Tokenized real-world assets, excluding stablecoins, are now worth $46.1 billion onchain, with Token Terminal reporting $46.3 billion as of October 25, 2026. The market has grown by roughly 920% over three years, driven by U.S. Treasury bills, yield strategies, and credit funds, which together account for 66% of the total. Tokenized Treasury bills remain the largest category at $13.3 billion, followed by yield strategies at $11.6 billion and credit funds at $5.7 billion. Ethereum hosts more than half of the market, while only 14% to 15% of tokenized real-world asset value is deployed in decentralized finance. Estimates differ by approximately $7 billion between Token Terminal and rwa.xyz because they use different methodologies to define tokenized assets.
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