Tokenized Assets Have Grown 224% Since 2024: Dune & RWA Report

Being one of the hottest primitive in the finance world, the real-world assets (RWA) market has grown to over $300 billion, representing a surge of nearly 224% since the beginning of 2024. It includes a wide array of financial instruments like treasuries, bonds, credit, equities, institutional funds, commodities, as well as stablecoin, which dominates the sector with a significant margin. 

The report, prepared jointly by blockchain data platform Dune and tokenized assets data aggregator RWA.xyz, reveals that tokenization is democratizing access to assets which were previously limited to institutions only. With permissionless nature and interoperability between multiple blockchains, the field is attracting a broader and more diverse investor base. 

In the current decentralized finance (DeFi) ecosystem, tokenized assets are becoming building blocks, which are largely used as collateral, yield primitives, and trading instruments. The report noted Maple Finance’s syrupUSDC Centrifuge’s deRWA wrapper, and Aave’s Horizon RWA Market, as prime examples for this, which eventually enhance composability and liquidity. 

Leading instruments in tokenized markets

Dune also notes that tokenized U.S. Treasuries have achieved significant scale in the past few years and it is a proven product-market fit (PMF) with over $7.37 billion, as per market data. 

Unlike the traditional way of accessing these treasuries, its tokenized version offers enhanced access alongside institutional credibility, secure yield, 24/7 liquidity, and collateral utility. Such features make them a compelling alternative to stablecoins and a cornerstone of on-chain capital markets.

Beyond US treasuries, investors are also moving to higher-yielding assets like long-term bonds, private credit, and equities, reflecting growing demand for risk-adjusted assets. 

Stablecoins dominating the RWA sector

Stablecoins, especially those backed by USD reserves, currently dominate the tokenization landscape, accounting for nearly $280 billion. Stablecoins were the first assets to be tokenized on blockchains and they have become a key foundation for on-chain capital markets. 

“The lines between stablecoins and other tokenized assets are blurring: more yield-bearing stablecoins are launching, and issuers are integrating RWAs into their reserves,” the report notes. 

Apart from stablecoins, which have roughly 94% of the total assets on-chain as per RWA.xyz data, private credits, commodities, and institutional funds, are topping the total value locked (TVL), having reached $15.9 billion, $2.4 billion, and $1.7 billion in total assets, respectively. While gold is currently dominating tokenized commodities, the share for agricultural products and energy assets are emerging. 

Top beneficiaries in assets tokenization wave

Among all blockchain networks, Ethereum has remained a top choice for institutions to convert real-world assets into tokens. It currently has a market share of over 56% in total stablecoins supply and a 30.9% in total tokenized assets. Besides, Polygon—which has 62% of global bonds—Arbitrum, Solana, Plum is also leading the charge. 

Ondo Protocol, one of the most popular RWA platforms, also played a key role in the expansion of tokenized assets markets. It generated over $141 million in mint/redeem volume during the first week of launch. Ostium, a leveraged tokenized assets trading platform, also gained significant momentum with it generating over $17 billion in cumulative volume. 

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