sums across tokens6, so an address holding five different tokens counts five times in the total. Stock-token addresses on three networks, Robinhood, up 722,526, BNB Chain, up 573,876, and Solana, up 311,897, added about 1.61 million of the 1.76 million increase16; Section 4.2 already covers Robinhood Chain's launch.
How the Market Got Here
Table 4 traces rwa.xyz's headline series from its first archived reading to 25 September 2026, naming every point where the label or the basis changed174183157.
| Date | rwa.xyz series, as labeled | Value | Same basis as the row above? |
|---|---|---|---|
| 31 December 2022 | Total RWA Onchain, back-series shown on 1 October 2024 | $5.18 billion | First row |
| 31 December 2023 | Same back-series | $8.32 billion | Yes |
| 30 September 2024 | Total RWA Onchain | $12.72 billion | Yes |
| 1 November 2025 | Total RWA Onchain, 1 November 2025 capture | $35.81 billion | Yes |
| 3 December 2025 | Distributed Asset Value, 3 December 2025 capture | $18.32 billion | No: relabeled on 21 November 2025 |
| 25 September 2026 | Distributed Asset Value | $38.62 billion | Yes |
| 31 December 2023 | US Treasury Debt, back-series shown on 1 October 2024 | $0.77 billion | First Treasury row |
| 16 September 2025 | US Treasury Debt | $7.42 billion | Yes |
| 25 September 2026 | US Treasury Debt, distributed | $14.94 billion | Mostly: now distributed only, and includes CUMIU, moved from non-US government debt |
The old headline excluded stablecoins and counted private credit as active loans. It rose 6.9 times from end-2022 to 1 November 2025, about 98% a year compounded, but private credit, mostly Figure's HELOCs, was 71.3% of it on 30 September 2024 and 51.9% on 1 November 20251718; Section 4.1 already profiles Figure.
The break came on 21 November 2025. rwa.xyz's own post warned that "our headline market size figures may appear smaller not due to a market contraction, but because we have reclassified the following assets as" represented7. The 3 December 2025 capture shows distributed value at $18.32 billion and represented value at $391.46 billion3. Distributed value then rose 111% in 296 days to $38.62 billion31.
Treasury funds carry the longest single-label series in the table: $0.77 billion at end-2023, first above $1 billion on 27 March 2024 and above $2 billion on 13 August 2024, all in the same back-series17; $7.42 billion on 16 September 20254; above $10 billion for the first time on 11 February 2026 on CoinGecko's separate measure, already covered in Section 3.3; $14.94 billion on 25 September 20265. That is about 9.6 times in the 21 months to September 2025 and about 2.0 times in the year since1745.
The ECB separately reports tokenised money market funds "doubling their market capitalisation in 2025 to around €6.3 billion"10; Section 3.1 already covers the ECB's path from €7.4 billion to €38 billion.
The earliest three rows of Table 4 come from the back-series rwa.xyz displayed on 1 October 202417, not from what the tracker showed on those earlier dates itself.
What Moved in the Last Twelve Months
This section compares the 16 September 2025 capture4 with 25 September 20261, class by class.
Treasury funds. $7.42 billion to $14.94 billion, up 101%; net flows of $6.34 billion in the year to 23 September 2026 equal about 84% of the rise415. The largest net mints over that year were USYC, up $1.67 billion, iBENJI, up $1.66 billion, USDY, up $1.53 billion, and JLTXX, up $0.83 billion1. Circle announced in July 2025 that Binance institutional customers could "use it as off-exchange collateral for derivatives trades" and that "USYC will be natively issued on BNB Chain"19. J.P. Morgan Asset Management launched JLTXX on 13 May 2026, "designed to invest in a manner to support stablecoin issuers under the GENIUS Act," seeding it with $100 million20; it held $832.0 million on 25 September 20265. About $0.5 billion of the rise is a relabeling: the CUMIU fund sat in non-US government debt a year earlier and sits in Treasury funds now45. The Federal Reserve raised its target range on 16 September 2026 "by 1/4 percentage point to 3-3/4 to 4 percent"21, and the funds' average seven-day yield on rwa.xyz was 3.52% on 25 September5.
