Tokenized asset value stalls 1% to $32B as stock holders surge 36%

The tokenized real-world asset market has hit a wall. After tripling year-over-year and breaching $32B in May 2026, the sector’s total distributed value has slipped to roughly $31.49B, a 1.3% decline over the past 30 days.

The numbers behind the stall

The on-chain RWA market first crossed the $32B threshold in May, powered by a wave of institutional products from BlackRock, JPMorgan, and Franklin Templeton. US Treasuries and money market funds have been the workhorses of this expansion, with Hashnote’s USYC sitting at $3.1B and BlackRock’s BUIDL fund at $2.4B.

When you zoom out and include stablecoins in the calculation, the broader tokenized asset universe sits at approximately $296B.

Ethereum still dominates the infrastructure layer, accounting for roughly 50% of the public blockchain share in RWA transactions.