How big is the tokenised RWA market?

$28.2 billion in June 2026, after a peak of $31.8 billion, up from $4.3 billion in January 2025. Public debt is the largest category at about $17 billion, nearly 60% of the market, followed by commodities at $5.34 billion and private credit at $4.23 billion.

What is the largest tokenised Treasury fund?

Circle's USYC at $3.07 billion and BlackRock's BUIDL at $3 billion, plus $829 million in its institutional class BUIDL-I. BUIDL, launched in March 2024 through Securitize, is also a reserve asset for Ondo OUSG and Ethena USDtb.

Why are RWAs not used more in DeFi?

Only about $3 billion, roughly 10%, of tokenised RWAs is deployed in DeFi. Many tokens are restricted to KYC'd or whitelisted holders, which standard lending pools and liquidation bots cannot handle, and redemption takes T+1 to T+3 or longer while liquidations need instant exits.

Which RWA category is used most in DeFi?

Private credit in absolute terms, with $2.21 billion deployed out of $4.23 billion. Relative to its size, reinsurance leads: $310 million of its $370 million is used in DeFi. Public debt, despite being the largest category, has only about 6% in DeFi.

Which lending protocol has the most RWA collateral?

Morpho, with over $1 billion of RWA deposits and $400 million of active loans. Its isolated markets keep each RWA's risk contained, and curators can set custom collateral ratios and compliance checks. Aave Horizon has about $500 million, Kamino $400 million and Fluid $270 million.

Do tokenised stocks give you shareholder rights?

Usually not. xStocks, for example, are tracker certificates issued by Backed Assets (JE): holders get price exposure but no voting rights and no claim against the underlying company. Your claim is against the issuer under the certificate terms.

What is instant RWA redemption?

A service where a third party pays out USDC immediately and waits for the issuer's normal T+1 or T+2 redemption, earning a spread for taking that duration risk. RedStone Settle (April 2026), Upshift Clear (May 2026, 50 bps fee) and Grove Basin (May 2026, up to $1 billion a day) are the main examples.

Research/Flagship Reports

Published June 202685 pagesFrancesco · Noveleader · Atomist · TokenizeThis by RedStone

Real-World Assets: Bringing TradFi Onchain

Mapping the Growth of RWAs and Institutional Adoption

Data snapshot: June 2026. Figures are preserved from the published report; charts marked updated daily use live data.

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“Not all RWAs are the same. Some are just synthetic representations of these assets, but give no rights to holders.”

Real-World Assets: Bringing TradFi Onchain cover

▮ The numbers that matter

$28.2B

Tokenised RWA market in the June 2026 snapshot

$31.8B

Peak tokenised RWA market value recorded in the report

$3B

RWA value active in DeFi, about 10% of the total

$17B+

Tokenised public debt, nearly 60% of the market

$4.23B

Tokenised private credit, with 52% DeFi utilisation

$2B+

Tokenised public equities across about 500 products

Executive Summary

The tokenised RWA market stood at $28.2 billion in June 2026, but only about $3 billion was active in DeFi. The report maps asset classes, issuers, legal structures, redemption systems and DeFi integrations to show where tokenisation creates usable onchain capital and where holders still depend on offchain claims and restrictions.

Key findings

01Tokenised RWAs stood at $28.2 billion, up from $4.3 billion in January 2025, with a peak of $31.8 billion.
02Only about $3 billion, or 10% of the category, was active in DeFi because of access controls, KYC requirements and redemption constraints.
03Public debt represented more than $17 billion, while private credit reached $4.23 billion with a 52% DeFi utilisation rate.

Covered in the report

BlackRock BUIDLCircle USYCOndoFranklin TempletonSecuritizeSuperstateCentrifugeApolloKKRSkyEthenaAave HorizonCanton

Inside

01Executive Summary
02RWAs: The Uncorrelated Growing Category
03Understanding RWAs and Their Classification
04Growing Class of Asset Issuers
05Composable TradFi: RWAs in DeFi
06The Regulatory Push and Legal Rights
07Future Outlook

Read the full report, free →

What Are Real-World Assets (RWAs) in Crypto?

