BitcoinGurukul

一度は法律になる確度が高いように見えた法案が、いまではPolymarketでは約15%の確率にとどまっている。これは8月下旬時点の予測市場のライブオッズによるものだ。2月には、同じ契約が可決する確率82%を価格に織り込んでいた。基となる立法内容が大きく変わったわけではない。変わったのは上院のカレンダーであり、カレンダーこそが暗号関連の法案が“死ぬ”場所なのだ。
9月15日、上院はH.R.3633「デジタル資産市場の明確性法（Digital Asset Market Clarity Act）」。一般に「CLARITY Act」として知られる法案について、cloture（打ち切り）投票を行う。これは手続き上の投票であり最終決定ではないが、最終可決に必要となるのと同じ60票の閾値が求められる。つまり、この法案が年内に大統領のもとへ届く現実的な可能性があるのかを測る、現時点で最も明確なシグナルとなる。

Two trackers published numbers on the tokenized real-world asset market within days of each other in August 2026, and they don't agree. Token Terminal put the total at $44.7 billion as of August 26. Dune's dataset, tracking over 3,000 products across 21 blockchains, put on-chain RWAs excluding stablecoins at $31.5 billion as of late August, more than double the figure from a year earlier. The gap comes down to what each tracker counts, not a disagreement about direction. Every methodology shows the same trend: this market has grown several times over in twelve months, and the growth is wildly uneven across asset types.
That unevenness is the actual story. Tokenized Treasuries and money-market funds are now a settled, boring, multi-billion-dollar product line. Private credit is scaling behind the scenes. Gold has matured into a stable multi-billion-dollar category with two dominant issuers. Real estate, despite sitting on top of the largest asset class on Earth, remains a rounding error. Understanding why some categories took off while others stalled says more about the next phase of this market than any single headline number.
How big is the tokenized RWA market in 2026?
As of August 26, 2026, Token Terminal placed the tokenized RWA market at $44.7 billion. Tokenized funds accounted for $34.1 billion of that, or 76.4% of the total, making funds by far the largest single category. Commodities followed at $7.7 billion (17.3%), and tokenized stocks came in at $2.8 billion (6.3%). Ethereum hosted roughly $23.2 billion of the total, more than half of it.
Dune's parallel dataset, which excludes stablecoins and measures a broader set of product categories, showed on-chain RWAs at $31.5 billion, having more than doubled over the prior twelve months. Within that figure, tokenized equities were the fastest-growing line item by percentage, jumping from $61 million to $2.47 billion in a year. Fixed income, dominated by U.S. Treasuries, stayed the largest category by absolute size.
Either way you slice it, the market roughly tripled to quadrupled from the $8 billion to $13 billion range where most trackers placed it in early 2025.
Tokenized funds and Treasuries: the category that proved the model
Treasuries and money-market funds are why institutions started paying attention to tokenization at all. BlackRock's BUIDL fund, issued through Securitize, added roughly $2 billion in assets over the twelve months ending May 2026, according to tracker data compiled by Eco. Franklin Templeton's BENJI, the first U.S.-registered tokenized money-market fund and the product that set the regulatory precedent, now runs across eight blockchains.
The mechanics explain the appeal: a tokenized Treasury fund settles in minutes instead of days, can be used as collateral inside DeFi protocols, and still pays the yield of the underlying government debt. What it doesn't yet have is a real secondary market. Dune's dataset found on-chain secondary trading of tokenized Treasuries nearly nonexistent, just $2.7 million in spot volume against $16.46 billion outstanding. Investors are minting and holding, not trading. That's a feature for a cash-management product and a limitation for anyone hoping tokenized Treasuries would create a liquid, 24/7 bond market.
Private credit is scaling with less attention than it deserves
Private credit doesn't generate the same headlines as Treasuries or gold, but it has held its share of the RWA market while growing in absolute dollar terms, expanding at roughly 50% year-over-year through May 2026. Platforms like Maple Finance route institutional lending through pools that plug directly into protocols such as Aave and Morpho, letting curators including Gauntlet and Steakhouse manage the risk parameters and allocate capital across chains.
This is the part of tokenization that looks most like traditional finance simply moving venues rather than being reinvented. The credit itself still requires underwriting, still carries default risk, and still depends on legal enforceability off-chain if a borrower doesn't pay. Tokenization here mainly compresses settlement time and widens the pool of capital that can participate, rather than changing the underlying risk.
Gold: the segment that already matured
Tokenized gold is the closest thing this market has to a settled category. Its total market cap has held in the $4.8 billion to $6 billion range through 2026, up from roughly $1 billion in early 2025. Two products, Tether Gold (XAUT) and Pax Gold (PAXG), control somewhere between 90% and 97% of it depending on the month and the tracker, backed by vaulted bullion held at facilities including Brink's.
The two tokens have started to diverge in behavior. In the first quarter of 2026, PAXG's market cap grew faster, adding more than $800 million against a 16% gain for XAUT. XAUT, meanwhile, gained far more new wallets and saw its value deployed in DeFi protocols surge 127% in the same period. One is behaving like a store of value that sits in a wallet; the other is behaving like working collateral that moves. That split mirrors the roles USDT and USDC play in the stablecoin market, and it's a useful signal for anyone trying to understand how a mature tokenized asset category actually gets used once the novelty wears off.
