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2026 Real-World Assets (RWA) Report | CoinGecko

Since the revival of RWAs in 2024, progress in regulatory clarity has enabled major TradFi institutional players to dip their toes in. As early experiments paved the way by turning into best practices and playbooks, the pace of tokenization has noticeably accelerated. 2025 has proven to be a watershed year for RWAs. For both crypto-native and traditional players, competition within the RWA and tokenization stack has intensified, with issuers now differentiating on regulatory standing, asset coverage, and distribution reach. CEXs are also leading adoption with dedicated TradFi strategies that improve access to trading these assets. This report unpacks how the RWA sector has developed from 2025 to Q1 2026. We’ve summarized the key highlights, but be sure to dig into the full 23 slides in the full report below.

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2026 RWA Report © 2026 CoinGecko Contents Zhong Head of Research Yuqian Market Analyst 1 Introduction 2 Key RWA Developments (2025 – 2026) 3 RWA Regulations in Key Jurisdictions 4 Tokenized RWAs Market Capitalization by Asset Class 5 Top Stablecoin Issuers Comparison 6 Stablecoins’ Market Capitalization 7 Tokenized Treasuries’ Market Capitalization 8 Top Tokenized Commodities Issuers Comparison 9 Tokenized Commodities’ Market Capitalization 10 Tokenized Gold Spot Trading Volume 11 Top Tokenized Stock Issuers Comparison 13 Tokenized Stocks’ Market Capitalization 14 Tokenized Stocks’ Spot Trading Volume 15 Tokenized ETFs’ Market Capitalization 16 On -Chain Private Credit Protocols 17 RWAs Market Capitalization by Chains 18 RWA Perpetuals Trading Volume & Open Interest 19 RWA Project Tokens’ Price Returns 20 CEX TradFi Strategy Comparison 21 Summary Conclusion 22
2026 RWA Report © 2026 CoinGecko 2 Introduction Since the emergence of stablecoins over a decade ago, real -world assets (RWAs) have served as a critical bridge between traditio nal finance and the crypto industry, offering the promise of on -chain accountability and accessibility for established assets. Just a few years ago, stablecoins were the only relevant manifestation of RWAs, and RWA narrative tokens rallied more on hype than substance. However, the RWA sector has fin all y started to take shape from 2024 onwards. Regulatory clarity enabled major ‘TradFi’ institutional players to dip their toes in initially and explore on -chain and tokenization solutions, but the pace has since accelerated as early experiments provide best practices and playbooks . 2025 proved to be a watershed year for RWAs - rather than being driven solely by crypto -native demand for yield, adoption increa singly came from a mix of institutional experimentation, constructive regulatory progress and growing demand for blockchain -based financial rails. As a result, total RWA market capitalization has nearly quadrupled in fifteen months, scaling from $5.4 2 billion at the beginning of 2025, to a significant $19. 39 billion as of March 31, 2026 . Rapid, significant growth has occurred across the board for tokenized treasuries, commodities, equities and credit. Stablec oin s have continued to expand. In terms of infrastructure, RWAs are becoming increasingly multi -chain. Not only is RWA spot trading volume surging, but a perpetuals market has also emerged and is seeing strong demand. For both crypto -native and traditional players, competition within the RWA stack has intensified, with issuers now differentiati ng on regulatory standing, asset coverage, and distribution reach. This report therefore examines how the RWA sector developed over the 15 -month period from 1 January 2025 to 31 March 2026 . We start by covering key RWA developments that have occurred since our 2025 report, then establish the current state of RWA regulations, and provide an overview of the sector. In the rest of the report, we break down each asset class and wrap up with how project tokens have ironically seen negative price returns as the RWA sector has become increasingly legitimized and sheds association with narrative pumping.
2026 RWA Report © 2026 CoinGecko Key RWA Developments (Jun 2025* – Apr 2026) 3 2025 Jun 30 Backed Finance launches xStocks to offer tokenized equities. Jul 1 ECB commits to build settlement rails for tokenized transactions in central bank money. Jul 18 GENIUS Act signed into US law; CLARITY Act passes House. Jul 23 BNY and Goldman Sachs launch tokenized money market fund rails, with BlackRock, Fidelity onboard. Jul 31 SEC announces ‘Project Crypto’, a full regulatory overhaul to bring US markets onchain . Aug 1 Hong Kong’s stablecoin licensing regime takes effect. Sep 3 Galaxy & Superstate put GLXY on Solana, as the first direct tokenization of SEC -registered public shares. Ondo Finance launches Ondo Global Markets to offer tokenized equities. Nov 15 BlackRock’s BUIDL gets accepted as off - exchange collateral for institutional trading on Binance. Dec 2 Kraken acquires Backed Finance, unifying xStocks issuance, trading, and settlement. Dec 15 JP Morgan launches MONY, becoming the largest global systemically important bank to tokenize a money market fund. Jan 27 ECB agrees to treat certain DLT -issued assets as eligible collateral in the Eurosystem from March 2026. Jan 28 SEC publishes formal Tokenization Statement as the first official US taxonomy for tokenized securities. Feb 23 SEC grants WisdomTree relief for its tokenized money market fund shares to trade differently, enabling instant & 24/7 settlement Mar 18 HIP -3 builder tradeXYZ acquires official licensing rights to the S&P500 ticker, bringing 24/7 on-chain index exposure to a flagship TradFi benchmark. Mar 19 Nasdaq gets SEC approval to integrate tokenized stocks and ETFs natively on its exchange. Mar 26 Hong Kong grants first - ever stablecoin issuer licenses to HSBC and Standard Chartered joint venture. 2026 *Note: This timeline is a continuation from the CoinGecko RWA Report 2025, which tracked key RWA developments up until 10 June 2025.
