Tokenized U.S. Treasuries remain the largest segment of the real-world asset market by capitalization, but fresh data shows tokenized public equities are now growing faster than any other category. The report said 2026 is shaping up as a transition year, with on-chain finance moving beyond yield-focused products toward a broader market structure.
Treasuries keep the largest share of the RWA market
According to the data, tokenized U.S. Treasuries still hold a clear lead over other asset classes by market size and remain the core foundation of the sector. Analysts cited stable yield and clearer regulation as the main reasons they continue to attract institutional interest. Commodities and private credit rank behind Treasuries, showing continued demand for income-generating assets and inflation hedges.
The market itself is becoming more diversified. The report said tokenized assets now span U.S. Treasury debt, commodities, private credit, institutional alternative funds, corporate bonds, non-U.S. government debt and public equities. Treasuries still dominate, but the market is no longer centered on a single use case.
Public equities emerge as the fastest-growing segment
Tokenized equities are still smaller in absolute size than Treasuries, yet their relative growth rate has outpaced every other RWA category. Data in the report linked that rise to improving DeFi infrastructure. Industry observers said tokenized stocks can be used as collateral, plugged into lending markets and accessed globally without the limits of traditional brokerage channels, all of which are supporting new demand.
That makes them distinct from Treasuries, which are used mainly as yield-bearing instruments. Tokenized equities add growth exposure to DeFi-native portfolios. The report said the combination of capital efficiency and composability has made equities one of the highest-growth verticals inside the broader RWA market. Their scale remains smaller for now. Their utility on-chain is expanding quickly.
RWA shifts from yield products to a fuller on-chain market stack
The report described a change in the RWA narrative. Early growth was concentrated in stable, income-producing assets such as government debt. Current momentum is tied more closely to utility, composability and integration with on-chain financial systems.
If that trend holds, 2026 could mark a phase where tokenization moves beyond experimental adoption and starts to look like a more complete financial infrastructure layer, stretching across debt, credit, commodities and equities.