By April 2025, the total market capitalization of tokenized real-world assets (RWA) reached approximately $233 billion. The main growth driver is the popularity of fiat-pegged stablecoins.
According to a CoinGecko report, in Q1 2025, the RWA market grew by about $104 billion compared to the previous period, reaching $232.9 billion by early April.
The most active growth was shown by the fiat-pegged stablecoin sector, which reached $224.9 billion in April 2025, up $97 billion from December 2024. The total growth for the current year amounted to 76%. Within this sector, dollar-pegged stablecoins account for 93.5%:
- Tether’s USDT grew by $56.3 billion in 2025, reaching a capitalization of $148 billion;
- Circle’s USDC increased by $37.6 billion to $62.1 billion;
- Sky Protocol’s USDS rose by $2.4 billion to a $7.6 billion capitalization.
The tokenized treasury bonds sector grew by 544.8% in 2025, reaching $5.6 billion in April. The main surge occurred in March, when new U.S. trade tariffs led to a 67.1% increase, pushing the sector volume to $2.3 billion in one month. The sector leader is BlackRock’s BUIDL, launched in July 2024, which accounts for about 44% of the market with a cap of $2.5 billion. The report also notes that most tokenized bonds are issued on the Ethereum and Stellar blockchains.
The tokenized commodities segment increased by 67.8% in 2025. From January to April, it grew by $773.9 million, reaching $1.9 billion. Growth was mainly driven by rising gold prices, boosting demand for precious metal-backed assets. Leading tokens in this segment are Tether Gold (XAUT) and PAX Gold (PAXG), which together make up 84% of its capitalization.
On-chain lending volume reached $546.8 million, increasing by $97.3 million in 2025. The leader in this segment is Maple Finance, which holds about 67% of the market, with outstanding loan obligations on the platform reaching $374 million.
The tokenized equities market reached $11.4 million in 2025, growing 297% since early 2024. The sector leaders are Backed Finance and Dinari, with the tokenized S&P 500 index being the most popular product.
According to CoinGecko analysts, the RWA market became one of the fastest-growing areas in the crypto market, showing not only significant capital growth but also increasing interest from institutional investors.
In 2024 the RWA sector was also the fastest-growing segment of the crypto market, total value locked (TVL) in the sector grew by 60% over the year.