Commodities. A year earlier rwa.xyz showed $2.02 billion on its commodity market-cap measure and $2.52 billion on its league table; the league table now shows $4.92 billion of distributed commodities and a further $3.22 billion in represented commodities, a split the year-ago page did not make41. For the two gold tokens, supply grew faster than price: XAUT's circulating supply rose from 246,867.8 to 618,208.8 tokens, up 150%, while its price rose 16%, and PAXG's supply rose 48% on a similar price rise2215. Valued at late-September 2025 prices, new supply accounts for about 79% of XAUT's value gain and about 67% of PAXG's2215. Over the last 30 days the class fell 4.7% while XAUT's price fell from $4,604.29 to $4,360.46115.
Stocks. "Public Equity" held $0.53 billion a year ago; "Stocks" holds $3.13 billion now, about 5.9 times across a class rename41; net flows in the year to 23 September 2026 were $2.40 billion1. New venues and issuers launched during the year. Binance's bStocks, "fully-backed tokenized securities representing select U.S. stocks issued by BTech Holdings Limited, a Binance group affiliate," launched on BNB Chain on 12 June 202623 and held $745.4 million by 25 September1. Robinhood Chain reached mainnet on 1 July 2026, already covered in Section 4.2. On 2 July 2026 Securitize put its own NYSE-listed stock on-chain, stating that "Tokenized SECZ is intended to represent the same common stock trading on the NYSE, not a separate share class"24, and SECZ led rwa.xyz's home-page list of stock tokens at $371.6 million1. Section 4.3 already covers how stock tokens like these are structured.
Classes rebuilt in 2026. "Actively-Managed Strategies" held $0.96 million in one token on 16 September 20254; "Active Strategies" holds $4.01 billion now1, a class the 17 March 2026 taxonomy rebuilt from part of "Institutional Alternative Funds"14. Its largest token, Spiko and Amundi's eurSAFO at about $1.5 billion1, belongs to what Amundi describes as "a tokenized sub-fund of SPIKO SICAV" using "fully collateralized total return swaps with top-tier banks"25. sUSDe, the class's second-largest token at about $1.3 billion, had net outflows of $4.88 billion in the year to 23 September 20261. Private equity, venture capital, and the four credit classes are not comparable with a year earlier because of the same taxonomy change14; no growth rate is given for them.
The last 30 days. Distributed value fell 1.58%1. Treasury funds lost 7.3%, and in the 30 days to 23 September 2026 had net outflows of $0.98 billion, led by JTRSY, down $541.4 million, BUIDL, down $510.4 million, and USYC, down $499.6 million, partly offset by WTGXX, up $461.8 million1. rwa.xyz reports these as net flows, measured as "Adjusted Daily Mints (Dollar)"1. Stocks rose 14.9% and Active Strategies 10.9% over the same 30 days1.
Earlier Figures on One Date
The headline figures Section 3.1, Section 4.1, Section 4.2, and Section 4.4 printed on their own dates are re-read here on 25 September 2026.
Table 5 gives each one, the value and date as originally printed, the 25 September reading, and the change between them116592.
