Tokenized real-world assets have reached approximately $46.2 billion in onchain value across 36 blockchains, according to Token Terminal data as of late September 2026. The figure excludes stablecoins, isolating the slower-moving, paperwork-heavy segment of tokenization: bonds, funds, credit and equities.

Ethereum remains the dominant settlement layer, holding roughly 48% of the market at about $22.2 billion. BNB Chain ranks second with $5.5 billion, or roughly 12% of the total. Stellar and zkSync Era each carry approximately $3.3 billion, while Solana accounts for $3.0 billion.

Category breakdown

By asset type, US Treasury bills constitute the largest category at roughly $13.9 billion. Active yield strategies follow at approximately $10.7 billion, and credit funds hold about $6.5 billion.

The most notable recent movement sits in tokenized stocks. The category posted the strongest 30-day growth of any RWA segment, adding roughly $592 million in market capitalization.

Tracker divergence runs into the billions

Not every data provider measures the market the same way. As of October 1, 2026, rwa.xyz reported distributed onchain RWA value of $38.61 billion across 39 networks — more chains but a smaller total than Token Terminal's estimate. The same rwa.xyz dataset places Ethereum at roughly $16.7 billion, several billion below Token Terminal's figure.

The gap stems from methodology. Providers make different judgments about which assets qualify as "distributed," how to treat assets issued on one chain but represented on another, and which products count as RWAs at all. For institutions building dashboards or compliance frameworks on top of this data, a multi-billion-dollar spread between the two leading trackers is an operational consideration, not a footnote.

From experiment to asset class

Tokenization creates a blockchain-based token representing ownership of a traditional asset. The token can move, settle and integrate with software faster than the paper-and-intermediary system it replaces. Holder participation has expanded materially, with millions of addresses now holding RWA positions.

McKinsey projects the tokenized asset market, excluding stablecoins, could reach $2 trillion by 2030. Broader estimates that incorporate trade finance and related instruments run as high as tens of trillions in potential issuance. Those figures are forecasts, not guarantees, and depend on regulatory frameworks that remain under construction across major jurisdictions.

Utilization gap defines the next phase

Only about 7% to 12% of tokenized assets currently function inside decentralized finance. The overwhelming majority of value sits in wallets rather than working as collateral or liquidity — a structural gap between issuance and onchain utility that will shape which protocols and chains capture economic activity as the market matures.

Three variables will determine whether the $46 billion base compounds toward institutional-scale projections: whether tokenized equities sustain their current growth pace, whether DeFi utilization climbs out of the single digits and low teens, and whether competing chains erode Ethereum's roughly 48% share as institutional adoption deepens through 2030.