Onchain money is flowing into Treasuries, gold, and asset-backed credit

Tokenized real-world assets have seen significant capital inflows as investors utilize blockchain rails to access traditional income-generating assets like Treasuries, gold, and private credit. Research indicates that tokenized U.S. Treasuries lead the market with a value between $15.6 billion and $17.8 billion, followed by private credit at $7-$8 billion and gold at $5.4 billion. Gold has experienced notable momentum, with onchain holdings increasing by 73% year-over-year to reach 36 tonnes. Major institutional players such as BlackRock, Circle, Franklin Templeton, Tether, and Ondo dominate the issuance landscape. Data reveals that these assets are primarily used as long-term "savings" rather than active trading instruments, evidenced by a minimal 0.006% turnover rate for Treasury tokens in August 2026. Conversely, tokenized credit products show higher integration into decentralized finance, with 19-21% utilized as collateral in lending protocols. This concentration of ownership and reliance on specific issuers creates potential systemic risks if large-scale redemptions or underlying borrower defaults occur. Understanding these liquidity and collateral dynamics is essential for assessing the stability of the growing RWA ecosystem.