The tokenized real-world asset market has moved past $29 billion, and the article says it is on track to reach $100 billion this year. The shift has drawn in BlackRock, Franklin Templeton, JPMorgan, Citadel Securities, Nasdaq, the NYSE and the Bank of England. It is getting far less attention than Bitcoin prices or ETF headlines, yet the buildout is centered on core financial infrastructure.
According to the source, the tokenized RWA market excluding stablecoins expanded from roughly $1.5 billion in early 2023 to $29.27 billion by April 2026. Within that total, tokenized U.S. Treasuries climbed from $380 million in Q1 2023 to $13.4 billion. Tokenized commodities reached $7.3 billion, tokenized equities passed $960 million, and yield-bearing on-chain dollar instruments added about $8 billion.
Large institutions are moving issuance and settlement onto blockchain networks
The article argues that this phase is no longer driven mainly by crypto-native experimentation. More than 40 major financial institutions are now issuing tokenized products on public blockchains. BlackRock’s BUIDL fund stands at $2.4 billion, runs on Ethereum, has expanded to multiple chains, and was connected to Uniswap in the first quarter of 2026. Franklin Templeton operates its BENJI tokenized money market fund across several blockchains and partnered with Ondo Finance to launch tokenized versions of five ETFs that can trade 24/7 through crypto wallets.
Other firms named in the report include Circle, Fidelity, WisdomTree, JPMorgan, Citadel Securities, Société Générale, Nomura, HSBC, DTCC, Euroclear, London Stock Exchange Group and the Bank of England. The common direction is clear: settlement, collateral use, trading access and product issuance are being rebuilt with blockchain rails.
Why tokenized Treasuries have become the largest segment
Tokenized U.S. Treasuries are the biggest category at $13.4 billion. The underlying asset is familiar, but the operating model changes. Traditional Treasury exposure often sits inside fund structures with custody layers and limited transfer flexibility. A tokenized Treasury product can settle in seconds, move at any hour, and be posted directly as collateral in on-chain lending markets.
The source lists the leading products in this segment: Circle’s USYC at about $2.7 billion, Ondo’s suite at $2.6 billion, BlackRock’s BUIDL at $2.4 billion, Franklin Templeton’s BENJI at $1 billion, and WisdomTree’s WTGXX at $861 million. Their legal structures differ, but the shared proposition is Treasury yield combined with on-chain composability.
Equities, gold and repo markets are also moving on-chain
Beyond Treasuries, tokenized commodities have reached $7.3 billion, with gold dominating the category. The use case is straightforward: around-the-clock trading, faster settlement and fractional ownership. The article notes that HSBC’s Hang Seng Investment announced plans for a gold ETF with tokenized shares, while Hong Kong’s HashKey Chain supports the territory’s first regulated silver-backed RWA token.
Tokenized equities had crossed $960 million by March 2026, up from $424 million in mid-2025. Ondo accounts for roughly 60% of that segment through its Global Markets platform. The NYSE is building 24/7 tokenized securities infrastructure through a partnership with Securitize, while Nasdaq received SEC approval in March 2026 for tokenized stock trading.
One of the least discussed developments is tokenized repo. In Q1 2026, DTCC, Euroclear, Tradeweb, Citadel Securities and Société Générale completed the first cross-border intraday repo using tokenized UK gilts on the Canton Network. In the same quarter, the Bank of England launched its Synchronisation Lab to explore tokenized settlement with central bank money. That points to change at the plumbing layer of global finance rather than at the edge.