Citi Forecasts Tokenized Securities Market to Reach $5.5 Trillion by 2030

Real-world asset tokenization brings traditional assets such as US Treasuries, private credit, stocks, and gold onto blockchains to enable fractional ownership, more efficient settlement, and round-the-clock trading. On-chain RWAs reached $32.22 billion by the end of June 2026, nearly triple the $11.8 billion recorded a year earlier. Tokenized US Treasuries accounted for about $15 billion.

The RWA market capitalization first topped $32 billion on May 12, 2026. JPMorgan subsequently applied to the US Securities and Exchange Commission to launch a tokenized money market fund on Ethereum. Axis CEO Chris Kim warned on May 14 that issuers were focusing solely on issuance while neglecting secondary-market depth. A July 3 report showed that only about 10%, or roughly $3 billion, of RWAs had entered DeFi.

Real-world asset (RWA) tokenization records ownership interests in traditional assets such as funds and bonds on a blockchain to improve trading and settlement efficiency. Token Terminal says institutional capital is adopting the model at a faster pace, with tokenized funds becoming the market's core segment as blockchain technology gradually enters traditional financial infrastructure.

Token Terminal's latest data showed that the market capitalization of tokenized RWAs had surpassed $43 billion as of July 2026, up 37% over the previous six months. Tokenized funds accounted for nearly 80% of the total, or about $34.4 billion. Ethereum remained the primary blockchain for custody, continuing to dominate the issuance and management of institutional-grade tokenized assets.

Real-world asset tokenization, or RWA, records ownership interests in traditional assets such as stocks and bonds on a blockchain. Securitize CEO Carlos Domingo said bringing stocks and ETFs onchain could broaden institutional participation. Given the vast size of global equity markets, shifting even a small portion onchain could reshape the crypto market.

As of July 20, 2026, Domingo told ETHConf that the RWA market stood at about $30 billion and could grow to $5 trillion if a small portion of global equity markets moved onchain. He also said Ethereum's infrastructure and ecosystem were best suited to support institutional-grade tokenized stocks and ETFs.

Real-world asset tokenization brings rights to assets such as stocks, bonds and gold onto blockchains, digitizing transactions, settlement and ownership records. Such products are viewed as an important bridge between traditional finance and crypto markets and have become a key use case for blockchain adoption by banks and institutions.

The latest Binance Research report said the active tokenized RWA market grew 589% from the start of 2025 through June 2026, expanding despite a broader cryptocurrency pullback driven by macroeconomic pressures. Tokenized stocks, bonds and gold were the main growth drivers, signaling continued gains in institutional demand.

Real-world asset tokenization records ownership interests in traditional assets, such as U.S. Treasuries, on a blockchain. As regulation becomes clearer and barriers to investment fall, institutional capital has increasingly shifted toward yield-bearing on-chain products since early 2025. a16z views the trend as an important sign that crypto is moving toward practical financial applications.

The tokenized RWA market has grown by a cumulative 420% since early 2025, with its total market capitalization exceeding $30 billion. A recent a16z report estimates the market at about $34 billion. Tokenized U.S. Treasuries are the main growth engine, with their market capitalization surpassing $15 billion, although the report also found that about 70% of RWA tokens lack active on-chain circulation.