The market volume of tokenized real-world assets (RWA), excluding stablecoins, reached $24 billion by mid-2025, with more than half of this amount accounted for by private loans and U.S. Treasury debt securities.
According to a comprehensive study of the RWA market conducted by RedStone in collaboration with analysts from the RWA.xyz aggregator and the DeFi protocol Gauntlet, in the first half of 2025, the volume of tokenized private loans reached $14 billion, while tokenized U.S. Treasury debt securities amounted to $7.5 billion. The total market volume of tokenized real-world assets excluding stablecoins surpassed $24 billion this year.
The popularity of tokenizing private loans and U.S. debt securities is growing rapidly due to institutional investors’ interest, as tokenization opens new opportunities for diversification and liquidity in traditional financial instruments.
For example, private loans, which were previously limited to large institutional investors with high minimum investment requirements, are becoming accessible to a broader range of participants through tokenization, offering yields in the range of 8–12%. The most active player in this segment, according to analysts, is Figure Technologies, which tokenized loans worth over $10 billion.
As for tokenized U.S. Treasury debt securities, this segment is actively growing since 2023, increasing from $100 million to $7.5 billion. This asset class attracts investors due to its stability and reliability, providing liquidity and income opportunities while fully complying with regulatory requirements. The most active players in this segment remain BlackRock, JPMorgan, and Franklin Templeton, as well as DeFi platforms Pendle and Ethena, which offer new possibilities for the secondary market.
According to a CoinGecko report, the total capitalization of the tokenized RWA market reached approximately $233 billion in April 2025, driven by the popularity of fiat-backed stablecoins.
