Tokenized real-world assets grew far faster than stablecoins across the 15 months ending March 31, turning RWAs into one of crypto’s strongest institutional narratives.
CoinGecko’s RWA Report 2026 puts tokenized RWA market capitalization at $19.32 billion at the end of Q1, up from $5.42 billion at the start of 2025. That marks 256.7% growth and lifts RWAs from 2.7% of stablecoin market size to 6.4%.
The move shows how quickly tokenization is shifting from a narrow Treasury story into a broader market structure theme. Treasuries still dominate, but gold-backed tokens, tokenized stocks, tokenized ETFs, and perpetual contracts tied to real-world assets are now adding more depth to the sector.
Tokenized Treasuries remain the largest category, adding $9 billion in market value during the period. Their market cap climbed from $3.99 billion to $12.99 billion, a 225.5% increase.
The category first crossed $10 billion on February 11, giving the market a clear institutional milestone. Even so, Treasury dominance slipped from 73.7% to 67.2% as other asset classes expanded faster from smaller bases.
That pattern fits the wider tokenization race across major chains, where issuers, asset managers, exchanges, and infrastructure providers are competing to control issuance, distribution, settlement, and secondary liquidity.
Tokenized commodities rose 289.1% to $5.55 billion, driven mainly by Tether Gold and PAX Gold. XAUT and PAXG accounted for 89.1% of the category’s expansion, reflecting stronger gold demand and better exchange access.
Trading activity moved even faster. Tokenized gold generated $90.7 billion in spot trading volume during Q1 alone, already beating the $84.6 billion traded across all of 2025. That trend also supports the recent surge in tokenized gold trading activity, as crypto traders look for blockchain-native access to traditional safe-haven assets.
Tokenized stocks grew from $2.09 million in June 2025 to $486.69 million by March 31, with Circle, Tesla, Nvidia, Alphabet, and MicroStrategy among the largest tokenized equities. Spot volume for tokenized stocks reached $15.12 billion in Q1, edging above the $14.84 billion traded during the second half of 2025.
Tokenized ETFs also expanded quickly, rising from $0.62 million in July 2025 to $297.5 million by the end of Q1. The category is still much smaller than tokenized Treasuries or commodities, but its broader asset mix gives it room to grow if demand for on-chain stock and index exposure keeps rising.
The biggest trading surprise came from RWA perpetuals. Total RWA perps volume reached $524.79 billion in Q1, already far above the $313.02 billion recorded during all of 2025. Hyperliquid’s HIP-3 share also climbed sharply, reaching 28.6% of monthly RWA perps volume in March.
The RWA market is no longer growing through one product line. Treasuries provide the institutional base, gold adds macro demand, stocks and ETFs widen investor access, and perps turn tokenized real-world exposure into an active trading market. That combination gives RWAs a stronger foundation than a single-cycle narrative, especially if issuers can keep improving liquidity, redemption, custody, and regulatory clarity.
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