ONDO Finance holds 8% of RWA market share as tokenized assets hit $38B

The tokenized real-world asset market has quietly crossed a threshold that would have sounded ambitious just two years ago. According to analytics platform RWA.xyz, the total distributed value of tokenized RWAs reached $38.14 billion as of August 10, 2026, up nearly 1.7% from the prior month. That number keeps climbing, and the firms leading the charge are becoming increasingly recognizable: Ondo Finance, Circle, Tether, Franklin Templeton, Paxos, Maple Finance, Justoken, and Tradable each hold between roughly 3.7% and 7.7% of the overall market. The top of the leaderboard Ondo Finance sits near the front of the pack with a total platform AUM of approximately $3.43 billion. Its USDY product alone accounts for $2.1 billion of that figure, making it one of the single largest tokenized yield products on the market. Where Ondo really stands out is in tokenized equities. The firm commands somewhere between 58% and 70% of that specific segment. Circle is not far behind. Its USYC tokenized Treasury product has accumulated nearly $3 billion in AUM, putting it among the largest single funds in the entire tokenized asset space. Franklin Templeton’s BENJI tokenized money market fund has recor...