Tokenized RWA Market Surges 42% to $51 Billion as Private Credit Drives Growth

The tokenized real-world assets (RWA) market has ballooned to $51 billion, marking a 42% surge year-to-date according to Bernstein Research. Blockchain-based asset representation is gaining traction, with private credit now constituting 44% of the sector—a seismic shift in non-bank lending infrastructure.

Figure Technology Solutions emerges as the dominant platform, while BlackRock's BUIDL fund demonstrates institutional adoption with $2.5 billion in assets. Discrepancies in market sizing persist (RWA.xyz reports $34 billion vs Bernstein's $51 billion), reflecting differing methodologies.

The growth extends beyond private credit—tokenized bonds and derivatives are proliferating as blockchain becomes finance's new operating system. This expansion coincides with traditional finance giants entering the space through blockchain-based money market funds.