| Figure | As printed earlier in this paper | On 25 September 2026 | Change |
|---|---|---|---|
| Distributed Asset Value | $38.53 billion (4.2, 20 September) | $38.62 billion | +0.2% |
| Represented Asset Value | $367.99 billion (4.2, 20 September) | $358.03 billion | -2.7% |
| Broadridge DLR, daily repo turnover | $323.77 billion (4.1, 16 September) | $316.52 billion | -2.2% |
| Figure, represented platform value | $22.56 billion (4.1, 16 September) | $23.04 billion | +2.1% |
| Securitize, distributed platform value | $4.95 billion, about 14% (4.1, 16 September) | $4.72 billion, about 12% | -4.6% |
| Tokenized US Treasury funds | $15.65 billion, 77,894 addresses (3.1, 16 September) | $14.94 billion, 83,483 addresses | -4.5% |
| BUIDL | $2.68 billion, 107 addresses (4.1, 16 September) | $2.24 billion, 107 addresses | -16.4% |
| USYC | $2.60 billion (4.1, 16 September) | $2.43 billion | -6.5% |
| USDY | $2.24 billion (4.1, 16 September) | $2.27 billion | +1.3% |
| iBENJI | $1.70 billion (4.1, 16 September) | $1.72 billion | +1.2% |
| JTRSY | $710.8 million (4.1, 16 September) | $344.7 million | -51.5% |
| JAAA | $725.67 million (4.1, 16 September) | $583.7 million | -19.6% |
| Ethereum, distributed value | $16.69 billion (4.2, 20 September) | $16.55 billion | -0.8% |
| Stablecoin market cap | $305.30 billion (4.4, 22 September) | $306.15 billion | +0.3% |
Windows differ by row: distributed value moved up 0.2% in the five days from 20 September, and Treasury funds as a class fell 4.5% in the nine days from 16 September, while in those same nine days BUIDL fell 16.4% and JTRSY 51.5%15. The product figures earlier in Section 4 remain observations tied to their own dates; Sections 4.1 to 4.4 keep those dates unchanged.
Milestones and Forecasts Ahead
Table 6 lists seven dated milestones toward live tokenized-security trading and settlement, each in the words its own source used26272829303132; Section 4.4 already covers the GENIUS Act row's cash-leg consequences.
| Milestone | Where | Status, in the source's words | Status date | Next date the source gives |
|---|---|---|---|---|
| DTCC Tokenization Service | United States | July production trades "sets the stage" for launch | 15 July 2026 | October 2026 |
| Nasdaq trading in tokenized form | United States | rule change "approved" | 18 March 2026 | once DTC's infrastructure is in place |
| SEC Innovation Exemption for tokenized NMS stock | United States | "temporary, conditional exemptive relief" | 17 September 2026 | expires five years after publication |
| GENIUS Act | United States | Treasury's proposed rule gives "the expected effective date" | August 2026 | 18 January 2027 |
| DLT Pilot Regime expansion | European Union | Commission proposal, cap "from €6 billion to €100 billion" | 4 December 2025 | "agreement targeted by the end of 2026" |
| Digital gilt (DIGIT) | United Kingdom | first transaction "will take place by Q1 2027" | 16 July 2026 | Q1 2027 |
| Tokenized fund secondary trading | Hong Kong | pilot framework "launched" | 20 April 2026 | first batch "expected to focus on tokenised money market funds" |
In the United States the sequence runs from the SEC's no-action relief for DTC on 11 December 2025, already covered in Section 1.3, to Nasdaq's approved rule change, where "According to Nasdaq, its proposal would become effective once the requisite infrastructure and post-trade settlement services have been established by DTC"27, to DTCC's July 2026 production trades, with "More than 30 firms" taking part and a service launch set for October 202626, to the SEC's 17 September 2026 order granting "temporary, conditional exemptive relief" to venues trading tokenized NMS stock "using innovative permissioned automated market makers and liquidity pools"28. Several of the stock tokens counted earlier in this section are issued by an exchange affiliate, a broker, or an offshore issuer rather than by the company whose shares they track, already covered in Section 4.3; bStocks, for example, are issued by a Binance group affiliate23. SECZ is the exception, issued for Securitize's own stock24. The DTCC and Nasdaq steps concern tokenized forms of securities already held at DTC, a Nasdaq share of a "tokenized DTC Eligible Security" trading "on the same order book as, and with the same execution priority as, its traditional counterpart"2627.
In Europe and Asia, the European Commission proposed widening the DLT Pilot Regime to "all financial instruments" and raising its cap "from €6 billion to €100 billion"29. The Council's July 2026 steering note records a proposal to extend the pilot "indefinitely," with "agreement targeted by the end of 2026"30. Section 4.4 already covers Pontes, which went live on 21 September 2026. The United Kingdom's first digital gilt transaction "will take place by Q1 2027" on HSBC Orion31. Hong Kong's Securities and Futures Commission counted 13 tokenized products offered to the public as of March 2026, with the assets of their tokenized share classes up "around seven-fold" over the past year, and launched a secondary-trading pilot on 20 April 202632.
