March 11, 2026 – Treasury-backed products still dominate tokenised real-world assets, but rising stock issuance and round-the-clock access are widening the market’s appeal.
Treasuries still set the pace
Tokenised real-world assets are becoming a serious market structure story, not just a crypto experiment. The sector reached about $23.6 billion in on-chain value on Wednesday, up roughly 66% from $14.1 billion at the start of 2026, according to CoinMarketCap, which cited DeFiLlama data. That pace of growth suggests investor demand is shifting toward blockchain-based access to familiar financial products.
The safest products still dominate. CoinMarketCap said tokenised funds backed by U.S. Treasury bills, bonds, and money market funds account for about 44.5% of the sector, or roughly $10.5 billion. Tokenised gold and commodities stand near $6.5 billion, while tokenised equities represent almost $4 billion. That breakdown shows investors still prefer lower-risk instruments, even as the market broadens.
RWA.xyz puts tokenised U.S. Treasuries at $10.00 billion, with 59,004 holders and a 7-day APY of 3.15%. Those figures help explain why Treasury-linked products remain the clearest gateway for institutions and cautious crypto users. They offer on-chain access, familiar collateral, and income that is easier to compare with traditional fixed-income markets.
Stocks are growing, but unevenly
Tokenised stocks are drawing more attention, though the category remains smaller and more concentrated. RWA.xyz’s market overview shows tokenised stocks such as Exodus at $98.2 million, CRCLon at $87.7 million, and GOOGLon at $51.1 million. On the stock dashboard, Ondo’s Micron tokenised product shows about $28.9 million in value, while Alphabet xStock shows about $17.1 million. The data suggest activity is real, but market depth remains clustered around a limited set of issuers and names.
Why 24/7 trading matters
The strongest appeal may be access rather than novelty. CoinMarketCap reported that industry participants cite distribution, usability, and 24/7 trading as the main drivers of recent growth. That matters because traditional exchanges still operate within fixed hours and rely on multiple intermediaries. Tokenised markets promise faster settlement, smaller trade sizes, and broader global reach. Those features do not remove risk, but they do reduce friction for many users.
Growth is real, but so are the limits
The market is expanding fast, yet it remains fragmented. RWA.xyz currently shows $26.53 billion in distributed asset value on its global dashboard, higher than the $23.6 billion figure cited by CoinMarketCap as sourced from DeFiLlama. The gap likely reflects differences in timing, methodology, or asset coverage. That mismatch is important because it shows the sector still lacks a single accepted benchmark. Investors also need to check legal structure, redemption terms, and liquidity before treating tokenised exposure like direct ownership.
Tokenised RWAs are no longer just a theory about finance on blockchains. They are becoming a test of whether markets can stay open longer, settle faster, and distribute real assets more efficiently. If issuers improve liquidity and legal clarity, the sector could move further into mainstream portfolios. For now, the numbers point to one clear trend: investors are buying easier access to real assets, not just the tokenisation story itself. That shift could reshape how funds, commodities, and even equities are packaged, traded, and distributed across borders in the years ahead. But sustained growth will depend on deeper secondary liquidity, clearer rights for holders, and better disclosure across issuers and platforms globally.
