The market for tokenized real-world assets has quietly ballooned to roughly $25 billion in total market cap, a figure that would have sounded delusional two years ago. Today it sounds like a floor.
Treasuries are the main character
Of that $25 billion, tokenized US Treasuries account for approximately $16 billion, representing over 55% of the entire RWA market.
BlackRock’s BUIDL fund sits at the center of this trend. The tokenized money market product has accumulated roughly $2.98 billion in assets, making it the single largest tokenized product as of May 2026.
The broader DeFi landscape tied to specific chains and RWA subsectors has seen total value locked reach around $3 billion, a milestone that puts RWA protocols ahead of some decentralized exchange categories in DeFi rankings.
