Tokenized RWAs Hit $30B Market Cap, Growing 4x in Two Years
**Tokenized real-world assets (RWAs) have reached a $30 billion market**, representing nearly 4x growth over the past two years according to a16z's State of Crypto 2025 report.
**Key market segments driving growth:**
- Private credit dominates with $15.5B in active loans
- Tokenized Treasuries account for $7.4B, up 500% year-over-year
- Gold tokenization shows $2.1B in proven adoption
**Ondo Finance has tokenized over $1.8 billion** in RWAs, establishing itself as a major player in the space.
While the total RWA market appears large at $300B, **92% consists of stablecoins**. Non-stablecoin RWAs represent just $25B - still only 0.01% of global financial assets despite 2x annual growth.
**The sector faces real challenges:**
- Most projects rely on trust assumptions they claim to eliminate
- Regulatory frameworks remain unclear for public tokenized securities
- Data and oracle infrastructure gaps persist
However, **genuine adoption is concentrated** in three proven categories: private credit offering 9.7% yields, programmable Treasury yields serving as DeFi collateral, and 24/7 tradeable gold.
RWAs are evolving into crypto's yield layer through reliable infrastructure rather than speculative tokenization of everything.
