Opening
The tokenized real-world asset market has reached $51 billion, up 42% this year, according to Bernstein Research, with private credit emerging as the largest segment at roughly 44% of total value. Private credit has surpassed tokenized U.S. Treasurys, which account for approximately 30% of the market, reflecting growing adoption of blockchain-based infrastructure for loan origination, fund administration, and settlement. This growth demonstrates how tokenization is expanding beyond short-duration government debt into credit markets traditionally harder to access through conventional banking channels, where blockchain infrastructure supports recordkeeping, settlement, transferability, and investor reporting.
Private Credit Drives Tokenized RWA Growth
Private credit structures enable borrowers to raise capital outside traditional banks while providing investors exposure to interest-bearing loans. The blockchain infrastructure supporting these transactions can facilitate loan origination, settlement, and investor reporting, though the underlying credit risk remains tied to borrower quality and loan performance.
Figure Technology Solutions ranked first among tokenized RWA platforms with $18 billion in assets, according to Bernstein, with most of that value tied to private credit. The company has tokenized $5 billion in consumer loans during 2026, with monthly loan volume reaching a record $1.3 billion in April. Figure's Connect marketplace, which links credit supply and demand through blockchain-based infrastructure, accounted for 56% of total loan volumes in the first quarter of 2026.
Securitize and Paxos followed with approximately $4.2 billion each across asset classes including treasurys, commodities, and stocks. Institutional participation is also increasing through tokenized fund structures—BlackRock's tokenized money market fund BUIDL has surpassed $2.5 billion in assets, according to Bernstein.
Market Measurement Challenges
Bernstein's $51 billion valuation is higher than other industry trackers, including RWA.xyz's $34 billion figure. This gap reflects a key measurement issue: providers do not always count the same structures. Some include hybrid onchain and offchain products, special purpose vehicles, and custodian-linked assets, while others use narrower definitions based on directly observable onchain issuance.
Tokenized assets encompass fully onchain tokens, offchain assets represented by blockchain records, fund shares, credit vehicles, and custodian-backed structures. A tokenized Treasury fund with onchain transferability is easier to track than a private credit structure using special purpose vehicles, custodians, or partial blockchain settlement. If analytics platforms exclude hybrid structures, they may undercount private credit and overstate the share of simpler tokenized instruments.
Ross Shemeliak, co-founder of Stobox, stated that private credit is growing because it addresses two market needs simultaneously: investors seek yield, and businesses need capital. He noted that tokenized U.S. Treasurys were the first major institutional success in the RWA market, while private credit offers higher potential returns and more direct exposure to the real economy.
Current Market Composition and Derivatives Activity
Beyond private credit, tokenized U.S. Treasury debt accounts for roughly 30% of the market, while commodities make up another 14%, according to Bernstein. These categories appeal to institutions because they are easier to benchmark, custody, and often simpler to explain within existing regulatory frameworks.
Derivatives are emerging as part of the RWA growth story. Bernstein pointed to rising activity in onchain RWA derivatives through Hyperliquid. RWA-related open interest on Hyperliquid reached $2.6 billion in May, while trading volumes totaled $65 billion in April 2026.
Investor Considerations
The $51 billion valuation indicates that tokenized RWAs have moved beyond proof-of-concept status. For institutions, the primary consideration is whether tokenized RWAs can deliver operational gains without adding legal, liquidity, or counterparty uncertainty. Private credit's rise shows demand is moving toward higher-yielding assets, not just safer treasury products, creating a larger market opportunity while making underwriting, transparency, and enforcement more important.
常见问题
问：为什么私募信贷在代币化现实世界资产（RWA）中成为主导板块？
答：根据 Bernstein Research 的数据，私募信贷占 510 亿美元代币化 RWA 市场的 44%，因为区块链基础设施使得在传统银行渠道之外能够进行贷款发放、结算以及投资者报告。这使借款人更容易筹集资金，投资者也能更直接地获得计息贷款。
问：Bernstein 的 510 亿美元市场估计与其他追踪机构有何不同？
答：不同的分析机构对代币化资产的定义不尽相同。Bernstein 将混合链上与链下产品、特殊目的载体，以及与托管方相关联的资产纳入统计；而一些平台如 RWA.xyz（340 亿美元估计）则采用更狭窄的定义，基于直接可观测的链上发行情况。
问：哪个平台在代币化 RWA 市场中处于领先地位？
答：Figure Technology Solutions 以 180 亿美元的资产排名第一，主要集中在私募信贷领域。该公司在 2026 年将 50 亿美元的消费贷款代币化，4 月份月度贷款规模达到 13 亿美元。
