Tokenized RWA Market Hits $46.7B as DeFi Deposits Surge to $3.6B

The tokenized real-world asset market expanded to $46.7 billion as of Sept. 15, a 17.4-fold increase over three years. The market spans credit funds, gold and equities across multiple blockchains, signaling a shift from experimental to functional infrastructure.

No single issuer controls more than 10 percent of total value. Securitize leads with $4.6 billion, followed by Sky at $4.5 billion and Ondo at $3.5 billion, according to on-chain data.

Tokenized credit funds represent $6.4 billion, or 13.8 percent of the RWA market. syrupUSDC leads the category with $950.6 million, followed by JAAA at $717.8 million, PRIME at $586.9 million, sUSDai at $465.2 million and STAC at $356.5 million.

Tokenized gold assets comprise $5.1 billion, or 11 percent of the market. Tether Gold holds $2.7 billion of this segment, while Paxos Gold accounts for approximately $1.9 billion.

DeFi integration remains the key metric for maturity. Approximately $3.6 billion (7.8 percent of issued RWA value) is now deposited across various DeFi protocols, indicating active utility beyond hoarding.

DEX volume for tokenized RWAs reached $1.2 billion on Sept. 12, roughly 2.7 percent of issued RWA value. Robinhood Chain reported daily DEX volume of $875 million at the end of August.

Ethereum dominates with $22.9 billion, or 49.1 percent of the total market. But growth on alternative chains has accelerated. Over the past 30 days, Solana added $263.3 million to reach $3.1 billion, Stellar gained $150.6 million and Robinhood Chain increased by $148.9 million.

Tokenized equities show the sharpest adoption curves. Robinhood bStocks reached $1 billion in DEX volume in 56 days, compared to 224 days for xStocks and 252 days for PreStocks. This differential signals user distribution as a primary lever: established platforms with existing user bases can accelerate secondary trading velocity.

The market is now characterized by growing liquidity, collateral integration and secondary trading rather than pure issuance. Crypto infrastructure is packaging assets investors already understand—credit instruments, gold, equities—rather than creating novel digital primitives.