A report from Bernstein Research published on May 26, 2026, revealed that the tokenized real-world assets (RWA) sector reached a valuation of $51 billion, representing a 42% growth year-to-date. This figure contrasts with data compiled by RWA analytics platforms, whose metrics estimate the total addressable market at approximately $34 billion due to differing calculation criteria regarding structured financial instruments and off-chain special purpose vehicles.
Private credit has consolidated itself as the fundamental pillar of this sectoral expansion, accounting for roughly 44% of the total value of tokenized assets. This operational modality allows loans to be recorded and settled directly on blockchain networks instead of utilizing traditional banking systems. Under this framework, corporate and consumer loans are issued outside the conventional banking environment, enabling institutional and private investors to fund the capital pools directly in exchange for fixed or variable interest payments.
The institutional surge within this space is also reflected in fixed-income instruments and regulated money market funds, a trend visible in how Wall Street imposes RWA tokenization through the integration of distributed infrastructure to optimize costs and minimize capital settlement times. According to industry analysts, this technical shift alters traditional financial intermediation by enabling transparent, direct financing channels.
According to data detailed by Bernstein, financial technology company Figure Technology Solutions (FIGR) leads the RWA platform landscape with $18 billion in tokenized assets. The company has driven a significant portion of capital flows into on-chain structured private credit. During the first months of 2026, Figure successfully tokenized $5 billion in consumer loans, reaching a record monthly volume of $1.3 billion in April 2026. Furthermore, its blockchain-based credit marketplace, known as Connect, contributed 56% of the company’s total loan volume during the first quarter of 2026.
Positioned behind Figure are regulated issuance firms such as Securitize and Paxos, each holding approximately $4.2 billion distributed across various underlying asset classes, including US Treasuries, commodities, and public equities. Concurrently, traditional institutional investment vehicles have captured significant capital.
A prominent example is BlackRock’s tokenized money market fund, BUIDL, which surpassed $2.5 billion in assets under management. This development aligns with previous sectoral milestones, such as when the tokenized RWA volume across decentralized protocols and regulated intermediaries demonstrated the maturing liquidity of these short-term fixed-income products.
Sovereign bonds and derivatives diversify the offering
United States Treasury bonds remain the second-largest tokenized real-world asset category, capturing nearly 30% of the overall market. Meanwhile, commodities account for 14% of the global valuation calculated in the Bernstein report. Ross Shemeliak, co-founder of blockchain infrastructure firm Stobox, pointed out that while US sovereign debt constituted the first massive institutional success in the RWA sector, private credit offers potentially higher yields and more direct exposure to real economic activity. Shemeliak also noted that tracking these markets has evolved significantly, given that many analytics platforms previously omitted certain structures because they operate through trusts, custodians, or hybrid models mixing on-chain and off-chain components.
The Bernstein report also highlights rising activity in RWA-based derivatives through decentralized exchange platforms. Specifically, Hyperliquid is mentioned as a leading venue for these on-chain financial instruments. RWA-related open interest on Hyperliquid reached $2.6 billion in May 2026, while the cumulative trading volume on the platform totaled $65 billion during the month of April 2026. This secondary market dynamism reflects a growing sophistication in tools aimed at efficiently connecting global capital markets with distributed ledger infrastructure.
This article is for informational purposes only and does not constitute financial advice.