2026 RWA Report © 2026 CoinGecko RWA Regulations in Key Jurisdictions Source: CoinGecko 4 Jurisdiction Key Legal & Regulatory Frameworks for RWAs Regulators RWAs' Regulatory Approach United States Federal securities laws (Securities Act, Securities Exchange Act) GENIUS Act CLARITY Act (pending) Securities and Exchange Commission (SEC) Commodity Futures Trading Commission (CFTC) Tokenized securities are regulated like other securities; payment stablecoins under separate federal regime European Union Markets in Crypto -Assets Regulation ( MiCA ) Distributed Ledger Technology (DLT) Pilot Regime Markets in Financial Instruments Directive II (MiFID II) European Securities and Markets Authority (ESMA) European Banking Authority (EBA) National Competent Authorities (NCAs) Proactive clarity: tokenized stocks & bonds under MiFID II; other crypto assets under MiCA ; DLT Pilot for testing Singapore Securities and Futures Act (SFA) Payment Services Act (PSA) Financial Services and Markets Act (FSMA) Monetary Authority of Singapore (MAS) Tokenized securities are regulated like other securities; separate rules for stablecoins & payment - token services Hong Kong Securities and Futures Ordinance (SFO) Stablecoins Ordinance Securities and Futures Commission (SFC) Hong Kong Monetary Authority (HKMA) Tokenized securities are regulated like other securities; fiat stablecoin issuers need a separate licence Switzerland Digital Ledger Technology (DLT) Act Swiss Financial Market Supervisory Authority (FINMA) Proactive clarity: existing laws updated to apply to most tokenized assets; DLT Act adds targeted infrastructure rules Dubai Asset -Referenced Virtual Asset (ARVA) Rules Crypto Token regime Virtual Assets Regulatory Authority (VARA) Dubai Financial Services Authority (DFSA) Purpose -built, dedicated frameworks, alongside existing laws United Kingdom Digital Securities Sandbox (DSS) Financial Services and Markets Act (FSMA) Financial Conduct Authority (FCA) Bank of England Proactive experimentation: live sandbox; full crypto regime slated for late 2027, while existing laws apply Japan Financial Instruments and Exchange Act (FIEA) Payment Services Act (PSA) Financial Services Agency (FSA) Tokenized securities are regulated like other securities; stablecoins regulated separately Australia Australian Securities and Investments Commission Information Sheet 225 (ASIC INFO 225) Australian Securities and Investments Commission (ASIC) Reserve Bank of Australia (RBA) Tokenized securities are regulated like other securities; additional payments/stablecoin rules being developed Cayman Islands Virtual Asset (Service Providers) Act Securities Investment Business Act (SIBA) Private Funds Act (PFA) Cayman Islands Monetary Authority (CIMA) Applies existing securities, fund and VASP rules to tokenized businesses
2026 RWA Report © 2026 CoinGecko $0B $4B $8B $12B $16B $20B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Treasuries Commodities Stocks ETFs Tokenized RWAs Market Capitalization The tokenized RWAs sector has more than tripled since 2025, to reach 6% of stablecoin market size The total tokenized RWAs’ market capitalization has grown significantly over the last fifteen months, adding $13.90 billion (+256.7%). The sector started 2025 with $5.42 billion and climbed steadily to $19.32 billion in market capitalization as of March 31, 2026, after briefly touching $19.45 billion earlier that month. This puts the size of tokenized RWAs at 6.4% of stablecoins now, up from 2.7% at the start of 2025. Tokenized Treasuries alone added $9.00 billion (+225.5%), contributing more than half of the sector’s market cap growth. While tokenized Treasuries have expanded from $3.99 billion to $12.99 billion, its majority market share has declined from 73.7% to 67.2%, as other asset classes have seen increasing tokenization and traction. In particular, the growth of tokenized commodities has managed to outpace tokenized Treasuries, rising by 289.1% or $4.12 billion . On the back of strong gold and silver price rallies, tokenized commodities’ market cap has almost quadrupled from $1.43 billion to $5.55 billion, accounting for a 28.7% share of tokenized RWAs. Meanwhile, tokenized equities emerged in mid -2025 , driven by progress in regulatory clarity. Tokenized stocks have reached a market cap of $0.49 billion as of March 31, 2026, capturing a 2.5% market share; tokenized ETFs are at $0.30 billion market cap (1.5% share). 5 Tokenized Asset Classes’ Total Daily Market Capitalization* Source: CoinGecko, Dune Analytics, DefiLlama *Note: Figures may differ from other sources as it only includes data covered within the scope of this report. $5.42B $19.32B
