Tokenized Treasuries Surge 125% as RWA Market Nears $20 Billion Threshold

The tokenized real-world asset (RWA) market reached $19.72 billion on January 9, marking the closest approach to the $20 billion milestone. Distributed assets—tokens circulating on-chain with wallet transfer capabilities—dominate this growth, while $19.78 billion in active private credit loans remain trackable but non-transferable.

US Treasuries and money market funds lead the distributed RWA segment with $8.86 billion in on-chain collateral. Tokenized commodities, primarily gold, approach $4 billion. The experimental edge includes institutional funds ($2.84B), private credit tokens ($2.32B), tokenized equities ($801M), and bonds ($880M), where growth has been explosive but issuer concentration remains high.

Stablecoins, at $307.6 billion, overshadow the entire RWA stack and serve as the foundational liquidity layer. Over the past year, Treasuries doubled in value while institutional funds grew eightfold. Private credit's distributed tokens now represent loan participation, with active loans surging 100% to $19.78 billion from an estimated $9.88 billion in January 2025.