The tokenized real-world asset market is distributed across its top protocols. Ondo Finance holds 7.7 percent of market share, followed by Circle with 6.7 percent and Tether at 6.1 percent. Franklin Templeton accounts for 5.6 percent, Justoken for 5.0 percent, Tradable for 4.9 percent, Paxos for 4.2 percent and Maple Finance for 3.7 percent.

The market distinguishes between distributed and represented asset values. As of June 2026, distributed (transferable) non-stablecoin asset value reached $26.71 billion, according to RWA.xyz data. That figure covers assets that can change hands on-chain, against $345.07 billion in represented value that includes off-chain assets not yet tokenized.

Tokenized U.S. Treasuries remain the flagship RWA category, accounting for $14.79 billion in distributed value as of June 10, 2026. The sub-sector spans 82 Treasury assets and 65,729 unique holders. These products carry a seven-day APY of 3.35 percent, with most offerings paying between three and five percent.

Key issuers in the tokenized Treasury space include Circle's USYC at $3 billion in total value, BlackRock's BUIDL at $2.68 billion and Ondo's USDY at $2.14 billion. Franklin Templeton's iBENJI holds $1.72 billion. Securitize's BUIDL fund contributes another $2.5 billion.

Beyond Treasuries, other RWA categories show substantial capital. Figure's HELOC Token leads the overall RWA market at $20.1 billion, followed by Bridgetower's DOM X Arizona Copper-Gold Project at $11.06 billion, representing tokenized private credit and commodity exposure respectively.

Tokenized Treasuries wrap short-dated government debt and money-market exposure into on-chain instruments that settle near-instantly and maintain composability within DeFi, offering yields comparable to traditional money-market funds with 24/7 redemption.

The stablecoin layer operates separately, with $299.30 billion held by 241.33 million holders. These payment tokens function as settlement money rather than yield-bearing instruments. They operate under the U.S. GENIUS Act, signed in 2025, which established federal reserve and disclosure rules for payment stablecoin issuers.

The RWA market has posted triple-digit year-over-year growth. Long-run projections estimate the sector could reach $16 trillion over the next decade.