2026 RWA Report © 2026 CoinGecko Top Stablecoins Issuers Comparison Source: CoinGecko, Official websites as of 22 April 2026 6 Issuer Stablecoin(s) Backing Transparency Regulatory Status/Jurisdiction Native Yield USDT , USAT Fiat -backed Cash, cash equivalents & other assets Daily circulation updates + Quarterly reserve disclosures + Big Four full audit USDT: El Salvador -based, currently doesn’t align with major regulations USAT: GENIUS Act compliant None to holders USDC, EURC Fiat -backed Cash & cash equivalents (Circle Reserve Fund) Daily public reserve breakdown + Monthly Big Four attestations MiCA -compliant in the EU; conditional OCC trust -charter approval in the US None to holders USDS DeFi / overcollateralized model Stablecoins, T -bills, onchain/OTC crypto lending etc Onchain collateral/supply dashboard Decentralized protocol Supply USDS to receive sUSDS, which has variable yield ~3.65% USDe, USDtb USDe: Synthetic – delta neutral hedged spot crypto collateral & liquid stables USDtb: Backed by BUIDL Proof -of -reserves dashboard + Monthly custodian attestations USDe: British Virgin Islands -based USDtb: GENIUS Act compliant Stake USDe into sUSDe to earn staking + funding yield USD1 Fiat -backed Cash & cash equivalents Live proof -of -reserves + Monthly attestation reports United States -based None to holders PYUSD (PayPal), USDP, USDG Fiat -backed USD -denominated assets Monthly reserve reports/attestations PYUSD & USDP under Office of the Comptroller of the Currency (OCC) oversight USDG is MiCA -compliant & aligned with MAS framework None to holders
2026 RWA Report © 2026 CoinGecko Stablecoins’ Market Capitalization Stablecoins post market cap growth for second straight year , but momentum have plateaued since October 2025 Source: CoinGecko The stablecoin market capitalization has continued to climb from $199.77 billion on Jan 1, 2025, to $301.65 billion as of Mar 31, 2026, representing a 51.0% increase. That said, most of the growth occurred from January to September 2025, and the market cap of stablecoins seems to have since stabilized around the $290 billion to $300 billion range. USDT added $46.53 billion, as its market cap grew from $137.55 billion to $184.08 billion (+33.8%). However, USDT’s market share fell from 68.9% to 61.0%, outpaced by other stablecoins’ growth. This was led by USDC, which added $33.49 billion (+76.2%) to reach a $77.44 billion market cap. As a result, USDC’s market share rose from 22.0% to 25.7% , even reaching 27.2% at one point during this period. Across 5 largest stablecoins, USDS grew at the fastest pace, almost doubling from a market cap of $8.68 billion to $16.20 billion (+86.5%), driven by demand for yield. Whereas USDe initially saw rapid growth from $5.87 billion to $14.85 billion in Oct 2025 but returned all gains to end the period at $5.88 billion, as the 10 Oct cascade broke its looping on Binance. Meanwhile, new entrant USD1 has reached a market cap of $4.39 billion, overtaking PYUSD to rank among the top 5. Notably, the ‘Others’ stablecoin grouping recorded the highest combined percentage increase of 267.4%, as their combined market cap rose from $3.72 billion to $13.67 billion. This was partly fueled by the increasing adoption of regulation -compliant stablecoins including PYUSD, USDG and RLUSD. 7 $0B $50B $100B $150B $200B $250B $300B $350B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 USDT USDC USDS USDe USD1 Others Top 15 Largest Stablecoins’ Daily Market Capitalization $199.77B $301.65B
2026 RWA Report © 2026 CoinGecko Tokenized Treasuries’ Market Capitalization Tokenized treasuries tripled over the last year, with strong market cap growth across all assets Source: CoinGecko, Dune Analytics (@dune, @whale_hunter) The total tokenized Treasuries’ market cap has expanded from $4.00 billion at the start of 2025, to $12.99 billion as of 31 Mar 2026. This represents a 225.5% growth that saw slightly more momentum after tokenized Treasuries crossed the $10 billion market cap mark on 11 Feb 2026 for the first time. Notably, early market leader Circle’s USYC is no longer the only tokenized Treasury with a market cap above $1 billion. While USYC and BUIDL lead the race with a $2.69 billion and $2.17 billion market cap respectively , several candidates have emerged as strong competitors: Ondo’s USDY with a $1.31 billion market cap, Centrifuge’s JTRSY at $1.12 billion, Franklin Templeton’s BENJI with $0.99 billion and Spiko’s EUTBL with $0.94 billion. As such, USYC’s market share has fallen from 43.8% to a low of 3.5% in Jul 2025, before recovering to 20.7%. BUIDL’s share initially rose from 16.3% to 44.7% in May 2025 but has returned to 16.7%. USDY’s market share has remained fairly consistent, starting with 11.3% and ending the period with 10.1%. Except for BENJI, which fell from a 14.0% share to 7.7%, the remaining tokenized Treasuries all posted market share gains. Among the 10 largest tokenized Treasuries, WisdomTree’s WTGXX and JTRSY recorded the largest percentage gains in market cap in this period, at 6,762.7% and 2,690.3% respectively. 8 $0B $2B $4B $6B $8B $10B $12B $14B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Circle USYC BlackRock BUIDL Ondo USDY Centrifuge JTRSY Franklin Templeton BENJI Spiko EUTBL WisdomTree WTGXX Superstate USTB Ondo OUSG ChinaAMC CUMIU Others $4.00B $13.00B
