The growth is being pushed by rising investor demand for real-world returns.
The tokenized U.S. Treasury market has grown greater than 500% because the begin of 2024, reaching a document $5.6 billion in market capitalization on the finish of April, in accordance with CoinGecko’s RWA Report 2025.
That fivefold improve was pushed primarily by rising investor demand for low-risk, yield-bearing property, the report explains. A significant spike additionally got here in March, when the Trump administration introduced new commerce tariffs.
BlackRock’s BUIDL fund, launched in 2024, rapidly emerged as the most important participant over the previous 12 months, capturing 44% of the tokenized Treasury market by April 2025. Because the begin of the 12 months, it has grown almost 373%, reaching $2.5 billion in Treasuries by the tip of April. As of at this time, that determine stands at $2.89 billion, in accordance with RWA.xyz.
The report defined that whereas tokenized Treasuries have unfold throughout blockchains, the bulk stays on Ethereum, adopted by Stellar. In the meantime, the variety of distinctive on-chain holders stays small, with simply over 11,000 addresses holding tokenized Treasuries.
These findings spotlight that real-world property (RWAs) are shifting from a marginal place to changing into a central focus in crypto. That is largely pushed by their skill to ship real-world returns that attraction to each institutional and on a regular basis traders.
“The revival of [RWAs] in crypto marked one of 2024’s most quietly transformative narratives,” the report reads. “While attention remained fixated on memecoins, Layer 2 ecosystems, and political betting markets, RWA steadily evolved from a niche experiment into one of the most credible and capitalized sectors in crypto.”
The report additionally discovered robust development throughout different RWA classes akin to fiat-backed stablecoins, which rose by $97 billion year-over-year, reaching a document $224.9 billion on the finish of April. This development was led by Tether’s USDT and Circle’s USDC, which have added $56.3 billion and $37.6 billion to their market caps since 2024, respectively.
Commodity-backed tokens additionally climbed to a excessive of $1.9 billion, a 68% improve since 2024 – primarily fueled by rising gold costs. In the meantime, on-chain non-public credit score grew to $546.8 million in energetic loans, although the report notes that is nonetheless beneath its 2022 peak of over $1.6 billion.
Tokenized shares, that are nonetheless thought of comparatively area of interest, have solely grown to $11.4 million as cryptocurrency exchanges like Kraken and Coinbase work to develop into this sector. Kraken final month launched a service referred to as xStocks, which affords tokenized variations of U.S. shares like Apple on the Solana blockchain to customers overseas.
In the meantime, information broke yesterday that Coinbase, the most important U.S. centralized crypto alternate (CEX), is looking for approval from the U.S. Securities and Change Fee (SEC) to supply tokenized equities to its customers.
