RWA Market Overview: Where We Are in 2025

The Numbers

As of late 2025, the tokenized RWA market has reached meaningful scale:

• Total tokenized treasuries/money markets: ~$4.3B
• Tokenized private credit: ~$9B
• Tokenized real estate: ~$3.5B
• Total addressable market: $800+ trillion in traditional assets

The gap between current tokenized AUM and the total addressable market shows how early we still are.

What Changed in 2025

BUIDL Crossed $2B AUM

BlackRock launched BUIDL in March 2024, but 2025 is when it truly scaled: crossing $2B AUM, expanding to multiple chains, and being accepted as collateral on major exchanges.

Why it matters:

• BlackRock manages $10+ trillion in assets
• Their entry legitimizes the space
• They chose public blockchain (Ethereum), not private chains

Yields Stayed Competitive

With Fed rates still elevated, tokenized treasuries continue to offer 4.5-5%+ yields. This keeps them attractive compared to:

• Zero-yield stablecoins
• Low-yield savings accounts
• Negative real yields on many assets

DeFi Integration Accelerated Further

Major DeFi protocols now accept tokenized RWAs as collateral:

• MakerDAO uses RWAs for DAI backing
• Aave is exploring RWA integrations
• Numerous protocols use RWA yields for treasury management

This creates a feedback loop: more DeFi integration → more demand → more products → more integration.

Who's Building What

Treasury Products (Largest Category)

• BlackRock BUIDL - The institutional standard
• Franklin BENJI - Retail accessible, SEC registered
• Ondo USDY/OUSG - DeFi-native, multi-chain
• Hashnote USYC - CFTC-registered, institutional
• Mountain USDM - Rebasing yield-bearing stablecoin

Private Credit

• Centrifuge - Tokenized invoice financing, real estate debt
• Maple Finance - Institutional lending pools
• Goldfinch - Emerging market credit

Real Estate

• RealT - Tokenized US rental properties
• Lofty - Fractional property ownership
• Propy - Property transactions on-chain

Key Trends to Watch

Multi-Chain Expansion

Products that started on Ethereum are expanding to:

• Solana (USDY)
• Polygon (BUIDL, BENJI)
• Arbitrum/Optimism (various)
• Avalanche

Chains are competing for RWA products as a source of "real yield" and TVL.

Regulatory Clarity (Slowly)

• EU's MiCA provides a framework for tokenized assets
• US still fragmented (SEC, CFTC, state-level)
• Singapore, UAE, Switzerland moving faster

The jurisdictions that provide clarity first will likely attract issuers.

Institutional Infrastructure Maturing

• Custody: Anchorage, Fireblocks, BitGo now offer RWA custody
• Compliance: Chainalysis, TRM Labs provide monitoring
• Transfer agents: Securitize, tZero handle securities compliance

The "picks and shovels" for tokenized assets are now available.

What's Holding Things Back

Regulatory Uncertainty (US)

The lack of clear rules means:

• Many products exclude US retail
• Issuers use complex offshore structures
• Innovation happens elsewhere

Fragmented Liquidity

Each product trades in its own silo:

• No unified order books
• Limited cross-product arbitrage
• DEX liquidity varies wildly

Education Gap

Most potential users don't understand:

• What tokenized RWAs actually are
• How they differ from traditional investments
• What risks they're taking

This is why platforms like RWA Kernel exist.

Outlook for 2026

Expect to see:

• More traditional asset managers entering (Fidelity, State Street, others)
• Better retail access products
• Cross-chain interoperability solutions
• Larger institutional allocations

The trajectory is clear: tokenized RWAs are becoming a permanent part of both TradFi and DeFi. The question is speed of adoption, not whether it happens.

Resources

For real-time data, check:

• RWA.xyz for market metrics
• DeFiLlama for TVL tracking
• This site for product directory