2026 RWA Report © 2026 CoinGecko Issuer Tokenized Commodities Backing Transparency Custody Redemption Terms XAUT, XAUT0 1 token = 1 fine troy oz of gold on a specific allocated bar Quarterly reserve reports + Holders can check details of their allocated gold Swiss vault Physical redemption for minimum 430 XAUT, KYC required 0.25% fee PAXG 1 token = 1 fine troy oz of London Good Delivery gold bar Monthly reserve reports + Holders can check details of their allocated gold LBMA vaults in London Redeemable for unallocated gold (minimum 430 PAXG) or USD 0.15% to 0.125% fee KAU, KAG 1 KAU = 1g of gold 1 KAG = 1 troy oz of silver Both are 1:1 fully allocated Biannual independent audits Fully insured third -party vaults via Allocated Bullion Exchange’s (ABX) vault partner network Physical redemption for minimum 100g gold or 200 oz silver 0.22% fee XAUM, XAGM 1 XAUM = 1 troy oz of gold 1 XAGM = 1 troy oz of silver initially, then oz -per -token declines with embedded custody fee Daily asset statements + Biannual independent audits LBMA -accredited vaults in Asia (Brink’s & Malca - Amit) Physical redemption for minimum 1kg gold (32.148 XAUM) or 2,100 XAGM Top Tokenized Commodities Issuers Comparison Source: CoinGecko, Official sources as of 22 April 2026 9
2026 RWA Report © 2026 CoinGecko Tokenized Commodities’ Market Capitalization Tokenized commodities scaled over 3x, but growth still concentrated in XAUT and PAXG Source: CoinGecko Tokenized commodities rose from $1.43 billion on 1 Jan 2025 to $5.55 billion on 31 Mar 2026 , adding $4.12 billion in market cap (+289.1%). The asset class first crossed the $5 billion mark on 19 Jan 2026, then peaked at $6.69 billion on 5 Feb 2026, before retracing 20.6% to end the quarter. Gold -backed tokens accounted for effectively all of the expansion. XAUT and PAXG together drove 89.1% of the growth, contributing $1.87 billion and $1.80 billion respectively, in line with the extended price rally of spot gold. PAXG was the clear market share gainer, rising from 36.8% to 41.8% of tokenized commodities. Meanwhile, XAUT remained in first place as its share roundtripped from 45.4% to 45.5%, after capturing up to 54.7% in late Oct 2025. Notably, Tether launched an omnichain deployment token XAUT0 in Jun 2025, which has since reached $74.17 million in market cap, albeit contributing to just 2.9% of XAUT. Tokenized silver and smaller tokenized gold assets lost relative ground despite market cap gains. KAG, the largest silver -backed token, more than doubled in dollar terms but saw market share compress from 8.0% to 4.8%. Similarly, KAU added $0.23 billion in market cap but slipped from 8.5% to 6.3% in market share. Newer entrant XAUM has gained footing, climbing more than elevenfold to $71.18 million and ranking among the top 5 largest tokenized commodities. 10 $0.0B $1.0B $2.0B $3.0B $4.0B $5.0B $6.0B $7.0B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 XAUT PAXG KAU KAG XAUM Others $1.43B $5.55B
2026 RWA Report © 2026 CoinGecko Tokenized Gold Spot Trading Volume Tokenized gold trading volume increases for third straight quarter, as Q1 2026 overtakes 2025 total volume Source: CoinGecko Tokenized gold achieved $90.70 billion in total spot trading volume in Q1 2026, which already surpasses the $84.64 billion traded for the whole of 2025. This reflects the surge in demand for tokenized gold, likely driven by crypto participants seeking exposure to the outperforming asset. The exponential growth is especially evident when comparing to the much lower $4.40 billion volume recorded in Q1 last year. However, spot trading volume for tokenized gold tends to fluctuate month -to-month so far, reflecting a sensitivity to market conditions. For example, spot volume jumped to $21.38 billion in Oct 2025 as gold broke to new all -time highs, which was more than triple the $6.73 billion traded the previous month, then moderated to $14.07 billion the following month. It is worth noting that CEXs still account for the large majority of tokenized gold spot trading . As with the market cap of tokenized commodities, PAXG and XAUT dominate spot trading volume for tokenized gold. During this period, PAXG accounted for 34.2% to 82.5% of monthly trading volumes, while XAUT accounted for 14.8% to 64.6%. On average, PAXG and XAUT saw $5.72 billion and $5.32 billion in monthly spot trading volume. In comparison, KAG averaged $0.57 billion, XAUT0 recorded $0.10 billion, and XAUM just $0.007 billion during this period. 11 Tokenized Gold’s Total Monthly Spot Trading Volume $1B $1B $1B $3B $2B $3B $2B $2B $3B $11B $5B $5B $21B $13B $14B $1B $1B $1B $1B $2B $3B $10B $8B $9B $10B $13B $19B $0B $5B $10B $15B $20B $25B $30B $35B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 PAXG XAUT XAUT0 XAUM KAG
