In 2025, tokenized real-world assets (RWAs) reached all-time highs, and economists see the $400 trillion conventional finance (TradFi) market as a huge area for expansion. A recent study by Animoca Brands claims that tokenized RWAs only account for $26.5 billion at the moment, which is a small portion of the entire addressable market.
Researchers Andrew Ho and Ming Ruan noted, “The potential expansion runway for RWA tokenization is underscored by the estimated $400 trillion addressable TradFi market.” They pointed out that asset managers are engaged in a “strategic race” to create integrated platforms, with the winners being those who can manage an asset’s whole lifecycle.
RWA market hits all-time high
According to industry tracker RWA.xyz, tokenized assets have increased in value by 70% since the beginning of 2025, hitting $26.5 billion. This trend indicates growing institutional interest, especially in U.S. Treasurys and private credit, which together make up around 90% of the tokenized market.
With more than $15 billion on-chain, private credit is in the lead, followed by US Treasury debt ($6.6 billion). Although they are still much smaller, other categories like commodities, global bonds, stocks, and alternative funds are thought to have long-term tokenization prospects.
Ethereum leads, but future is multichain
With a 55% market share and $156 billion in on-chain value, including stablecoins, Ethereum now leads the RWA space. Ethereum’s footprint increases to 76% when Layer-2 networks like Arbitrum, Polygon, and ZKsync are taken into account.
The liquidity, security, and extensive development ecosystem of Ethereum are credited by analysts with this dominance. However, Animoca points out that “high-performance and purpose-built networks” are becoming a source of competition, highlighting the fact that the future of tokenized assets will take place within a multichain ecosystem where interoperability is crucial.
Demand for cryptocurrency assets linked to tokenization infrastructure is also being fueled by this trend. Recently, Ethereum (ETH) reached a record high of $4,712, while Chainlink (LINK), an oracle provider, soared to $25.82, surpassing the overall cryptocurrency market.