RWA market hits $51B as tokenized private credits surges: Bernstein
RWA Signal Insight
Private CreditThe Real World Asset (RWA) market has expanded to $51 billion, a 42% increase this year, according to Bernstein Research. This growth is largely driven by tokenized private credit, which now constitutes approximately 44% of the total RWA value, reflecting increased adoption of blockchain infrastructure for lending. Figure Technology Solutions leads RWA platforms with $18 billion in tokenized assets, having tokenized $5 billion in consumer loans in 2026 and achieving $1.3 billion in monthly loan volume in April 2026. Institutional engagement is also evident with BlackRock's BUIDL tokenized money market fund exceeding $2.5 billion in assets. The market's expansion highlights blockchain's emerging role as a foundational layer for global capital markets, addressing investor demand for yield and business capital needs. US Treasury debt remains the second-largest RWA category at 30%, with commodities at 14%. Onchain RWA derivatives are also growing, with Hyperliquid reporting $2.6 billion in open interest in May and $65 billion in trading volumes in April 2026.
Key points
- RWA market reached $51 billion, up 42% this year.
- Tokenized private credit is 44% of RWA market.
- Figure leads RWA platforms with $18 billion in assets.
- BlackRock's BUIDL fund surpassed $2.5 billion.
Background
Figure Technology Solutions (FIGR) is a financial technology company that leverages blockchain infrastructure for loan origination and settlement. It specializes in tokenizing real-world assets, particularly private credit and consumer loans, enabling these assets to be recorded and managed on blockchain networks. Figure's platform, Connect, facilitates a marketplace for credit, contributing significantly to its loan volumes.