Real-world assets are tokens that represent a claim on something that exists offchain: Treasury bills, gold, private loans, stocks, reinsurance, private company shares or property. Tokenisation adds fractional ownership, 24/7 transfer and the option to use the asset in DeFi.

Tokenised RWAs are worth $28.2 billion, with a peak of $31.8 billion, up from $4.3 billion in January 2025. Growth came from institutional issuers (BlackRock, Franklin Templeton, Apollo), stablecoins needing low-risk yield, and regulation such as the GENIUS Act and MiCA.

Tokenised RWA value vs stablecoin market cap and DeFi TVL. RWAs did most of their growing in the last two years and outpaced both DeFi and stablecoins, as BlackRock, Franklin Templeton and Apollo moved capital onchain for atomic settlement. — Tokenised RWA value vs stablecoin market cap and DeFi TVL
RWAs did most of their growing in the last two years and outpaced both DeFi and stablecoins, as BlackRock, Franklin Templeton and Apollo moved capital onchain for atomic settlement.
Report page 8

The seven RWA categories, June 2026

Category	Onchain value	DeFi use	Typical yield	Leading products
Public debt (Treasuries, money market funds)	About $17B, nearly 60% of the market	About 6% used in DeFi	3.3-3.5% after fees	BlackRock BUIDL, Circle USYC, Ondo USDY
Commodities	$5.34B, almost all gold	5.3%	Price only	Tether Gold (XAUT), Paxos Gold (PAXG)
Private credit	$4.23B across 18 major products	$2.21B, about 52%	4.5-5%	Maple syrupUSDC and syrupUSDT, Hastra PRIME
Public equities	Over $2B across about 500 products	$103M	Price only	xStocks, Ondo Global Markets
Reinsurance	$370M	$310M, the highest share of any category	7-15% target	OnRe ONyc, Re Protocol reUSD
Private equity and venture	$181M across 14 products	$24M	Depends on fund returns	BOSS (Boss Info AG), Stobox STBX
Real estate	$96M	Minimal	About 4% in most commercial cities	Reental, TRIZE

Source: RedStone data in Castle Labs, Real-World Assets: Bringing TradFi Onchain (June 2026)

Public equities grew over 170% year to date against about 60% for public debt, driven by xStocks and Ondo.

Why Most RWAs Are Not Used in DeFi

Only about $3 billion of the $28 billion RWA market, roughly 10%, is deployed in DeFi. Two problems explain most of the gap. First, many tokens carry KYC and transfer restrictions, so standard lending pools and liquidation bots cannot hold them. Second, redemption takes T+1 to T+3 or longer, while a lending protocol needs to liquidate collateral in seconds.

That matters most for looping, where users borrow stablecoins against a yield-bearing RWA and buy more of it. At a 70% LTV a user can loop up to about 3x exposure on their capital, but if rates spike, unwinding a 3x looped position in a T+1 asset can take 2 to 4 days while interest keeps accruing. A new layer of redemption providers now takes on that duration risk for a fee.

RWA TVL used in DeFi, by category. Private credit is the RWA category DeFi uses most, ahead of fixed income and reinsurance. Morpho, Maple, Aave, Kamino and Fluid carry most of that usage. — RWA TVL used in DeFi, by category
Private credit is the RWA category DeFi uses most, ahead of fixed income and reinsurance. Morpho, Maple, Aave, Kamino and Fluid carry most of that usage.
Report page 51

