Tokenized Treasuries reached a record $15.35 billion in total value locked on May 13, surpassing the previous mid-April peak of $15.10 billion, according to rwa.xyz data. This surge came as Fed rate-hike fears drove investors toward on-chain yield, with markets pricing in a higher probability of Federal Reserve interest-rate increases. Circle's USYC now leads the sector with approximately $2.9 billion in assets, having overtaken BlackRock's BUIDL in mid-March 2026, while BUIDL remains the second-largest product at roughly $2.58 billion. The broader tokenized real-world asset market has crossed $30.9 billion, up 44% year to date and more than 200% year over year, with tokenized Treasuries accounting for roughly half the total. Tokenized Treasuries currently offer a seven-day average yield of around 3.41%, a return that is easily legible to institutional allocators trained on money market fund mechanics.
CoinList has launched Passage, a new platform designed to extend its infrastructure into the distribution of tokenized assets, marking a strategic shift from its traditional retail-focused token sales business. According to reports from The Block and PANews, this initiative aims to bridge CoinList's established token sale framework with a compliance-focused, on-chain model tailored specifically for institutional partners. Passage is positioned as an "access layer" for on-chain capital markets, designed to provide compliant distribution, fund access, allocation, and infrastructure support for tokenized assets. This move positions CoinList to compete in the rapidly growing tokenized asset market, where major financial firms like BlackRock and Franklin Templeton have begun exploring these opportunities. The platform is not a standalone marketplace but rather a distribution layer built on CoinList's existing compliance and sale infrastructure, designed to help institutions issue and distribute tokenized real-world assets while maintaining regulatory adherence.
According to the official announcement, peaq is launching "Initial Machine Offerings" with CoinList, using peaqOS to tokenize robots as on-chain, yield-bearing assets. This innovative initiative introduces machine-backed tokens that can be offered to CoinList's reported 12.5M+ users, effectively positioning robots as a new real-world asset class. The offering is structured with structuring support from DualMint RWA and Passage, leveraging CoinList's compliance infrastructure and global userbase. For PEAQ, traders will watch whether demand for machine tokens translates into higher network usage, fees, and speculative flows into the native token, especially if participation, governance, or revenue sharing are perceived to be tied to holding or using PEAQ.
As reported by The Block and PANews, CoinList CEO and president Scott Keto described the tokenized asset market as highly fragmented, making it difficult for applications to offer a broad range of tokenized assets to users. The fragmentation stems from different compliance rules, eligibility requirements, transfer restrictions, settlement models, and investor onboarding flows across various platforms. Passage is designed to sit in the middle as the orchestration layer that helps issuers distribute assets and helps platforms embed access to those assets, according to Keto. This compliance-first approach addresses the critical bottleneck where many issuers struggle to find platforms that combine liquidity, compliance, and institutional trust. The current market still suffers from fragmentation issues related to issuers, blockchains, and compliance rules, with CoinList noting that "asset tokenization does not equate to effective distribution."
According to The Block, the tokenization market continues to grow as major financial firms, including BlackRock, Franklin Templeton, and others, have increasingly pushed into tokenized assets over the past year. This institutional interest has helped drive broader institutional interest in the sector. Keto pointed to recent U.S. Securities and Exchange Commission guidance around self-custody platforms and securities access as a potential catalyst for the market, stating it is entirely feasible that any application with users could enable stock trading on crypto rails without requiring registration as a broker-dealer. The tokenization of real-world assets has emerged as one of the most practical use cases for blockchain technology, with projections from firms like McKinsey and Boston Consulting Group estimating the market could reach trillions of dollars in the coming years. As reported by PANews, CoinList claims its platform has covered more than 160 countries and has facilitated the distribution of over $1.2 billion in assets since 2017.
According to The Block, Passage is built on the same infrastructure CoinList developed over the years for token sales, including identity verification, investor eligibility checks, compliance workflows, and asset distribution. CoinList migrated these systems onchain last year under a non-custodial model. The company has completed an integration with Superstate, a firm specializing in tokenized U.S. Treasury funds, with Superstate's tokenized Treasury products gaining traction among crypto-native and traditional investors seeking yield on-chain. CoinList has also outlined plans to collaborate with Peaq, a layer-1 blockchain for decentralized physical infrastructure networks (DePIN), and Dualmint, a platform focused on tokenized real estate and commodities. Through Passage, CoinList users and connected distribution partners will be able to access supported Superstate offerings, while the company is also working with Peaq and Dualmint to offer tokenized yield opportunities. As reported by PANews, Passage will connect issuers, platforms, and investors, helping tokenized assets achieve large-scale on-chain circulation.