Three recent forecasts put figures on 2030. Citi's base case is $5.5 trillion, with a bear case of $2.7 trillion and a bull case of $8.2 trillion, from "approximately $17 billion" as measured by DefiLlama in April 202633. Oliver Wyman, with Morgan Stanley, projects growth "from roughly $40 billion today to about $2.3 trillion by 2030, a growth rate of over 150%"34. The Deutsche Bank Research Institute puts the range at $1.5 trillion to $2 trillion, with the market excluding stablecoins growing "from ~$10bn in Jan 2025 to ~$39bn in Sep 2026"35, a range Citi's own June table already listed33. Citi's starting point is about $17 billion and Oliver Wyman's about $40 billion, a factor of about 2.4 five months apart3334. Measured from rwa.xyz's $38.62 billion on 25 September 2026 rather than from any forecaster's own starting point, reaching $1.5 trillion by the end of 2030 would take about 136% a year, $2 trillion about 152%, $2.3 trillion about 161%, and $5.5 trillion about 220%1353433. For comparison, rwa.xyz's old headline grew about 98% a year from end-2022 to November 2025, a figure that includes coverage and labels changing along the way1718. Section 3.1 already covers how to read such projections, and Section 1.3 already gives the BCG and Ripple forecast.
How to Read a Market Figure
Five questions, asked in order, read any market figure in this section or anywhere else.
- Distributed, represented, or both? Distributed value counts RWA tokens that can leave the issuing platform; represented value counts records that cannot.
- Are stablecoins inside the total? Including them multiplies a headline about ninefold, as the $344.77 billion figure against the $38.62 billion figure on 25 September 2026 shows1.
- Is it a stock or a flow? A repo platform's daily turnover is not an amount outstanding and cannot be added to token values.
- Is the label the same across the whole period? rwa.xyz changed its headline in November 2025 and its classes in March 2026.
- Addresses or investors? Holder counts are addresses summed token by token.
Two figures that answer all five questions the same way can be compared. Two that do not are different measurements, not different markets.
Bridge to Section 5
Section 4 described who operates the tokenized products, on which chains, with which parties, settling in which cash, and at what size on one date. Section 5 turns to what can break. The oracle problem is Section 5.1. Custody and legal title are Section 5.2. Counterparty and credit risk are Section 5.3. Liquidity in secondary markets is Section 5.4. Smart contract vulnerabilities are Section 5.5. Jurisdictional fragmentation is Section 5.6. Where this section asked how large the market is and how it got here, Section 5 asks what happens to that market when one of its dependencies fails.
- On 25 September 2026 rwa.xyz put distributed tokenized assets at $38.62 billion, about one eighth of the $306.15 billion stablecoin layer, and 88% of its $358.03 billion represented figure is one platform's daily repo turnover, a flow rather than a stock.
- The two totals that exclude stablecoins and the repo line are close: $38.62 billion on rwa.xyz and $39.64 billion on RWA.io. Totals above $340 billion add stablecoins or the repo line, and CoinGecko's RWA category includes blockchain and protocol tokens alongside asset-backed ones.
- The distributed market is about 62% yield-bearing debt, with Treasury funds at 38.6%, Securitize the largest platform at 12.2% of rwa.xyz's platform table, and Ethereum at 42.8% of its network table.
- Tokenized Treasury funds doubled in a year to $14.94 billion, growth in the two large gold tokens came mostly from new ounces rather than price, and stock tokens grew about sixfold across a class rename in the year bStocks, Robinhood Chain, and tokenized SECZ launched. Distributed value doubled in under ten months after rwa.xyz's November 2025 relabeling, but the 30 days to 23 September 2026 brought $0.98 billion of net outflows from Treasury funds.
- Dated milestones ahead include DTCC's October 2026 service launch, the SEC's Innovation Exemption, the European Union's proposed €100 billion DLT Pilot cap, and the United Kingdom's first digital gilt by Q1 2027. Three recent 2030 forecasts, $1.5 trillion to $5.5 trillion, would need roughly 136% to 220% annual growth from rwa.xyz's $38.62 billion.