Top RWA Categories by Market Cap

Tokenized U.S. Treasuries, private credit, and gold lead the real-world asset (RWA) tokenization market in terms of market capitalization and adoption.

The top 3

  1. Tokenized U.S. Treasuries Surge: The market capitalization of tokenized U.S. Treasuries exceeded $10 billion for the first time in January 2026, reaching $11.73 billion by mid-2026.
  2. Private Credit Becomes Largest RWA Class: Private credit surpassed tokenized Treasuries as the largest tokenized asset class in Q1 2026, contributing to the nearly $29 billion total RWA market.
  3. Tokenized Gold Dominates Commodities: Tokenized gold reached a market cap of approximately $5 billion by May 2026 and $6 billion by early March 2026, dominating the tokenized commodities market.

Sources

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