Tokenized assets top $46 billion onchain as Treasuries lose their grip

The market for tokenized real-world assets, excluding stablecoins, has experienced significant expansion, reaching an onchain valuation of approximately $46.1 billion as of late October 2026. This represents a growth of roughly 920% over the past three years, signaling a shift toward more complex financial products. While U.S. Treasury bills remain the largest single category at $13.3 billion, they now represent less than one-third of the total market share. Yield strategies and credit funds have emerged as major components, collectively accounting for a significant portion of the sector alongside Treasuries. Ethereum continues to dominate the infrastructure layer, maintaining over 50% of the market share for these assets. The divergence in valuation data between providers like Token Terminal and rwa.xyz highlights a lack of standardized industry definitions for what constitutes a tokenized asset. This maturation of the RWA market suggests that investors are increasingly comfortable moving beyond simple cash equivalents into higher-yield, more complex private credit and structured products. As firms like Morgan Stanley project a multi-trillion-dollar potential by 2030, the industry must address the challenges of valuation and liquidity inherent in these riskier asset classes.