The market cap of tokenized real-world assets has surpassed $51 billion, up 40% year-to-date, even as the broader crypto market has fallen roughly 20% over the same period, a sign that institutional interest in tokenization is accelerating independent of crypto market conditions, Bernstein analysts said in a note Monday.
Analysts from the research and brokerage firm led by Gautam Chhugan cited data showing private credit remains the dominant asset class at roughly 47% of total RWA market cap, followed by U.S. Treasurys at approximately 30% and commodities at about 9%.
Ethereum and Provenance together host more than 70% of total tokenized asset activity, with Provenance at 39% and Ethereum at 33%. Total RWA asset holders have surpassed 917,000 — up approximately 60% year-to-date.
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