Tokenized RWAs See Strong Growth in 2025, Outpacing Stablecoins: Report

Tokenized real-world assets surged 257% to $19.3 billion in 15 months through March 2026, expanding from 2.7% to 6.4% of stablecoin market cap and signaling institutional adoption of on-chain treasuries, commodities, and equities is accelerating faster than the stablecoin sector itself. For asset managers and institutional traders, this reshuffles the risk-return calculus: yield-bearing RWA tokens now compete directly with stablecoins for treasury deployment, while perpetuals volumes suggest derivatives demand is outpacing spot market growth.

• Tokenized RWA market cap grew 256.7% from $5.42 billion to $19.32 billion between January 2025 and March 2026.
• Gold-backed tokens XAUT and PAXG drove commodities growth by 289%, reaching $5.55 billion, with Q1 2026 spot trading at $90.7 billion.
• RWAs perpetuals volume jumped from $313 billion in 2025 to $524.8 billion in Q1 2026, on pace to exceed $600 billion annually.

• 256.7% Growth rate for tokenized RWA market cap over 15 months
• $19.32B Total RWA market cap by end of Q1 2026 versus $5.42B start
• $524.8B RWA perpetuals volume in Q1 2026, nearly double 2025 annual total

The tokenized real-world assets sector has entered a new phase of institutional legitimacy and capital deployment. According to CoinGecko’s RWA Report 2026, which analyzed the period from January 2025 through Q1 2026, the market cap of tokenized RWAs more than tripled from $5.42 billion to $19.32 billion, a 256.7% gain that outpaced stablecoin growth during the same window.

The sector expanded from representing just 2.7% of stablecoin market capitalization to 6.4%, reflecting an accelerating shift in how institutional investors view blockchain-based representations of traditional assets. This marks a critical inflection point: RWAs are no longer a niche experiment but a material alternative for treasury and portfolio management.

Tokenized Treasuries Cross $10 Billion Mark as Institutional Demand Accelerates

Tokenized government securities remain the largest RWA asset class, though their market share has begun to dilute as other segments scale. Treasury tokens grew by $9 billion during the 15-month reporting period, representing a 225.5% increase from January 2025.

The momentum inflection occurred on February 11, 2026, when tokenized treasury market cap exceeded $10 billion for the first time, signaling a psychological and operational threshold that institutional custodians and fund managers were monitoring.

By the end of Q1 2026, treasuries held 67.2% of total RWA market cap, down from 73.7% at the start of the period, not due to treasury contraction, but because competing asset classes grew faster.

For institutional fixed-income managers, this shift is material: on-chain treasuries now offer a scalable, instantaneous settlement layer for a traditional asset class previously confined to legacy custody and clearing infrastructure.

The growth of tokenized treasuries reflects regulatory green-lights from central banks and securities authorities globally, combined with the operational simplicity of blockchain settlement. Institutions no longer face a stark choice between stablecoins (which yield little) and traditional treasury holdings (which carry custody and operational friction).

Tokenized treasuries bridge that gap, delivering near-risk-free yields directly into digital wallets at institutional scale.

Gold-Backed Tokens Drive Commodities to 28.7% Market Share via Tether Gold and PAX Gold

Commodities emerged as the second-largest RWA segment, capturing 28.7% of total market cap by March 2026. That expansion was driven almost entirely by two tokens: Tether Gold (XAUT) and PAX Gold (PAXG), which collectively accounted for 89% of commodities market growth.

The segment expanded 289% from $1.43 billion to $5.55 billion in the reporting period, reflecting both retail and institutional appetite for tokenized hard assets that can be transacted on-chain while maintaining physical gold backing.

Spot trading volumes for tokenized gold tell an even starker story. In 2025, annual spot trading totaled $84.6 billion. In Q1 2026 alone, just three months, spot volumes reached $90.7 billion, a pace that annualizes to approximately $363 billion and suggests a shift toward on-chain gold trading as a preferred execution channel for certain counterparties.

This is not a retail phenomenon: institutional banks, commodity traders, and wealth managers are now routing gold orders through tokenized rails to access 24/7 markets and eliminate settlement delays inherent in physical gold delivery.

The velocity and volume of tokenized gold trading indicate that commodity brokers and custodians are building production systems around these tokens rather than treating them as experimental sidelines.

Tokenized Stocks and ETFs Surge from Negligible Base as Tech Equities Lead

While treasuries and commodities dominate by absolute market cap, tokenized equities and exchange-traded funds grew from near-zero bases to measurable institutional size.

Tokenized stocks expanded from $2.09 million in June 2025 to $486.69 million by March 2026, a 23,000% increase from a low starting point, yet more meaningfully, spot trading volumes reached $15.1 billion by Q1 2026, exceeding the $14.8 billion traded in the second half of 2025.

Tech companies, Circle, Tesla, Nvidia, and Alphabet, led issuance and trading activity, likely reflecting both the technical sophistication of those firms and their appeal to crypto-native investor bases.

Tokenized ETFs grew from $0.62 million in July 2025 to $297.5 million by March 2026, capturing half the market cap of tokenized stocks despite a later launch. This bifurcation matters: tokenized individual equities appeal to retail and tech-forward traders, while ETF structures address institutional mandates for diversification and fund management compliance.

The presence of both suggests market segmentation is working rather than winner-take-all consolidation around a single structure.

For institutional portfolio managers, the emergence of tokenized equities and ETFs solves a discrete problem: the ability to gain equity exposure through blockchain infrastructure while maintaining the settlement certainty and 24/7 trading availability that crypto-native investors now expect.

Regulatory clarity on tokenized equities remains fragmented by jurisdiction, but Q1 2026 volume data indicates that forward-moving institutions are already treating these as executable asset classes rather than waiting for perfect regulatory alignment.

RWA Perpetuals Volume Nearly Doubles in Q1 2026, Signaling Derivative Demand Outpacing Spot

Perhaps the most striking data point in the CoinGecko report concerns derivatives rather than spot markets. RWA perpetuals volume grew from $313 billion for the entire 2025 calendar year to $524.8 billion in Q1 2026 alone. That three-month volume is already 67% of the full-year 2025 figure, annualizing to roughly $2.1 trillion if the Q1 pace persists.

Such growth does not occur without institutional participation: retail traders alone cannot generate perpetuals volumes of this magnitude, and the volume metric reflects serious capital being deployed through leveraged long and short positions on tokenized treasuries, gold, equities, and ETFs.

Perpetuals volume growth outpacing spot volume growth suggests institutional traders are using leverage and hedging strategies rather than simply accumulating spot RWA tokens for long-term hold.

This shift has operational and risk implications for prime brokers, exchanges, and custodians building RWA infrastructure. Spot market growth signals asset managers moving treasury or commodity allocations on-chain; perpetuals growth signals trading desks