2026 RWA Report © 2026 CoinGecko
2026 RWA Report © 2026 CoinGecko Issuer Tokenized Equities Structure/Backing Transparency Regulatory Status Investor Access 200+ tokenized stocks & ETFs e.g. CRCLON, IBITON, SPYON, QQQON, SLVON etc 1:1 backed + buffer Tokenized equity is a structured note; underlying securities held via a regulated custodial broker - dealer & cash in transit Daily holdings & NAV reports + Monthly reconciliation reports + Annual independent audits Under Swiss law (prospectus approved in Liechtenstein by FMA) Mainly for non -US investors via Binance, MetaMask, Gate etc platforms; some jurisdictions require professional/accredited investor status 100+ tokenized stocks & ETFs e.g. STRCX, TSLAX, CRCLX, MSTRX, SPYX etc 1:1 backed Underlying securities held in segregated custody accounts Proof of Reserves page Under Swiss law (prospectus approved in Liechtenstein by FMA) Mainly for non -US investors, accessible via Kraken, Bybit, Solana DEXs etc platforms 2 native tokenized stocks (CURR, FGNX) Direct issuer -sponsored security tokens Token is the legally registered share, equivalent to traditional securities (no wrapper) Full view of onchain and off -chain holders via an integrated, regulated ledger Under US law: US SEC - registered transfer agent & FINRA member US & global investors 100+ tokenized stocks & ETFs e.g. USFR.d, MSTR.d, TSLA.d, NVDA.d, SPY.d etc 1:1 backed Underlying securities held in third -party brokerage account Public transparency page shows live holdings/trades & backing by asset Under US law: US SEC - registered transfer agent & FINRA/SIPC member Available via Dinari & partner platforms which are available in 85+ countries, but not available in the US Top Tokenized Stock Issuers Comparison Source: CoinGecko, Official sources as of 22 April 2026 12
2026 RWA Report © 2026 CoinGecko Tokenized Stocks’ Market Capitalization Tokenized stocks are unsurprisingly dominated by tech company tickers , with CRCL & TSLA leading Source: CoinGecko Since launching last year, tokenized stocks have seen total market cap scale rapidly from $2.09 million on 30 Jun 2025, to $486.69 million as of 31 Mar 2026. Initial launches by Backed Finance/xStocks lifted the total to $28.59 million by end Jul 2025 as tokenized Tesla, Circle, Nvidia and Alphabet shares became available for trading. In Sep 2025, Ondo’s tokenized equity launches tripled the market cap to $111.21 million by month end. Circle has emerged as the largest tokenized stock by far, sitting at a market cap of $171.39 million as of 31 Mar 2026, which represents a 35.2% share of the asset class. Circle’s Ondo tokenization accounts for $130.30 million, and its xStock tokenization is at $41.08 million. Tesla had initially led as the largest tokenized stock from launch, and peaked at $73.80 million in late Jan 2026, but subsequently dropped to $61.70 million (12.7% market share). In contrast to Circle, Tesla’s xStock tokenization is larger at $47.77 million, while its Ondo tokenization adds $13.93 million. Other leading tokenized stocks by market cap include Nvidia at $42.59 million (8.8% share), Alphabet at $36.91 million (7.6% share) and MicroStrategy at $26.15 million (5.4%). 13 $0M $100M $200M $300M $400M $500M $600M Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Circle Tesla Nvidia Alphabet MicroStrategy Coinbase Apple Amazon Microsoft Meta Micron Others $2.09M $486.69M
2026 RWA Report © 2026 CoinGecko Tokenized Stocks’ Spot Trading Volume Tokenized stocks’ spot trading still nascent, at less than a fifth of tokenized commodities’ volumes YTD Source: CoinGecko Tokenized stocks started out with just $2.33 billion total monthly spot trading volume in Jul 2025 when it first launched. Despite a drop in the following two months, spot volumes for tokenized stocks have since risen above the $4 billion mark for four consecutive months. Notably, tokenized stocks have already generated $15.12 billion in spot volumes in Q1 2026, overtaking the $14.84 billion recorded in the last two quarters of 2025. As with market cap, Tesla, Circle and Nvidia lead with the largest contributions to tokenized stocks’ volumes, averaging $0.54 billion, $0.45 billion and $0.44 billion a month respectively so far. Between Backed’s xStocks and Ondo’s tokenized stocks, spot volume across the former were fairly distributed across CEXes and DEXes , while Ondo’s assets were more active on centralized platforms, with CEXes controlling 90% of volume share. However, specific tickers such as CRCL and NVDA were mostly traded on the Ondo Global Markets platforms. Despite integrations across multiple CEXs, the trading activity of the top 5 tokenized equities are still largely insignificant compared to their real -world counterparts, making up less than 1% of total trading volume compared to TradFi stock markets . 14 $0.2B $0.2B $0.2B $0.4B $0.4B $0.6B $0.6B $0.5B $0.9B $0.3B $0.3B $0.3B $0.5B $0.7B $0.7B $0.8B $0.6B $0.6B $0.2B $0.2B $0.2B $0.4B $0.5B $0.6B $0.6B $0.7B $0.6B $0.2B $0.2B $0.1B $0.1B $0.3B $0.3B $0.5B $0.4B $0.5B $0.2B $0.1B $0.1B $0.1B $0.3B $0.3B $0.3B $0.4B $0.4B $0.0B $1.0B $2.0B $3.0B $4.0B $5.0B $6.0B Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Circle Tesla Nvidia Robinhood Coinbase Others Tokenized Stocks’ Monthly Total Spot Trading Volume (July 2025 – March 2026)
