Stablecoins, tokenized funds, private credit, commodities, equities, and ETFs: a data-driven view of onchain real-world assets, prepared by RWA Foundation.
This report is published by RWA Foundation using data from Token Terminal. It covers six categories of onchain real-world assets: stablecoins, tokenized funds, tokenized credit, tokenized commodities, tokenized stocks, and tokenized ETFs. All figures are trailing 30-day figures as of the report date unless otherwise noted.
The scope of this report is assets and their issuers, not blockchains. Each section ranks the top 10 assets and top 10 issuers within a category by 30-day market cap growth, and, where Token Terminal tracks it, market share by asset and by issuer. No chain-level or protocol-level infrastructure metrics (transaction volume, fees, active addresses, and so on) are included; this is a market structure view of the assets themselves and the entities that issue them.
Stablecoins remain by far the largest category tracked, at $298.8B across 189 assets, with USDT and USDC together holding 86% of the market. Tokenized commodities ($7.5B, 21 issuers, concentrated in gold), tokenized stocks ($2.9B, 3,449 assets, 22 issuers), and tokenized ETFs ($615.2M, 694 assets) are smaller and, in the case of stocks and ETFs, far more fragmented at the asset level. Tokenized funds and tokenized credit are presented by 30-day growth rather than total market cap, as Token Terminal's market share view was not available for those two categories at the time of writing.
Across every category, 30-day growth is concentrated in a small number of issuers: the largest gainer in each sector added more than double the next-largest gainer in five of the six categories. A recurring set of issuers, among them Ondo Finance, xStocks, Securitize, Centrifuge, Robinhood, Dinari, Reality, and Superstate, appear across multiple asset categories, pointing to a small group of infrastructure providers active across the tokenization stack rather than single-category specialists.
Several issuers referenced throughout this report, including OnRe, Dinari, Securitize, Maple Finance, and PreStocks are members of RWA Foundation but have no influence on the opinions of this report.
Taken together, the six categories in this report describe a market that is still concentrated at the top and long-tailed underneath. Stablecoins are the most mature and the most concentrated: two issuers, Circle and Tether, define the category, and growth over the past 30 days continued to favor the incumbents (USDC's +$2.1B alone exceeded the combined growth of the next four asset gainers). Tokenized commodities show a similar pattern one level down in size, with Tether, Justoken, and Paxos accounting for over 92% of share.
Tokenized stocks and tokenized ETFs sit at the opposite end of the fragmentation spectrum. With 3,449 and 694 tracked assets respectively, no single ticker holds more than 12% of either market, and a majority of both categories' market cap sits in a long tail labeled "Other." This reflects the sheer breadth of individual equities, ETFs, and indices being tokenized by issuers such as xStocks, Ondo Finance, Binance, Dinari, and Republic, each pursuing a different slice of traditional markets onchain.
Tokenized funds and tokenized credit, the two categories without a disclosed total market cap in Token Terminal's data at the time of writing, nonetheless showed some of the most concentrated 30-day growth of any sector: three issuers (WisdomTree, Hastra, and Sky in funds; Hastra, Tradable, and USDai in credit) accounted for the large majority of new growth in each category, with Tradable's tokenized private credit pools alone filling six of the top ten asset gainers in tokenized credit.
A handful of issuers, Ondo Finance, xStocks, Securitize, Centrifuge, Robinhood, Dinari, Reality, and Superstate among them, recur across three or more of the six categories tracked here. That overlap suggests the tokenization market is coalescing around a set of multi-category infrastructure providers, alongside category specialists such as Circle and Tether in stablecoins or Tradable and Hastra in credit.
This report reflects a single 30-day snapshot and will be superseded by RWA Foundation's subsequent editions. Figures are sourced entirely from Token Terminal and are subject to that platform's own tracked-asset coverage and methodology at the time of writing.