Instant RWA redemption providers

Provider	Launched	How it works	Assets and cost
RedStone Settle	April 2026	Auction among KYC-verified solvers; the winner fronts USDC at T+0 and is repaid when the issuer redeems at T+1 or T+2	Market-set discount
Upshift Clear	May 2026	Dedicated USDC vault provides T+0 liquidity; lenders earn the fee plus yield during redemption	50 bps fee; started with Superstate USCC
Grove Basin	May 2026	Institutional redemption with BlackRock and Janus Henderson, accessed through Anchorage Digital, Galaxy and FalconX	Up to $1B a day; BUIDL and JTRSY
Agra	Live	Order book where makers bid below NAV for tokenised credit	wmtUSDC, ACRDX and others
3F	Live	Bridge facilitators and liquidity integrators fund looped entries and instant exits	$7.7M net looped exposure
Fission	Live	Instant redemption with thin liquidity	564 bps fee; ACRED, ACRDX, JAAA

Source: Castle Labs, Real-World Assets: Bringing TradFi Onchain (June 2026)

What Legal Rights Do RWA Tokens Give You?

A tokenised asset is not a legal category of its own. It is an onchain record of a claim that exists elsewhere, and two tokens tracking the same asset class can give holders very different rights. Before holding one, ask who the claim is against, what the official ownership record is, whether you can redeem directly and for what, who may hold or transfer it, and what happens if the issuer, fund, custodian or borrower fails.

Castle Labs — Now, 1 Nov 2026xStocks: $916M · Ondo: $832M
In the report, June 2026Tokenised equities are worth about $2 billion, led by Ondo ($940 million) and xStocks ($510 million). The two give different claims: xStocks' Jersey SPV holds real shares with Alpaca Securities, while Ondo issues structured debt notes through a BVI entity.
Report page 35

	Tokenised value
xStocks	$916M
Ondo	$832M
Backpack	$41.33M

What you actually own, by structure

Structure	Examples	Your claim
Tokenised fund	Franklin BENJI, BlackRock BUIDL, Ondo OUSG	A share or interest in the fund, not the Treasuries inside it; redemption and transfers follow the fund documents and eligibility rules
Tokenised note	Ondo USDY	A debt claim against the note issuer, backed by short-term Treasuries and bank deposits
Equity tracker	xStocks	A tracker certificate from Backed Assets (JE); no voting rights and no claim against the company whose stock it tracks
Commodity-backed	Paxos Gold (PAXG), Tether Gold (XAUT)	Ownership of, or an undivided interest in, vaulted gold; physical redemption depends on issuer terms, and XAUT redeems in full bars
Lending pool	Maple syrupUSDC	Credit exposure; yield comes from borrowers repaying, and defaults flow through to lenders

Source: Castle Labs, Real-World Assets: Bringing TradFi Onchain (June 2026), from issuer documentation

More Charts From the Report

14 charts from the 85-page PDF on this page, each with the number that matters.

Tokenised RWA value. Tokenised RWAs are worth $28.2 billion, after a peak of $31.8 billion, up from $4.3 billion of active onchain value in January 2025. — Tokenised RWA value
Tokenised RWAs are worth $28.2 billion, after a peak of $31.8 billion, up from $4.3 billion of active onchain value in January 2025.
Report page 5

Fixed income and Treasury wrappers by tokenised value. BlackRock's BUIDL, launched through Securitize in March 2024, and Hashnote's USYC anchor the category. BUIDL is worth $3 billion, plus $829 million in its institutional class, BUIDL-I. — Fixed income and Treasury wrappers by tokenised value
BlackRock's BUIDL, launched through Securitize in March 2024, and Hashnote's USYC anchor the category. BUIDL is worth $3 billion, plus $829 million in its institutional class, BUIDL-I.
Report page 29

	Tokenised value
Strategy STRC	$140M
MicroStrategy	$122M
Circle	$111M
SpaceX	$74.86M
Tesla	$73.83M
S&P 500	$70.64M
Alphabet	$55.02M
Nasdaq 100	$52.14M
NVIDIA	$47.71M
Sandisk	$20.13M
Others	$198M

Date	Maple market size
17 Aug 2026	$4.33B
24 Aug 2026	$4.82B
31 Aug 2026	$4.83B
7 Sep 2026	$4.86B
14 Sep 2026	$4.65B
21 Sep 2026	$4.76B
28 Sep 2026	$4.76B
5 Oct 2026	$4.79B
12 Oct 2026	$4.68B
19 Oct 2026	$4.59B
26 Oct 2026	$4.55B
1 Nov 2026	$4.43B

