According to CoinGecko's 2026 RWA Report, the market capitalization of tokenized real-world assets (RWA) has skyrocketed by 256.7% over the past 15 months, from $5.42 billion at the start of 2025 to $19.32 billion by the end of Q1 2026. This figure now accounts for 6.4% of the total stablecoin market cap.
Tokenized Treasuries Dominate
The report highlights that tokenized U.S. Treasury bonds remain the largest asset class, with their market cap surpassing $10 billion for the first time in February 2026. They currently hold a 67.2% market share, driven by institutional demand for on-chain yield products and the safety of U.S. government debt.
Commodity Tokens Surge on Gold
Tokenized commodities have risen to $5.55 billion, led by gold tokens XAUT and PAXG. Their combined spot trading volume in Q1 2026 reached $90.7 billion, exceeding the total volume for the entire year of 2025. XAUT has also partnered with Dephy and APRO for AI-powered quantitative systems, expanding its use cases.
Tokenized Stocks Gain Traction
Launched in mid-2025, tokenized stocks have reached a market cap of $486 million. While still nascent, this sector is attracting interest from traditional financial giants. Tokens like DNFLX are now available on select trading platforms.
The rapid growth of tokenized RWAs — from Treasuries to commodities and equities — signals a paradigm shift. With clearer regulations and improved infrastructure, the market is poised for further expansion. CoinGecko's report underscores that tokenized assets are moving beyond proof-of-concept to mass adoption, becoming a critical pillar of the crypto ecosystem.