Tokenized RWA Market Hits $51B, Private Credit Leads Growth
Zach Anderson May 26, 2026 14:15
The tokenized real-world asset (RWA) market grew 42% YTD to $51B, with private credit driving the surge, led by players like Figure.
The tokenized real-world asset (RWA) market has surged to $51 billion, marking a 42% increase year-to-date, according to a new report from Bernstein Research. The rapid growth is driven by the rise of tokenized private credit, which now represents 44% of the market.
Private credit—a segment where loans are issued outside traditional banks and recorded on blockchain networks—has emerged as the fastest-growing category within RWAs. Major players like Figure Technology Solutions (FIGR) have fueled this trend, with Figure alone accounting for $18 billion in tokenized assets, per Bernstein. This puts Figure well ahead of other platforms like Securitize and Paxos, which manage $4.2 billion each across various asset classes, including treasuries and commodities.
Figure’s blockchain infrastructure has been particularly successful in tokenizing consumer loans, with $5 billion tokenized so far in 2026. The company’s credit marketplace, Connect, contributed 56% of its loan volumes in Q1 2026, and April alone saw monthly loan volume hit a record $1.3 billion.
Why Private Credit Is Growing
The appeal of tokenized private credit lies in solving two key market needs: businesses require capital while investors seek yield. Unlike tokenized U.S. Treasuries, which dominated the RWA market until recently, private credit offers higher returns and more direct exposure to economic activity. For investors, the ability to fractionalize loans and automate settlement via smart contracts adds significant efficiency compared to traditional lending models.
Ross Shemeliak, co-founder of blockchain firm Stobox, noted that private credit’s rise also reflects the evolution of how RWAs are tracked. Until recently, many analytics platforms undercounted private credit due to its reliance on hybrid structures like special purpose vehicles (SPVs) and custodians. However, better tracking and regulatory clarity, such as Europe’s MiCA framework, have supported institutional adoption.
Institutional Players Enter the Fold
Institutional interest in tokenized assets is growing rapidly. BlackRock, for instance, has launched a tokenized money market fund, BUIDL, which now holds over $2.5 billion in assets. Tokenized U.S. Treasuries, though no longer the largest RWA category, still account for 30% of the market, according to Bernstein. Commodities make up another 14%, while emerging segments like onchain derivatives are also gaining traction.
On the derivatives side, the decentralized exchange Hyperliquid has seen RWA-related open interest reach $2.6 billion as of May 2026, with trading volumes totaling $65 billion in April alone. This highlights a growing appetite for more complex financial instruments in the tokenized space.
Broader Market Context
Tokenized RWAs were valued at just $5.4 billion at the start of 2025, according to CoinGecko, but this figure has exploded by over 256% in just 16 months, thanks to institutional adoption and innovations in blockchain infrastructure. By May 2026, industry estimates for onchain market capitalization ranged between $22 billion and $51 billion, depending on the methodology used. The divergence in estimates underscores the nascent state of analytics in this rapidly evolving sector.
Despite impressive growth, challenges remain. Liquidity in secondary markets, cross-jurisdictional legal frameworks, and asset classification still need to be addressed for the market to truly scale. That said, the outlook is bullish: analysts project multi-trillion-dollar tokenized asset markets by 2030, with private credit and tokenized Treasuries leading the charge.
Key Takeaway
The $51 billion milestone for tokenized RWAs underscores blockchain’s growing role as the infrastructure layer for global capital markets. For investors, the rapid growth of private credit and the entrance of institutional players signal expanding opportunities—but also the need for due diligence in navigating this emerging landscape.
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