2026 RWA Report © 2026 CoinGecko Tokenized ETFs’ Market Capitalization Broad -based growth in tokenized ETFs , with a meaningful long tail and no clear leaders yet Source: CoinGecko The market cap of tokenized ETFs has risen from just $0.62 million on 1 Jul 2025, when products were still in the process of rolling out, to $297.50 million as of 31 Mar 2026. This puts tokenized ETFs at more than half the size of tokenized stocks. In particular, Ondo’s tokenized ETFs launches raised the asset class’ market cap from $0.95 million on 1 Sep 2025, to $197.66 million by month end. In contrast to tokenized stocks, tokenized ETFs have experienced a more broad -based growth with no significant market cap leaders yet. At the same time, tokenized ETFs have a meaningfully -sized long tail of other ETF assets, which account for 27.8% of market cap as of 31 Mar 2026. Since its launch, Ondo’s SPDR S&P 500 has remained the largest tokenized ETF with a market cap of $32.45 million, which accounts for a 10.9% share of the asset class. Another BlackRock product tokenized by Ondo, the iShares Silver Trust, follows close behind with $31.75 million in market cap and a 10.7% market share. Currently, 8 out of the 10 largest tokenized ETFs are issued by Ondo, while among xStock assets, SP500 ($25.46 million market cap) and Nasdaq ($17.64 million) are the only ones to rank. 15 $0M $50M $100M $150M $200M $250M $300M $350M Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 SPDR S&P 500 (Ondo) iShares Silver Trust (Ondo) S&P500 xStock Invesco QQQ (Ondo) iShares Core S&P 500 (Ondo) iShares 20+ Year Treasury Bond ETF (Ondo) Nasdaq xStock iShares Core MSCI EAFE ETF (Ondo) iShares Core US Aggregate Bond ETF (Ondo) iShares Gold Trust (Ondo) Others $0.62M $297.5M
2026 RWA Report © 2026 CoinGecko On-Chain Private Credit Protocols Maple Finance has come to define onchain private credit , as the only protocol to thrive in the vertical since 2025 Source: DefiLlama Borrowing from on -chain private credit protocols has soared 477.5%, from $0.40 billion at the beginning of 2025, to $2.29 billion as of 31 Mar 2026. However, this growth was entirely attributable to just one protocol: Maple Finance, which experienced an 894.3% growth from $0.21 billion to $2.13 billion in total active loan value during this period. In fact, Maple Finance added a slightly higher amount of $1.92 billion loan value, as compared to the $1.89 billion added across all 5 on -chain private credit protocols. This was because the other protocols saw their total active loan value decline between -6.8% and -28.9%. While it already started 2025 as the largest on -chain private credit protocol, Maple Finance’s market share has since increased from 54.1% to a dominant 93.1% as of 31 Mar 2026. In contrast, Centrifuge’s market share has dropped from 20.6% to 3.3%, and Goldfinch from 17.6% to 2.5%. However, it’s worth noting that Maple Finance lends to crypto -native institutions, unlike the other protocols’ focus on tokenization of real -world private credit. In other words, Maple Finance’s outperformance largely reflects higher borrowing demand from trading firms and market makers, even as the crypto market continues to face tough conditions. 16 Daily Total Active Loan Value of Top 5 On -Chain Private Credit Protocols $0.0B $0.5B $1.0B $1.5B $2.0B $2.5B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Maple Finance Centrifuge Goldfinch Clearpool Credix $0.40B $2.29B
2026 RWA Report © 2026 CoinGecko RWAs Market Capitalization by Chains Ethereum still leads, but increasingly RWAs have been going multi -chain since November 2025 Source: DefiLlama *Note: Active market capitalization refers to only the circulating portion of RWA that exists onchain . On -chain active RWA market cap more than quadrupled from $4.14 billion at the start of 2025, to $17.79 billion as of 31 Mar 2026. However, growth has not been linear: RWA market cap saw a major increase on Ethereum alone in the first half of 2025, from $3.87 billion on 1 Jan to $9.29 billion on 15 Jul. Subsequently, other chains started to gain RWA market cap from Aug onwards, led by BSC, Aptos, Solana and Stellar. This reflects the default tendency for products to be rolled out to Ethereum first, followed by broader distribution. As a result, Ethereum’s share of RWA market cap has decreased from a dominant 93.4%, to 61.1% as of 31 Mar 2026. Whereas BSC recorded the largest market share gain from 0.1% to 20.0% during this period, as its RWA market cap surged from just $0.003 billion to $3.57 billion. The majority of BSC’s market cap was accounted for by Circle’s tokenized treasury USYC, which was rolled out in Nov 2025. Meanwhile, Solana’s recent pivot from a retail to institutional focus has led its RWA market cap increasing tenfold, from $0.10 billion to $1.01 billion. This makes Solana the third largest chain for RWAs, with its market share rising from 2.4% to 5.7%. On the other hand, active RWA market cap on Plume sits at a smaller $0.29 billion as of 31 Mar 2026, despite the chain specializing in RWAs. Moving forward, RWAs’ multi -chain diversification is likely to become the norm, with issuers seeking to drive adoption, as well as improve performance and cost -effectiveness. 