Real estate: the biggest asset class, still barely on-chain
Real estate is worth more than $300 trillion globally, dwarfing every other asset category discussed here combined. Its tokenized footprint is a fraction of a single percent of that. Trackers disagree sharply on the exact figure, Cryptonomist put on-chain tokenized real estate at $202.7 million as of mid-2026, while other trackers cite figures above $1 billion, but every source agrees it is orders of magnitude behind Treasuries, credit or gold relative to the size of the underlying market.
The reason isn't a lack of platforms. RealT, Lofty, and Propy have operated tokenized property products for years, and Dubai's Land Department opened a second phase of its own tokenization pilot in February 2026, enabling resale of tokenized property units. The problem is structural: putting a token on top of a property doesn't eliminate the need for a legal title transfer in most jurisdictions, so tokenization mostly delivers fractional economic exposure rather than the instant, liquid ownership transfer that gold or Treasury tokens can offer. Until title registries and tokenized ownership are legally unified in more jurisdictions, this gap between the size of the asset class and the size of its on-chain footprint is unlikely to close quickly.
Equities: the smallest category, growing the fastest
Tokenized equities started from almost nothing, $61 million a year ago, and reached $2.47 billion by Dune's August count, a 40x increase. The catalyst was regulatory: the SEC and CFTC jointly classified major blockchain tokens as digital commodities rather than securities in March 2026, and days later the SEC approved Nasdaq to trade and settle tokenized stocks and ETFs on its main market. Platforms like Backed (through its xStocks product) and Ondo Global Markets moved quickly once that door opened.
Percentage growth this large is easy to overstate given the tiny starting base. Tokenized equities remain smaller in absolute dollars than tokenized gold, let alone Treasuries. Whether that changes depends on whether Nasdaq's tokenized trading, still in its early phase as of mid-2026, actually produces liquid secondary markets rather than another mint-and-hold pattern like the one seen in Treasuries.
Why now: the regulatory unlock behind the growth
Three regulatory moves cleared the path for most of this expansion. The GENIUS Act, passed in July 2025, created the first comprehensive U.S. framework for payment stablecoins, requiring 1:1 backing and clear oversight, which gave institutions the settlement-layer confidence to build tokenized products on top. The SEC and CFTC's joint March 2026 classification of major tokens as commodities removed a large legal overhang. And Nasdaq's approval to trade tokenized stocks and ETFs on its main market gave tokenized equities a regulated venue instead of an offshore workaround.
None of this guarantees the growth continues at the same pace. Regulatory clarity removed a blocker; it didn't create demand on its own. The categories that grew fastest, Treasuries, funds, and now equities, were also the ones where institutional balance sheets were already looking for exactly this kind of product.
What could slow this down
Liquidity is the risk that gets the least attention relative to how much it matters. Putting an asset on-chain doesn't automatically create buyers for it, and the Treasury data above shows a market where nearly all activity is issuance and redemption rather than trading. If that pattern holds across other categories as they scale, the market could keep growing in stated AUM while remaining thin and fragile whenever someone actually needs to exit a large position quickly.
Tracker disagreement is a smaller but real problem for anyone using these numbers to make decisions. A $13 billion gap between Token Terminal's $44.7 billion and Dune's $31.5 billion, driven mostly by different definitions of what counts as an RWA, means headline figures need a source and a date attached before they're useful for comparison.
The takeaway
The RWA market isn't one story; it's at least four. Treasuries and funds proved institutions would use tokenized products for cash management. Gold proved a physical commodity could tokenize cleanly and develop two distinct usage patterns. Private credit is compounding quietly without needing new regulation. Equities just got a green light and are moving fast off a small base. Real estate has had the platforms and the demand for years and still can't close the gap between its size in the real world and its size on-chain, because tokenization can't yet solve the legal problem of who actually owns the property. The next twelve months will show whether that gap is a temporary lag or a structural ceiling.
FAQ
What is the current size of the tokenized RWA market? Depending on the tracker, the tokenized RWA market stood at either $44.7 billion (Token Terminal, August 26, 2026) or $31.5 billion excluding stablecoins (Dune, August 2026). The difference comes from what each tracker classifies as an RWA, not a disagreement about the trend, both show the market roughly tripling to quadrupling since early 2025.
Which RWA category is growing the fastest? Tokenized equities grew the fastest in percentage terms, from $61 million to $2.47 billion in a year, according to Dune. That growth follows the SEC and CFTC's March 2026 classification of major tokens as digital commodities and Nasdaq's approval to trade tokenized stocks.
Why is tokenized real estate still so small? Real estate tokenization mostly delivers fractional economic exposure rather than full legal ownership transfer, since most jurisdictions still require traditional title transfer for actual ownership change. That legal gap, not lack of platforms or demand, is why tokenized real estate remains a fraction of a percent of the world's roughly $300 trillion real estate market.
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