Tokenized RWA market exceeds $38 billion as focus shifts to utility

The total market size for on-chain tokenized real-world assets (RWA) has surpassed $38.6 billion, with over 4.24 million holding addresses. U.S. Treasuries lead the sector with $15.9 billion, followed by commodities, active strategies, asset-backed credit, and tokenized stocks. Ethereum remains the dominant chain with $17.3 billion, followed by BNB Chain and Solana.