Tokenized Real Assets Reach $46.2 Billion, Focus on U.S. Treasury Products at $15 Billion

The market size of tokenized real assets (RWA) has expanded to $46.2 billion, with $15 billion concentrated in U.S. Treasury-related products. According to RWA.xyz, as of September 11, the size of tokenized products related to U.S. Treasuries was approximately $15 billion. The total market size varies depending on the range of included products, and when excluding products similar to stablecoins, it is estimated to be around $38 billion. About 70% of RWA is accounted for by five assets, with BlackRock's BUIDL fund, Franklin Templeton's BENJI, and Tond Finance's USDY being the major products. The value of decentralized assets on the Ethereum network is the largest at approximately $17.3 billion, while the Stellar network ranks third with about $3.3 billion. The Stellar Development Foundation has reported that the RWA size on the Stellar network has surpassed $3 billion as of June. Franklin Templeton stated that the Stellar portion of BENJI has exceeded $650 million. Tond Finance indicates that the issuance balance of USDY is $2.14 billion, of which $2.1478 billion is in U.S. Treasuries. RWA represents the rights or values of real assets as blockchain-based tokens, but it remains unverified whether the increase in market size is linked to actual trading volume and liquidity expansion.