Three firms now sit atop the tokenized real-world asset market. Sky, Securitize, and Ondo Finance have collectively issued around $12.3 billion in tokenized assets, carving out a combined 27% share of the $44.5 billion RWA market.
That market has grown by more than 1,800% over recent years. Most of that explosive expansion traces back to a single asset class: US Treasuries.
Who’s leading and why it matters
Sky, the rebranded MakerDAO ecosystem, holds the top spot with $4.5 billion in tokenized assets. The protocol has pivoted into real-world collateral, using RWAs to back its USDS stablecoin.
Securitize trails closely at $4.3 billion, a figure turbocharged by its role as transfer agent for BlackRock’s tokenized Treasury fund.