Date	Wildcat market size
17 Aug 2026	$181M
24 Aug 2026	$185M
31 Aug 2026	$184M
7 Sep 2026	$189M
14 Sep 2026	$187M
21 Sep 2026	$186M
28 Sep 2026	$187M
5 Oct 2026	$188M
12 Oct 2026	$187M
19 Oct 2026	$186M
26 Oct 2026	$186M
1 Nov 2026	$158M

	Tokenised value
mGLO	$189M
mTBILL	$74.87M
mF-ONE	$66.11M
mHyperBTC	$44.57M
mGLOBAL	$34.28M
mHYPER	$28.99M
mBASIS	$5.23M
mEDGE	$599K
Others	$101M

Tokenisation platforms by tokenised value. Securitize is the largest US-regulated tokenisation platform by AUM, with $4.4 billion tokenised on its rails, including BlackRock BUIDL, Apollo ACRED and Hamilton Lane HLSCOPE. — Tokenisation platforms by tokenised value
Securitize is the largest US-regulated tokenisation platform by AUM, with $4.4 billion tokenised on its rails, including BlackRock BUIDL, Apollo ACRED and Hamilton Lane HLSCOPE.
Report page 45

RWA TVL actively used in DeFi. About $3 billion of RWAs are used in DeFi, roughly 10% of the market. KYC rules and slow redemption keep the rest out of lending pools. — RWA TVL actively used in DeFi
About $3 billion of RWAs are used in DeFi, roughly 10% of the market. KYC rules and slow redemption keep the rest out of lending pools.
Report page 52

	TVL	Fixed APY
sUSDe	$25.67M	4.6%
apxUSD	$19.87M	17.7%
reUSD	$13.46M	12.2%
USDat	$6.2M	10.9%
USD3	$6.01M	15.2%
USDai	$4.53M	10.2%
USDS	$3.71M	5.9%
AUSD	$2.36M	5.6%
USDG	$391K	3.5%
SIERRA	$10.7K	6.2%

Morpho RWA deposits. Most of Morpho's recent RWA growth came from syrupUSDC, PRIME and AA_FalconXUSDC. Isolated markets keep bad debt in one RWA from spreading to other depositors. — Morpho RWA deposits
Most of Morpho's recent RWA growth came from syrupUSDC, PRIME and AA_FalconXUSDC. Isolated markets keep bad debt in one RWA from spreading to other depositors.
Report page 57

	Supplied
RLUSD	$134M
GHO	$60.05M
USCC	$42.44M
JAAA	$33.5M
mGLOBAL	$30.81M
USTB	$4.1M
USDC	$2.6M
VBILL	$1.25M

Get every chart in the full report →

Method and Data Boundary

Castle and TokenizeThis classify RWAs by asset type, issuer, legal claim, redemption path and DeFi use. The June 2026 snapshot combines public market dashboards, protocol records and product documentation, then separates total tokenised value from assets actively deployed in DeFi.

Published: June 2026
Data snapshot: June 2026

Primary Evidence

Live data · updated daily

Tokenized Stocks

→

Data From the Report

The largest tokenised Treasury and money market products, June 2026

Product	Issuer	Market cap	Notes
USYC	Circle (acquired Hashnote, January 2025)	$3.07B	Tokenised US Treasury bills
BUIDL	BlackRock, via Securitize	$3B, plus $829M in BUIDL-I	Launched March 2024; reserve asset for Ondo OUSG and Ethena USDtb
JTRSY	Janus Henderson Anemoy, via Centrifuge	$860M	Dual external credit ratings
USTB	Superstate	$838M	Among the most DeFi-composable Treasury tokens
WTGXX	WisdomTree	$791M	About 10% used in DeFi
YLDS	Figure Certificate Company	$570M	Backed by Treasuries and repo, on Provenance
TBILL	OpenEden	$197M	Rated AA+f/S1+ by S&P and A-bf by Moody's

