Tokenized real-world asset market hits $46.3B as Treasuries lose their majority

The tokenized real-world asset market is now worth $46.3 billion, according to data from Token Terminal. The bigger news is what’s inside that number. US Treasuries, long the default product for putting traditional finance on a blockchain, now account for less than one-third of the total. What’s actually in the $46.3 billion Token Terminal’s breakdown puts tokenized US Treasury bills at $13.3 billion. That is still the largest single category, but it has plenty of company. Yield strategies come in at $11.6 billion, close behind. Credit funds add another $5.7 billion. Real-world assets, or RWAs, are traditional financial instruments recorded as tokens on a blockchain. Think of a token as a digital receipt for something that lives off-chain. It could be a government bond, a slice of a credit fund or a share of stock. The appeal is that these receipts can move, settle and plug into other software around the clock. A bank wire keeps business hours. A token generally doesn’t. The numbers depend on who’s counting Not every data provider agrees on how big this market is. Figures from rwa.xyz put the distributed on-chain RWA value, excluding stablecoins, at approximately $38–39 billion as ...