Tokenized real-world assets are extending their run on blockchain rails. Fresh market data shows on-chain RWA value has moved past $25 billion, with bonds, private credit, precious metals, and public equities all adding scale across tokenized markets.
CryptoBusy said the current phase is not limited to higher trading activity. The shift is broader, with more traditional financial products entering blockchain markets and pushing tokenized assets into a new stage of growth.
Bonds hold the lead while market composition broadens
According to DeFiLlama data, active RWA capitalization climbed sharply through 2025 and 2026. Total on-chain value rose above $25 billion after sustained expansion and remained above previous market peaks. Tokenized bonds stayed the largest segment during the reporting period, and their market value expanded faster than other asset classes.
Private credit, precious metals, and public equities also posted steady gains. That widened the market mix. Capital was no longer concentrated in a single category, and the tokenized asset base became more diversified across the ecosystem.
Perpetual trading activity posts a sharp increase
Growth was also visible in derivatives. CryptoBusy reported that RWA perpetual trading volume surged more than 2,100% year over year, pointing to stronger participation in blockchain-based derivatives tied to traditional financial products.
Separate figures shared by Trireme showed the same pattern. Monthly RWA perpetual volume accelerated rapidly in early 2026, first crossing $100 billion and later reaching roughly $120 billion. July showed lower volume in the latest monthly data, though the report noted the period may not have been complete at the time of publication.
Centralized exchanges and DeFi venues both gained share
The market was spreading across both centralized and decentralized venues. Trade.xyz was the largest contributor in recent months, while other exchanges continued to add share. Binance, OKX, Bybit, Bitget, Gate.io, and Kraken remained active participants, and DeFi platforms also captured a growing portion of trading activity.
The report also pointed to stronger market infrastructure across blockchain networks as access improved. Exchanges kept expanding the availability of digital financial products. Ondo Finance was cited as another notable ecosystem participant, bringing traditional financial products on-chain and widening access to familiar investment instruments.
Ownership and liquidity are rising at the same time in the RWA segment. Bonds still form the base layer of tokenized finance, while other sectors continue to build scale across the market.