A Dune report published Wednesday said tokenized real-world assets reached $34.5 billion at the end of August. Tokenized Treasury funds accounted for half of that total, but their turnover for the month was just 0.006% of supply. By contrast, tokenized equities made up 8% of the market yet generated 93% of spot trading volume. The figures point to a sharp gap between asset size and actual secondary-market activity across tokenized asset classes. While cash-like and Treasury-backed products dominate by market share, trading is concentrated in a much smaller slice of the sector. The report highlights how tokenized RWA growth does not necessarily translate into active trading across the board.
Tokenized real-world assets reached $34.5 billion at the end of August, according to a Dune report published Wednesday.
Half of that market consisted of tokenized Treasury funds, but those products turned over just 0.006% of supply during the month.
Equities told a different story. The asset class represented 8% of the market, yet generated 93% of spot volume, the report found.
Trading activity varied sharply by asset type
The data shows a split between market size and actual trading. Cash-like and Treasury-linked tokenized products held a much larger share of total value, while equities accounted for most spot-market activity despite their smaller share of the sector.
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