RWA Landscape: Private Credit and US Treasuries Dominate

As of June 29, over 88% of tokenized Real-World Assets (RWA) are concentrated in just two categories: Private Credit (58.1%) and US Treasury Debt (30%), reflecting investor preference for yield-bearing and relatively low-risk instruments.

Private Credit accounts for the largest share, with $10B primarily driven by Figure’s activity on the Provenance Blockchain. This highlights a growing appetite for alternative fixed-income products outside of traditional banking channels—mirroring broader trends in private credit expansion across both TradFi and DeFi.

Meanwhile, tokenized US Treasuries have become a backbone for on-chain liquidity strategies, now totaling $7.38B in value. Leading the charge is BlackRock’s fund, which has captured nearly 39% of the Treasury-backed RWA market. Its integration with DeFi protocols (via $USDC instant redemption and Wormhole multi-chain access) has made it especially attractive for on-chain treasuries, DAOs, and protocols such as Ondo, Frax, and Ethena.#Q2Report