The tokenized real-world assets (RWAs) market has reached a new milestone with a total market cap of $29 billion, representing a 238% gain over the past year. According to reports from AMBCrypto, this growth reflects the continued expansion of tokenization in traditional asset classes. The total RWA active market cap was $26.15 billion, while the on-chain RWA cap reached $27.77 billion, demonstrating the growing adoption of tokenized assets across various platforms.
US Treasury bill funds emerged as the dominant asset class in the RWA market, with their market cap peaking at $16.25 billion. As reported by AMBCrypto, bonds accounted for more than half of the deployed capital in the sector, with these bonds including US Treasury bill funds and money market funds. Precious metals ranked second with a market cap of $5.83 billion, representing approximately one-third of the bonds' market value. Other asset classes including private credit, tokenized stocks, real estate, reinsurance, equities, indices, and ETFs had market caps of $2.3 billion or below.
Circle emerged as the leading issuer of US Treasury bill funds, accounting for 18.75% of the $16 billion market cap, representing nearly $3 billion in tokenized assets. According to AMBCrypto, Circle's money market fund USYC was ahead of Securitize's BUIDL, which was capped at $2.5 billion. Centrifuge [CFG] secured third position with $1.5 billion in issuances, while Franklin Templeton and Ondo Finance [ONDO] completed the top five with $1 billion and $972 million respectively. The data showed that issuers were racing to tokenize assets globally, with stablecoin issuers having an edge due to their experience in exposing traditional investors to cryptocurrency markets.
The RWA sector demonstrated strong DeFi integration with active TVL of $2.38 billion, growing alongside RWA Perps Open Interest at $1.95 billion. As reported by AMBCrypto, bonds dominated the sector's market value, with US Treasury bill funds and money market funds leading the tokenization efforts. The small margins between the caps of the top five issuers indicated intense competition in the market, with no clear winner emerging as more RWAs become available for tokenization. The growth reflects the continued expansion of tokenization across traditional asset classes, with stablecoin issuers maintaining an advantage due to their familiarity with bridging traditional and crypto markets.
