How big is the tokenized RWA market? Between $21.4B and $358B — depending on who counts what
Every article on tokenization opens with a market size, and hardly two agree. They are rarely wrong — they count different things. Below is every figure we found in 2026 with its date and what it counts, the four reasons they differ, and our own floor: the sum of the sizes issuers publish for the 7,663 real-world asset products we track.
From $21.4B to $358B: the totals side by side
Yellow bars count only tokens holders can freely hold and move. Grey bars count assets that are also only recorded on a ledger, or do not say what they count.
| Source | Reported by | As of | Counts | Total | Treasuries | Private credit | Gold & commodities | Stocks | Bonds |
|---|---|---|---|---|---|---|---|---|---|
| TokenBank | this page | 2026-11-02 | Published sizes only | $26.2B | $11.8B | $3.3B | $5.3B | $1.2B | $3.7B |
| RWA.xyz | 4IRE Labs | 28 Sep 2026 | Distributed Across 39 networks; Treasuries in 108 products. | $38.6B | $14.7B | $7.9B | $5.2B | $3.2B | — |
| RWA.xyz | 4IRE Labs | 28 Sep 2026 | Represented Same source, same day — assets recorded on a ledger but not freely held as tokens. | $358B | — | $36.5B | — | — | — |
| not named | OneBullex | Oct 2026 | Not stated Treasuries stated as about 28% of the total. | $46.3B | $13B | — | — | — | — |
| RWA.xyz | ChainUp | Oct 2026 | Not stated Described as „broad counts“; no total given. | — | $13B | $23B | $7.4B | $1B | $1.8B |
| RWA.xyz | InvestaX | early May 2026 | Distributed | $32B | $15B | — | — | $1.46B | — |
| RWA.xyz | MetaMask | early Apr 2026 | Distributed Private credit about $18–19B when counted broadly. | — | $12.9B | $5B | $7.37B | $1B | $1.77B |
| Pantera | OneBullex | Q1 2026 | Not stated Across 593 assets. | $321B | — | — | — | — | — |
| RWA.xyz | InvestaX | Feb 2026 | Distributed | $24B | $9.6B | — | $7B | — | — |
| not named | Stablecoin Insider | mid-Jan 2026 | Distributed | $21.4B | $8.86B | — | — | — | — |
| not named | Stablecoin Insider | mid-Jan 2026 | Represented | $350B | — | — | — | — | — |
Four reasons the numbers disagree
$26.2B — the floor from sizes issuers publish
We add up only the sizes issuers publish for the products in our data — no estimates. Only 844 of 7,663 products publish one, so this is a floor, not a market size: the large funds publish, most small ones do not. Stablecoins and DeFi lending are left out.
| Category | Products | With size | Sum | Largest |
|---|---|---|---|---|
| Treasuries & money-market funds | 114 | 12 | $11.8B | USYC $3.0B, BUIDL $2.4B, USDY $2.1B |
| Gold & commodities | 101 | 6 | $5.3B | XAUT $2.6B, PAXG $2.0B, KAU $330M |
| Bonds (not Treasury funds) | 464 | 9 | $3.7B | LU2954899014 $1.6B, SG-UOB-AT1-DIGI-2021 $600M, PKH2 $578M |
| Private credit | 722 | 4 | $3.3B | CENTRIFUGE $1.5B, syrupUSDC $1.4B, JAAA $438M |
| Stocks & ETFs | 4,752 | 11 | $1.2B | ONDO-GM $1.0B, TSLAx $54M, NVDAx $31M |
| Real estate | 1,143 | 796 | $417M | REALT $172M, HN-PROSPERA $47M, AR-FF-LANDTOKEN-I $20M |
| Funds, reinsurance & other | 367 | 6 | $516M | reUSD $236M, ONyc $130M, ACRED $100M |
| Payment stablecoins (USDT, USDC …) — not counted | 307 | 292 | $303.6B | USDT, USDC, USDS |
| Yield-bearing stablecoins — not counted | 100 | 7 | $2.2B | sUSDf, YLDS, sUSDai |
Short answers
How big is the tokenized real-world asset market?
The most-cited count, RWA.xyz, put tokens that holders can freely hold and move at $38.6B on 28 Sep 2026. Counting also the assets that are only recorded on a ledger, the same source reached $358B. Published figures in 2026 range from $21.4B to $358B.
Why do RWA market size figures differ so much?
Four reasons: whether assets only recorded on a ledger are counted (“represented”) or only freely held tokens (“distributed”); whether stablecoins are included; the date; and where a category ends — private credit especially.
Are stablecoins real-world assets?
Most RWA counts leave them out. Dollar stablecoins alone are worth more than $303.6B, so any total above $300B usually includes either stablecoins or represented assets.
How big is tokenized private credit?
Between $5B and $36.5B in the figures we found — the widest range of any category. The low numbers count loans issued as freely held tokens; the high ones include loans only recorded on a ledger, such as home-equity loans on a lender’s own chain.
Download the comparison
Every row on this page under CC BY 4.0 — use it, cite it. We add new figures as they are published.
Cite as: TokenBank (2026), “How big is the tokenized RWA market?”, https://tokenbank.world/reports/rwa-market-size
How this page is built
- Published figures: as printed in the linked article, in billions of US dollars. Where the article names the data provider, it is in the Source column; a „more than“ figure is entered at its stated floor.
- Scope: „distributed“ where the article says the figure counts freely held tokens, „represented“ where it includes assets only recorded on a ledger, „not stated“ otherwise.
- TokenBank floor: the sum of dollar sizes the issuers publish for live products in our data, rebuilt monthly. Sizes in other currencies are not converted; a product without a published size counts as zero.
- Not investment advice.