The value of tokenized real-world assets (RWA) has increased 245 times over the past five years, reaching $21 billion, according to a report by the largest American cryptocurrency exchange, Coinbase. More than 90% of the RWA market share is occupied by private loans on the blockchain (61%) and U.S. government bonds (30%). According to the report, this trend will continue as RWA can solve the problems of traditional business.
The volume of tokenization of private loans grew almost from zero to $12 billion by April 2025, where about 70% of the market is occupied by the product of Figure. Tokenized U.S. Treasury bonds grew from less than $500 million in October 2022 to more than $6 billion by April 2025, with BUIDL (from BlackRock) and BENJI (from Franklin Templeton) becoming market leaders, owning 54% of the market share.
As of June 11, the total market volume of RWA is $23.3 billion, according to data from Rwa.xyz.
In just the first half of 2025, the market volume grew from $8.6 billion to over $23 billion, which is an 'extraordinary growth of more than 260%', the report from another major exchange, Binance, clarified.
A key growth factor in 2025 is the Tradable protocol (private credit sector), built on the ZKSync blockchain network, launched in January 2025, which quickly reached a volume of $2 billion. Binance analysts also noted that significant changes occurred in terms of integrating RWA products into the decentralized financial applications (DeFi) sector.
The fact is that a large portion of the RWA market is currently available only to institutional or authorized clients, and the average user does not have the opportunity to use these solutions alongside regular DeFi products. This is mainly due to regulatory restrictions that compel issuers to implement a series of client authorization procedures.
Binance noted the success of tokenized U.S. government bonds through BUIDL, which integrated with the Ethereum-based protocol - Euler Finance, allowing for lending and borrowing on the platform through products from BlackRock. In addition, the projects Centrifuge and Securitize have implemented tokenized funds on Solana, integrating with protocols based on the Solana blockchain, such as Kamino Finance.
The growing merger of RWA with DeFi not only opens a new source of reliable yield for financial ecosystems but also alleviates long-standing concerns about the industry's sustainability. This takes it beyond a self-contained ecosystem, directing it toward a more reliable and diversified financial future,” concluded Binance.
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