Data: On-chain tokenized RWA scale surged 589% to $31.4 billion, accelerating the institutionalization process

The latest report from Binance Research shows that the on-chain tokenization of real-world assets (RWA) has grown by 589% since the beginning of 2025, now exceeding $31.4 billion, further expanding from $21.5 billion at the beginning of 2026, and growing approximately fivefold since the beginning of 2025. The main drivers of growth come from bonds and money market funds, which together added about $6.5 billion, an increase of 83%. Tokenized U.S. Treasury bonds, money market funds, gold-backed assets, and tokenized listed stocks are the main driving forces behind this round of growth. Although the base for tokenized stocks is relatively small, the growth rate is particularly remarkable, indicating that issuing institutions are testing whether blockchain tracks can support the circulation of a broader range of traditional securities.

Analysts point out that this round of RWA growth differs from the previous narrative of the crypto market dominated by speculative trading or DeFi yields, and is more closely linked to traditional financial infrastructure, focusing on institutional needs such as settlement efficiency, collateral liquidity, and programmable asset services. However, compared to the global bond, money fund, and stock markets, which are worth tens of trillions of dollars, $31.4 billion is still a drop in the bucket. The report indicates that the key to the next phase of growth lies not in the issuance of tokens themselves, but in the improvement of liquidity depth, legal enforceability, custody standards, and access to secondary markets. The regulatory framework remains the core bottleneck restricting further expansion of scale.