The on-chain value of tokenized equities; blockchain-based representations of traditional stocks and equities, part of the broader real-world assets or RWA sector has surpassed $1 billion.
This milestone reflects rapid growth in tokenized real-world assets, where traditional financial instruments like stocks are issued and traded on blockchains for benefits such as 24/7 accessibility, faster settlement, and integration with DeFi protocols.
Total on-chain value for tokenized equities recently crossed $1 billion, with figures cited around $1.03 billion in some updates. This marks explosive growth—earlier in 2026, the sector hovered near $963 million, up dramatically from much lower levels in prior years some reports note ~2,878% YoY increases in certain periods.
The broader tokenized RWA market excluding stablecoins has reached around $25–26 billion, with tokenized U.S. Treasuries leading at over $10–11 billion and several other categories, private credit, commodities also exceeding $1 billion individually.
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An early duopoly has formed:Ondo Finance dominates with roughly 58–60% market share around $600+ million in tokenized equities value. xStocks holds about 24% around $245 million. Together, they account for over 80% of the sector. Other platforms and developments; integrations with chains like Ethereum, Solana, or BNB Chain contribute to the rest.
Tokenized equities enable global, around-the-clock trading without traditional brokerage limitations, with high monthly transfer volumes indicating real usage rather than just holding. This bridges TradFi and crypto, potentially unlocking broader institutional adoption as regulations evolve and infrastructure matures.
The sector remains small compared to the global equities market (trillions in scale), but the trajectory—from near-zero in mid-2025 to this $1B+ level—signals accelerating momentum in on-chain finance. Tokenized U.S. Treasuries represent one of the fastest-growing segments in the real-world assets (RWA) ecosystem.
These are blockchain-based tokens that provide on-chain exposure to U.S. government debt instruments, primarily short-term Treasury bills (T-bills), notes, bonds, or money market funds backed by them. They combine the low-risk, “risk-free” yield of traditional U.S. Treasuries with blockchain advantages like 24/7 accessibility, instant settlement (T+0), fractional ownership, programmability for DeFi integrations and transparent on-chain tracking.
The total on-chain value of tokenized U.S. Treasuries stands at approximately $11.13 billion, according to the leading tracker RWA.xyz with a slight recent dip of ~0.24-0.28% over the past week. This marks significant growth: Up over $1 billion since the start of 2026 from ~$8.9-9B in early January.
The broader tokenized RWA surpassed $25-26 billion, with Treasuries as the dominant category. Explosive historical trajectory: ~50x growth since 2024, driven by institutional adoption. Current 7-day APYs range from ~1.5% to 3.5%+ variable based on underlying rates and product structure.
Many track short-term T-bill yields around 4-5% annualized in recent environments, though recent data shows lower figures possibly due to rate changes. Faster settlement, lower costs, cross-border access without traditional intermediaries.
DeFi Integration: Used as collateral in lending protocols, yield farming, or stablecoin reserves. Attracts corporate treasuries, hedge funds, and TradFi players seeking safe, on-chain cash equivalents amid macro uncertainty. Despite broader crypto market volatility and concerns over U.S. national debt, the sector has shown resilience with steady inflows.
The market features a mix of major asset managers and crypto-native issuers. BlackRock USD Institutional Digital Liquidity Fund (BUIDL) ? ~$2.24 billion (top by value, strong 23.53% growth over 30 days, ~3.46% 7D APY). Circle USYC ? ~$1.94 billion (impressive 24.34% 30-day growth, ~1.81% 7D APY). Ondo USDY (Ondo U.S. Dollar Yield) ? $1.21 billion (3.55% 7D APY). Franklin Templeton (BENJI) ? ~$1.03 billion (solid growth, ~1.51% 7D APY). WisdomTree (WTGXX/thBILL) ? $777 million (3.49% 7D APY). Ondo OUSG ? ~$751 million. Superstate USTB ? ~$628 million.
Other notable mentions include Spiko, OpenEden, and emerging products. There are now 64+ tokenized Treasury products across multiple blockchains with over 55,000 holders. BlackRock’s BUIDL was a major catalyst, but competition from Circle, Ondo, and others has diversified the landscape.
Ondo often leads in integrations and holder count for certain metrics.This segment bridges TradFi and crypto, with ongoing regulatory developments; SEC considerations on tokenization supporting further growth.