Token Terminal puts tokenized real-world assets at $46.2 billion on 35 to 36 chains
In brief
- Onchain RWAs, excluding stablecoins, totaled about $46.2 billion, according to Token Terminal data.
- Ethereum held roughly 48%, or $22.2 billion; BNB Chain ranked second at $5.5 billion.
- US Treasury bills were the largest category, at roughly $13.9 billion.
- Rival tracker rwa.xyz reported $38.61 billion across 39 networks as of October 1.
- McKinsey projects tokenized assets, excluding stablecoins, could reach $2 trillion by 2030.
Ethereum holds about half
Ethereum's the clear leader. It held around 48% of the market, or roughly $22.2 billion, in the Token Terminal breakdown Crypto Briefing cited. BNB Chain came second with $5.5 billion (about 12% of the total). Stellar and zkSync Era each held about $3.3 billion, and Solana held $3.0 billion.
The split by asset type is just as lopsided. US Treasury bills were the biggest category at roughly $13.9 billion, followed by active yield strategies at about $10.7 billion and credit funds at approximately $6.5 billion. Tokenized stocks are smaller, but they posted the strongest growth over the past 30 days, adding around $592 million in market cap.
The trackers don't agree
Not every dataset lands on $46 billion.
As of October 1, rwa.xyz reported distributed onchain RWA value of $38.61 billion across 39 networks. That's more chains but less value. The same dataset puts Ethereum at roughly $16.7 billion, well below the $22.2 billion in Token Terminal's numbers.
The difference comes down to methodology.
Crypto Briefing said the trackers make different calls on which assets count as "distributed" and which products qualify as RWAs in the first place. Neither figure settles the question, so a headline RWA total tells you as much about who's counting as it does about the market.
A $2 trillion projection
McKinsey projects that the tokenized asset market, excluding stablecoins, could reach $2 trillion by 2030. It's a projection, not an outcome. Crypto Briefing also mentioned broader estimates that include trade finance and run as high as tens of trillions in potential issuance, but it didn't say who made them.
Crypto Briefing also noted that regulatory frameworks for these assets are still developing, which is one of the open variables in any of those forecasts.
For now, the biggest slice is still US Treasury bills, and the biggest chain is still Ethereum.
Frequently asked questions
What are tokenized real-world assets?
Tokenization means creating a blockchain-based token that represents ownership of a traditional asset. According to Token Terminal data reported by Crypto Briefing, US Treasury bills were the largest tokenized category at roughly $13.9 billion, ahead of active yield strategies and credit funds.
Why do RWA trackers report different market totals?
Token Terminal data put the onchain RWA market at about $46.2 billion to $46.3 billion in late September 2026. As of October 1, rwa.xyz reported $38.61 billion across 39 networks. Crypto Briefing said the gap comes down to methodology, including which assets count as distributed and which products qualify as RWAs.
