Tokenized Real-World Asset Market Grows 10-Fold in Two Years, Tops $30 Billion

Uk Jin

Summary

The market for tokenized real-world assets (RWA) has grown tenfold over the past two years, topping $30 billion.
a16z crypto said the RWA market has expanded by more than 1,000%% from early 2024.
The largest asset class in the market is currently U.S. Treasury debt, at about $15 billion, followed by commodities such as gold at about $5 billion.

Forecast Trend Report by Period

*Photo: Screenshot from a16z crypto's X account*

The market for tokenized real-world assets, or RWAs, has expanded tenfold over the past two years, pushing its total value above $30 billion. RWAs are real-world assets converted into tokens that can be traded on blockchain networks.

A16z crypto wrote on X on May 9 that the RWA market had surpassed $30 billion. That is up more than 1,000% from early 2024.

The growth reflects rising institutional demand to put traditional financial products such as government bonds, commodities and equities on blockchain networks. Since the second half of 2025, the commodities and special finance segments have posted especially sharp gains, increasing their share of the market.

U.S. Treasury debt is currently the largest asset class in the market at about $15 billion, or roughly half of the total. Commodities such as gold follow at about $5 billion.