Tokenized Treasuries still dominate RWAs, but fast‑growing tokenized equities signal a broader shift toward on‑chain capital markets in 2026.
Summary
- Tokenized U.S. Treasuries remain the largest slice of the RWA market by market cap.
- Tokenized public equities are now the fastest‑growing RWA segment as DeFi rails mature.
- 2026 is shaping up as a transition year from yield‑only RWAs to a full on‑chain market stack.
Tokenized U.S. Treasuries continue to dominate the real-world asset market by market capitalization, though new data indicates tokenized equities have emerged as the fastest-growing segment within the sector.
The data suggests 2026 may mark a broader expansion of on-chain financial products beyond yield-focused instruments, the report stated.
Tokenized U.S. Treasuries maintain the largest market capitalization and hold a clear lead over other asset classes, according to the data. Growth momentum has become increasingly visible in tokenized public equities, which are expanding at a faster relative pace than other categories.
The tokenized asset market comprises a diversified structure including U.S. Treasury debt, commodities, private credit, institutional alternative funds, corporate bonds, non-U.S. government debt and public equity, the report showed.
Treasuries remain the core foundation due to yield stability and regulatory clarity, factors that make them attractive for institutional adoption, according to market analysts. Commodities and private credit follow as the next largest categories, reflecting demand for income-generating and inflation-hedging instruments.
Tokenized equities, while smaller in absolute size, are experiencing accelerated adoption, particularly as decentralized finance infrastructure improves, the data indicated. The ability to use tokenized stocks as collateral, integrate them into lending markets, and access them globally without traditional brokerage constraints has driven new demand, according to industry observers.
Unlike Treasuries, which primarily serve as yield-bearing instruments, tokenized equities introduce growth exposure into DeFi-native portfolios, the report noted. The combination of capital efficiency and composability has positioned equities as a high-growth vertical within real-world assets.
The data suggests the real-world asset narrative is evolving from early growth centered on stable, income-producing assets like government debt toward utility, composability, and integration with on-chain financial systems. If the trend continues, 2026 could represent a transition phase where tokenization moves from experimental adoption to a more comprehensive financial infrastructure layer spanning debt, credit, commodities and equities, according to the analysis.