- Tokenized RWAs hit $22.1B record, driven by private credit ($13B) and U.S. Treasuries ($6.6B), per RWA.xyz data.
- BlackRock’s blockchain-based Treasury Trust Fund ($150B) and MultiBank’s $3B Dubai deal highlight institutional adoption momentum.
On-chain data confirms that tokenized real-world assets (RWAs) reached a new peak of $22.1 billion in early May, climbing 10.5% over 30 days. Analytics platform RWA.xyz reported private credit instruments and U.S. Treasury debt as primary drivers, accounting for $13 billion and $6.6 billion of the total, respectively.
🚀 Tokenized Real-World Assets just hit an all-time high of $22.1B onchain!
🔸+10.5% growth in just 30 days
🔸Driven by Private Credit & US Treasury Debt
🔸Over 100K holders actively participating pic.twitter.com/2fUdAbfDPZ— Leon Waidmann 🔥 (@LeonWaidmann) May 6, 2025
Public equity, commodities, and institutional funds contributed smaller portions. Over 100,000 holders now participate across 189 active issuers, reflecting a 5.6% rise in ownership since April.
The momentum follows a series of high-profile moves by financial institutions. BlackRock filed plans to integrate blockchain-based record-keeping for its $150 billion Treasury Trust Fund, enabling a parallel digital tracking system for shares.
Libre announced a $500 million tokenized debt fund tied to Telegram, targeting accredited investors. In Dubai, MultiBank Group finalized a $3 billion partnership to tokenize real estate assets with local firm MAG and blockchain provider Mavryk—the largest single RWA agreement disclosed to date.
We’re thrilled to announce that Libre is partnering with the @ton_blockchain to launch the $500M Telegram Bond Fund ($TBF) tokenizing access to Telegram-issued bonds for institutional and accredited investors. 🧵👇#RWAs #TON #TBF pic.twitter.com/9pD4WnLxxx
— LibreCapital (@librecap) April 30, 2025
Eric Priscini, CEO of Hashgraph, linked the growth to converging factors: “Regulatory frameworks are maturing. Technology is scaling. Institutions aren’t just talking—they’re acting.” His sentiment echoes industry analysts who view recent activity as proof of concept after years of experimentation. RedStone co-founder Marcin Kazmierczak noted, “Tokenization is no longer theoretical. These deals validate its utility for liquidity and efficiency.”
U.S. Treasuries remain a focal point, with Ethereum hosting $4.9 billion of the $6.5 billion in tokenized debt. Stablecoins also saw growth, surpassing $232 billion in market value with 160 million holders.
Brickken’s CTO Felipe D’Onofrio emphasized improved wallet infrastructure as a catalyst, while macroeconomic pressures push institutions toward digitizing traditionally illiquid assets like private credit.
Regulatory shifts under the Trump administration, including the dissolution of the DOJ’s crypto enforcement unit, have further buoyed confidence. Firms like Security Token Market highlight BlackRock’s multi-chain approach as a blueprint for traditional finance, with banks increasingly adopting permissioned ledgers.
BREAKING: Trump administration to “end the regulatory weaponization against digital assets” and “rescind and amend” all previous IRS crypto guidance. pic.twitter.com/Zo6OLYbyyy
— ALX 🇺🇸 (@alx) March 7, 2025
As RWA tokenization solidifies its role in global finance, the interplay between regulatory clarity, institutional adoption, and technological readiness continues to shape its trajectory. With major players now operationalizing projects, the sector’s next phase hinges on scaling solutions and broadening access beyond niche markets.
