Tokenized Real-World Asset Market Surpasses $51 Billion, Bernstein Reports

The market for tokenized real-world assets (RWAs) has grown 42% this year to reach $51 billion, according to a new report from Bernstein. The research highlights a significant shift as blockchain technology moves beyond cryptocurrency speculation to become core infrastructure for global capital markets.

Private Credit and Treasury Assets Lead Growth

Bernstein’s analysis breaks down the RWA market into distinct segments. Tokenized private credit is the largest, accounting for approximately 44% of the total market. This is followed by U.S. Treasury-based RWAs at around 30%, and commodities at roughly 14%. The remaining share includes tokenized equities, real estate, and other asset classes.

The rapid expansion reflects growing institutional appetite for on-chain representation of traditional financial instruments. Private credit tokenization, in particular, has attracted significant capital due to its potential to streamline lending processes and improve liquidity in markets that have historically been opaque and slow to settle.

Figure Technology and BlackRock BUIDL Drive Adoption

Figure Technology Solutions has emerged as a key platform in the tokenized asset space, having facilitated the tokenization of approximately $18 billion in assets. The company’s blockchain-based lending and capital markets infrastructure has become a critical backbone for private credit tokenization.

Meanwhile, BlackRock’s tokenized money market fund, BUIDL, has surpassed $2.5 billion in assets under management. Launched in partnership with Securitize, BUIDL represents one of the most prominent examples of a major traditional asset manager embracing blockchain-based fund administration. The fund invests in U.S. Treasury bills, repurchase agreements, and cash, offering institutional investors a tokenized cash management solution.

On-Chain Derivatives and Infrastructure Maturation

Bernstein also highlighted the role of on-chain derivatives markets in accelerating RWA adoption. Platforms like Hyperliquid are seeing rapid growth in trading volumes, providing the liquidity infrastructure necessary for tokenized assets to function efficiently. As derivative markets mature on-chain, they create a more complete ecosystem for institutional participants who require hedging and risk management tools alongside spot asset exposure.

The report concludes that blockchain is becoming a core infrastructure layer for global capital markets. This represents a fundamental shift from earlier cycles where tokenization was primarily experimental or confined to niche crypto-native assets.

Conclusion

The $51 billion milestone underscores a broader trend: traditional finance is increasingly adopting blockchain technology for asset issuance, settlement, and management. While the market remains small relative to the global capital markets it seeks to modernize, the 42% annual growth rate signals sustained momentum. As regulatory frameworks evolve and institutional infrastructure deepens, tokenized real-world assets are positioned to become a standard component of the financial system.

FAQs

Q1: What are tokenized real-world assets (RWAs)?
Tokenized RWAs are traditional financial assets — such as bonds, loans, commodities, or real estate — that are represented as digital tokens on a blockchain. This allows for faster settlement, fractional ownership, and programmable functionality.

Q2: Why is private credit the largest segment of the RWA market?
Private credit markets have historically been illiquid and difficult for smaller investors to access. Tokenization enables fractional ownership and secondary trading, improving liquidity and broadening the investor base. Platforms like Figure Technology have made private credit tokenization scalable.

Q3: How does BlackRock’s BUIDL fund work?
BlackRock’s BUIDL is a tokenized money market fund that invests in U.S. Treasury bills, repurchase agreements, and cash. Investors receive digital tokens representing their ownership, which can be transferred or used as collateral on blockchain platforms. The fund aims to provide institutional-grade cash management with the efficiency of blockchain settlement.