$31B Tokenized RWA Market Crosses 4x Mark Since 2025

Key Points

• Tokenized real-world assets crossed $31 billion in total value locked in 2026, up nearly four times from $7.8 billion at the start of 2025, per CoinGecko’s RWA Report 2026.
• Tokenized treasuries crossed $10 billion for the first time on February 11, 2026, while tokenized commodities expanded 289% to $5.55 billion, with Tether’s XAUT and Paxos’s PAXG driving 89.1% of that growth.
• Tokenized gold spot trading hit $90.7 billion in Q1 2026 alone, already exceeding the $84.6 billion traded across all of 2025.

Tokenized real-world assets crossed $31 billion in total value locked in 2026, up nearly four times from $7.8 billion at the start of 2025, with CoinGecko’s RWA Report 2026 calling the asset class “no longer an experimental corner of crypto.”

The $31B Tokenized RWA Crossing

Total RWA value locked surpassed $31 billion in 2026, with market capitalization reaching $19.3 billion by the end of Q1 2026.

The 256.7% increase since the start of 2025 puts the asset class on a different trajectory than it sat on through 2024 and the early months of last year.

The pace is accelerating, not slowing, with the Q1 2026 print arriving inside fifteen months of the prior baseline.

The dataset is from CoinGecko’s RWA Report 2026, which the analytics firm published this week as the canonical reference for category sizing.

The report frames tokenization as moving from experimental crypto into a core pillar of institutional finance, anchored by the volume and asset-class diversity now visible on-chain.

For Becky’s review: the report’s underlying data covers Q1 2026 through early Q2 2026, with the cutoff dated to the publication window.

The Tokenized Treasury And Gold Numbers

Tokenized treasuries remain the dominant asset class, adding $9 billion in market cap and crossing $10 billion for the first time on February 11, 2026.

The 225.5% increase reflects the institutional treasury allocation pattern that BlackRock’s BUIDL, Franklin Templeton’s BENJI, and Ondo Finance’s USDY have been driving since launch.

Despite that growth, treasuries’ market share slipped slightly from 73.7% to 67.2% as other asset classes caught up.

Tokenized commodities tell an equally striking story, with market cap rising 289% from $1.43 billion to $5.55 billion.

Gold-backed tokens drove the expansion almost entirely, with Tether‘s XAUT and Paxos‘s PAXG together accounting for 89.1% of that growth.

Tokenized gold spot trading volume hit $90.7 billion in Q1 2026 alone, already surpassing the $84.6 billion traded across all of 2025.

The tokenized gold thesis has effectively re-rated, with the Q1 print confirming that gold-on-chain has the highest volume velocity of any RWA segment today.

The Tokenized Stocks And Hyperliquid Perps Reaction

Tokenized stocks launched in mid-2025 and scaled from just $2 million to $486 million by the end of Q1 2026.

Circle emerged as the largest tokenized stock at $171 million in market cap, followed by Tesla at $61.7 million and Nvidia at $42.6 million.

Spot trading of tokenized stocks hit $15.1 billion in Q1 2026 alone, exceeding the $14.8 billion traded in the entire second half of 2025.

Tokenized ETFs reached $297 million across the category with no single dominant asset, a sign of healthy diversification rather than concentrated issuance.

RWA perpetuals are the most explosive segment, with total perps volume hitting $524.8 billion in Q1 2026 versus $313 billion across all of 2025.

The reframe matters: this is not a story about a single firm crossing a milestone, but about the entire category re-pricing as institutional capital moves on-chain in size.

Hyperliquid’s HIP-3 alone captured 28.6% of monthly RWA perpetual volume by March 2026, up from 2.8% at launch in October 2025.

Institutions evaluating their own RWA tokenization roadmap can estimate the cost of tokenizing institutional assets against the category benchmarks the report establishes.

Whether the second half of 2026 sustains this pace depends on how regulators across the SEC, MAS, and ESMA frame the next round of tokenization-specific guidance.

For a deeper breakdown of how tokenized treasury infrastructure is reshaping institutional capital, read Commodara’s analysis of BlackRock BUIDL’s $2.63B DeFi reserve adoption.