The market for tokenized real assets is now approaching $32 billion. Most importantly, U.S. Treasuries account for about 47% of the total, and private credit for about 19%. Together, U.S. Treasuries and private credit thus make up nearly two-thirds of this emerging market.
In other words, tokenization isn’t starting with the most exotic assets. It’s starting with the system’s core collateral: U.S. sovereign debt and private credit.
The current composition of the tokenized RWA market highlights that institutional adoption is being driven by efficiency rather than speculation.
Investors should monitor companies and platforms that provide the infrastructure for tokenized real-world assets—including custody, blockchain settlement, compliance, and digital asset servicing—as they are likely to benefit regardless of which individual assets are ultimately tokenized.
