Tokenized assets with fewer than five holders now make up 13.6% of the market

Roughly $7 billion in tokenized real-world assets sits with a handful of wallets, more than double last year's share Tokenization was supposed to open up finance to everyone. A growing slice of it is instead being held by almost no one. Assets with fewer than five holders now account for 13.6% of the tokenized asset market, approximately $7 billion in value. A year ago, that share was 6.4%. A market of very few owners The figures cover tokenized real-world assets (RWAs), excluding stablecoins. Think of RWAs as traditional financial products, such as Treasury funds or credit instruments, recorded on a blockchain instead of a conventional ledger. That non-stablecoin market is estimated at somewhere between about $46 billion and about $60 billion as of mid-to-late 2026. The range is wide, but the concentration story holds at either end. Just 62 assets represent roughly 88% of total tokenized RWA value. Narrow it further, and five products make up roughly half of the entire market. Tokenized Treasury and credit funds dominate the top of the table. Together, they represent nearly half of the market. Big balances, tiny cap tables Some of the largest products have remarkably small ownersh...