17 Top 10 RWA Chains’ Daily Active Market Capitalization* $0B $2B $4B $6B $8B $10B $12B $14B $16B $18B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Ethereum BSC Solana Stellar Aptos Plume Mainnet Arbitrum Mantle Avalanche Sei $4.14B $17.79B
2026 RWA Report © 2026 CoinGecko RWA Perps’ Daily Open Interest RWA Perpetuals Trading Volume & Open Interest Crypto perpetuals have emerged as another way to trade TradFi assets , gaining traction alongside tokenization Source: CoinGecko, Dune Analytics (@yandhii) Perpetuals trading around RWAs has seen a significant jump in activity in the last six months; Q1 2026 alone has seen $524.79 billion in total perps trading volume, which is already 67.7% higher than the $313.02 billion for the whole of 2025. This marks the fourth consecutive quarterly increase , as the total RWA perpetuals volume grew from $29.74 billion in Q1 2025, to $67.41 billion in Q2, $77.00 billion in Q3 and $138.87 billion in Q4. Similarly, RWA perps’ total daily open interest has jumped from $0.14 billion on 1 Jan 2025, to $6.68 billion on 31 Mar 2026 . Daily OI for RWA perps has averaged $4.82 billion so far in Q1 2026, which is more than 5x of the $0.85 billion average daily OI last year. Commodities initially accounted for all RWA perps trading until Jul 2025, but in the last six months, its share of monthly volume has ranged from 69.7% to 95.3%. This comes as perps for other asset classes have gained traction – stocks perps’ market share has risen from 0.4% in Aug 2025 to 6.0% in Mar 2026; ETFs perps have grown from 2.8% in Oct 2025 to 5.3% in Mar 2026, albeit most of the growth coming in Jan 2026 due to SPY. Separately, Hyperliquid’s HIP -3 has seen its share of monthly RWA perps volume increase from 2.8% at launch in Oct 2025, to 28.6% in Mar 2026 . Notably, HIP -3 volume has surged from a total of $12.65 billion in Q4 2025, to $130.87 billion in Q1 2026. 18 RWA Perps’ Monthly Trading Volume $15B $12B $16B $21B $31B $51B $8B $18B $26B $30B $68B $83B $144B $209B $14B $31B $17B $12B $0B $50B $100B $150B $200B $250B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Commodities Stocks ETFs Others $0B $3B $6B $9B $12B $15B $18B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 $0.14B $6.68B
2026 RWA Report © 2026 CoinGecko RWA Project Tokens’ Price Returns RWA struggles as a crypto narrative , with 6 out of 7 top projects posting negative price returns since start 2025 Source: CoinGecko *Note: Stablecoin issuer tokens were excluded. 19 Top 7 RWA Project Tokens’ Percentage Price Change Compared to Jan 1, 2025* -100.00% -50.00% 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% 300.00% 350.00% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Ondo Maple Finance Centrifuge Mantra Clearpool Chintai Goldfinch Despite the RWA sector’s steady growth, once -popular RWA project tokens have mostly experienced large price corrections of -44.7% to -98.8% over the last fifteen months, from 1 Jan 2025 to 31 Mar 2026. Notably, for nearly 14 consecutive months, 4 out of the top 7 RWA project tokens have been unable to reclaim their price levels from the start of 2025. Maple Finance (SYRUP) is the only one that closed this period with positive price returns of 28.6%. SYRUP initially saw a -40.7% decline from $0.156 at the start of 2025, to $0.093 in April, in line with the general crypto market correction at the time. However, this was immediately reversed by a 2.5 -month price rally as SYRUP reached a high of $0.625 (+300.4%) on 29 Jun 2025 . Although SYRUP has since returned most of the gains, its price remains well above its level at the start of 2025. On the other hand, Mantra started 2025 with OM rallying up to +121.6%, before being completely wiped out by its 13/14 Apr 2025 crash. Despite its Mar 2026 token rebrand to MANTRA, price returns have remained below -90%. Even leading tokenized assets issuer Ondo (ONDO) has seen its price continue to underperform, falling -80.6% from $1.35 to $0.26 in this period, which suggests that onchain value creation is not necessarily accruing to token holders. The overall underperformance of RWA project tokens seems to signal that the sector has decoupled from the crypto market and is maturing at a separate pace, amid TradFi adoption of tokenization.
