The RWA Foundation says it is now tracking 10,322 real-world assets that live onchain, a figure that anchors its latest monthly Market Structure Report on the tokenization sector. The Foundation produces the series in collaboration with analytics firm Token Terminal.

Real-world assets, or RWAs, are traditional financial instruments represented as tokens on a blockchain. The monthly reports divide the tracked universe into several buckets: stablecoins, tokenized funds, private credit, commodities, equities, and ETFs.

As of September 2026, the Foundation's tracked universe stood at more than 10,946 tokenized assets, a figure in the same range as the 10,322 cited in the report announcement. The gap between the two numbers reflects the snapshot dates and counting methodology of the monthly series rather than a contraction in the market.

Stablecoins still do the heavy lifting

Stablecoins remain the largest category by a wide margin. As of September 30, 2026, the stablecoin market cap stood at approximately $301.4 billion across 193 assets. That concentration has operational consequences for the broader tokenization stack: settlement flows, custody arrangements and liquidity provision across the RWA market continue to run largely through dollar-pegged instruments rather than through tokenized funds or credit products.

Among individual tokens, USDe stood out for significant growth over the reporting period, according to the Foundation's data.

Avalanche leads the chain race

On the infrastructure side, Avalanche led over a recent 30-day window, adding $173 million in RWA market cap. Arbitrum and Stellar followed behind. The ranking matters for issuers choosing where to deploy tokenized products, since chain-level growth in RWA market cap tends to signal where issuer attention and institutional integration effort are concentrating.

Perpetual futures enter the picture

The Foundation has also widened the scope of its coverage. Through partnerships with analytics platforms such as DefiLlama, it now tracks onchain perpetual futures linked to RWAs.

Perpetual futures, or perps, are derivatives with no expiry date. Traders use them to take leveraged positions on price moves, and the contracts can be pegged to stocks, commodities or other offchain prices. RWA-linked perps posted 30-day trading volume of approximately $117 billion as of early September 2026.

That volume figure signals a shift in how market participants gain exposure to real-world instruments onchain. Instead of holding tokenized assets directly, a growing share of activity flows through derivative contracts that reference offchain prices, which changes the risk profile of the sector and raises questions about how leverage on RWA references will be monitored as the category scales.

The Foundation's next monthly report, due in October, will show whether Avalanche's lead in RWA market cap growth holds and whether stablecoin dominance of the tracked universe continues to narrow as tokenized funds, private credit and RWA-linked perps expand.