Source: RedStone data in Castle Labs, Real-World Assets: Bringing TradFi Onchain (June 2026)

Where RWAs are used in DeFi, June 2026

Protocol	RWA activity	Main assets
Morpho	Over $1B RWA deposits, $400M active loans, about 10% of total deposits	syrupUSDC, PRIME, AA_FalconXUSDC, mF-ONE, reUSD
Aave Horizon	About $500M market size (launched August 2025)	USCC, USTB, VBILL, JAAA as collateral; RLUSD, GHO and USDC lent
Aave v3	Over $330M of Maple deposits	syrupUSDC, syrupUSDT
Kamino	$400M	PRIME, syrupUSDC, ONyc, USCC, over $20M of xStocks
Fluid and JupLend	$270M	sUSDai, PST, syrupUSDC, SPYx

Source: RedStone data in Castle Labs, Real-World Assets: Bringing TradFi Onchain (June 2026)

Questions This Report Answers

How big is the tokenised RWA market?: $28.2 billion in June 2026, after a peak of $31.8 billion, up from $4.3 billion in January 2025. Public debt is the largest category at about $17 billion, nearly 60% of the market, followed by commodities at $5.34 billion and private credit at $4.23 billion.
What is the largest tokenised Treasury fund?: Circle's USYC at $3.07 billion and BlackRock's BUIDL at $3 billion, plus $829 million in its institutional class BUIDL-I. BUIDL, launched in March 2024 through Securitize, is also a reserve asset for Ondo OUSG and Ethena USDtb.
Why are RWAs not used more in DeFi?: Only about $3 billion, roughly 10%, of tokenised RWAs is deployed in DeFi. Many tokens are restricted to KYC'd or whitelisted holders, which standard lending pools and liquidation bots cannot handle, and redemption takes T+1 to T+3 or longer while liquidations need instant exits.
Which RWA category is used most in DeFi?: Private credit in absolute terms, with $2.21 billion deployed out of $4.23 billion. Relative to its size, reinsurance leads: $310 million of its $370 million is used in DeFi. Public debt, despite being the largest category, has only about 6% in DeFi.
Which lending protocol has the most RWA collateral?: Morpho, with over $1 billion of RWA deposits and $400 million of active loans. Its isolated markets keep each RWA's risk contained, and curators can set custom collateral ratios and compliance checks. Aave Horizon has about $500 million, Kamino $400 million and Fluid $270 million.
Do tokenised stocks give you shareholder rights?: Usually not. xStocks, for example, are tracker certificates issued by Backed Assets (JE): holders get price exposure but no voting rights and no claim against the underlying company. Your claim is against the issuer under the certificate terms.
What is instant RWA redemption?: A service where a third party pays out USDC immediately and waits for the issuer's normal T+1 or T+2 redemption, earning a spread for taking that duration risk. RedStone Settle (April 2026), Upshift Clear (May 2026, 50 bps fee) and Grove Basin (May 2026, up to $1 billion a day) are the main examples.

More on this topic: Real-World Assets & Tokenisation

More Flagship Research

March 2026

Real-World Assets: Bringing TradFi Onchain

▮ The numbers that matter

Executive Summary

Key findings

Covered in the report

Inside

What Are Real-World Assets (RWAs) in Crypto?

Tokenised RWA value vs stablecoin market cap and DeFi TVL

The seven RWA categories, June 2026

Why Most RWAs Are Not Used in DeFi

RWA TVL used in DeFi, by category

Instant RWA redemption providers

What Legal Rights Do RWA Tokens Give You?

What you actually own, by structure

More Charts From the Report

Tokenised RWA value

Fixed income and Treasury wrappers by tokenised value

Tokenisation platforms by tokenised value

RWA TVL actively used in DeFi

Morpho RWA deposits

Method and Data Boundary

Primary Evidence

Data From the Report

The largest tokenised Treasury and money market products, June 2026

Where RWAs are used in DeFi, June 2026

Questions This Report Answers

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The Vaultification of Finance

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