2026 RWA Report © 2026 CoinGecko CEX TradFi Offering Approach Scope Products & Wrappers CEXs With Similar Strategy Gate TradFi (MetaTrader 5) In-house dedicated platform, powered by industry -standard third - party trading system MT5 Comprehensive Three integrated wrappers: (1) CFDs on forex, metals, global indices, commodities, US & Hong Kong stocks; (2) perpetual futures on the same asset classes (leverage varies by product); (3) tokenized spot for precious metals & stocks via xStocks/Ondo. Bitget, Bybit Kraken Securities xStocks (Backed Finance) Acquired US -licensed financial infrastructure Comprehensive Real US stocks & ETFs (FINRA/SIPC); xStocks tokenized equities (acquisition of issuer Backed Finance); CFTC -regulated futures; tokenized equity perps (non -US). - MEXC TradFi Added TradFi assets to crypto futures offering Moderate Perps for commodities, equities, indices; spot for tokenized stocks. BingX, HTX Coinbase Capital Markets Coinbase Derivatives Acquired US -licensed financial infrastructure Moderate Real US stocks & ETFs (FINRA/SIPC); equity -crypto index futures. - Crypto.com Stocks (US -only) CDNA derivatives Acquired US -licensed financial infrastructure Comprehensive Real US stocks & ETFs (FINRA/SIPC); CFTC -regulated derivatives via CDNA; stocks -and -ETF IRAs. - Binance TradFi Perpetual Contracts In-house perps Moderate Perps for commodities, equities, indices (ADGM regulated); Ondo tokenized securities on Binance Wallet/Alpha. KuCoin, OKX CEX TradFi Strategy Comparison Source: CoinGecko , Official sources as of 29 April 2026 20
2026 RWA Report © 2026 CoinGecko 21 Summary Conclusion ▪ The RWA sector stole the spotlight in 2025, reaching several important milestones in the space with the launch of tokenized e qui ties and new tokenized products from prominent institutions such as BlackRock and Fidelity. ▪ With these new developments, the market cap of tokenized RWAs has surged by 256.7%, rising from $5.4B at the start of 2025 to over $19.3B at the end of March 2026 , with tokenized treasuries making up 2/3 of the sector. ▪ On the other hand, the stablecoin market cap recorded a 51.0% increase but has remained largely stagnant since 2025 Q4 ; during this period, USDC, along with other compliant stablecoins such as PYUSD and USDG, were able to take market share from USDT. ▪ The market cap of tokenized treasuries saw positive growth across the top 10 products, tripling its market cap from $4.0B to $13.0B in the past 15 months with 4 assets crossing well above the $1B threshold . ▪ Similarly, the market for tokenized commodities has appreciated by 289.1% to $5.6B, but most of this growth was captured by tok enized gold such as PAXG and XAUT; trading activity has continued to increase for the third consecutive quarter, as volumes in the past quarter has already surpassed the yearly trading volume for 2025 . ▪ Despite a lukewarm response during their initial launch in June 2025, the market for onchain stocks has expanded from $2.1M to $486.7M as of end -March 2026; monthly volumes have more than doubled during this time from $2.3B to $5.0B but is still a small fraction compared to r eal -world stock volumes. ▪ Compared to the market size of individual tokenized stocks, tokenized ETFs are quietly keeping pace with $297.5M worth of products issued, or approximately 61.1% of the tokenized stock market cap. Yet, growth is spread evenly across key players and there are no clear leaders in this vertical yet. ▪ While on -chain private credit protocols has swelled by over 5x since 2025, Maple Finance holds a near -monopoly on the sector, having multiplied its outstanding loan value by 10x from $0.21B to $2.1B in the past 15 months due to increased institutional borrowing. ▪ Although 93.4% of RWAs were initially tokenized on Ethereum since 2025, that share has now dropped to 61.1% as newer products are now deployed on other general purpose blockchains such as BNB Smart Chain and Solana, as well as RWA -focused networks such as Plume. ▪ Since the start of 2025, perpetuals contracts for RWAs has maintained its uptrend in notional volume across each successive q uar ter, with the majority coming from commodities trading such as gold and oil; open interest for RWA contracts has also moved in lock -step, rising by over $6B in the same period . ▪ Compared to the start of 2025, 6 out of 7 top RWA protocol tokens posted negative price returns between 44.7% to 98.8%, while only Maple Finance’s SYRUP ended with 28.6% gains. ▪ To keep stride with the RWA sector’s progress, the top CEXs have been pursuing a few different strategies that provide integrated TradFi asset exposure to crypto traders/investors, ranging from dedicated in -house platforms to acquisitions.
2026 RWA Report © 2026 CoinGecko That’s it. We hope you enjoyed reading. Follow us on:
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