RWAs reach $46B onchain market, led by US T-bills at $15B

The tokenized real-world asset (RWA) market has reached a valuation of $46.2 billion, with US Treasury bills serving as the primary driver at approximately $15 billion. Market concentration remains high, as five specific assets account for roughly 70% of the total sector value, highlighting an early-stage maturity curve dominated by institutional-grade products. Ethereum maintains its lead as the primary blockchain for RWA hosting with $17.3 billion in value, while Stellar has emerged as a significant competitor, securing third place with $3.3 billion in assets. Stellar’s growth is notably supported by euro and dollar-denominated money market products, alongside utility integrations like MoneyGram’s Visa card. Key issuers such as BlackRock, Franklin Templeton, and Ondo Finance continue to funnel capital into these onchain instruments. This concentration reflects a broader trend where investor trust and regulatory comfort are currently prioritized over ecosystem diversification. As regulatory clarity improves through 2026, the sector is expected to see more predictable compliance frameworks for future issuers.