The market cap of tokenized real-world assets has surpassed $51 billion, up 40% year-to-date, according to Bernstein analysts in a note Monday. The growth occurred even as the broader crypto market fell roughly 20% over the same period, indicating that institutional interest in tokenization is accelerating independent of crypto market conditions. Private credit remains the dominant asset class at roughly 47% of total RWA market cap, followed by U.S. Treasurys at approximately 30% and commodities at about 9%, with Ethereum and Provenance together hosting more than 70% of total tokenized asset activity.
Private Credit Dominates Tokenized RWA Asset Class Distribution
Bernstein analysts led by Gautam Chhugan cited data showing private credit at roughly 47% of total RWA market cap, U.S. Treasurys at approximately 30%, and commodities at about 9%. Ethereum and Provenance together host more than 70% of total tokenized asset activity, with Provenance at 39% and Ethereum at 33%. Total RWA asset holders have surpassed 917,000, up approximately 60% year-to-date.
Two Equity Tokenization Models Emerge in Industry
Tokenized equities have grown 130% year-to-date, from $700 million to $1.6 billion, Bernstein said. The industry is coalescing around two distinct business models. The first is the trading infrastructure model, where regulated broker-dealer platforms buy the underlying shares and hold them in custody against a blockchain token. Robinhood's offering of tokenized U.S. stocks to E.U. investors is the leading example Bernstein cites. The tokens trade 24/7 with real-time settlement and generate incremental trading commissions, but the third-party sponsor, not the tokenholder, remains the registered shareholder. Dividend entitlement and voting rights do not transfer.
The second is the settlement and exchange infrastructure model, where blockchain functions as the actual settlement layer for company-issued shares. Tokenholders receive full ownership rights and the protections of traditional exchange-listed securities. Figure, Bullish, and Securitize are building the regulated infrastructure stack for this model using SEC-registered transfer agents, Alternative Trading System licenses, and regulated broker-dealer and custody solutions. Figure has already launched its own tokenized shares on OPEN, with another listing in the pipeline. Bullish's acquisition of Equiniti allows it to operate a unified ledger spanning both traditional and tokenized securities while offering token design and liquidity services. Securitize has partnered with NYSE for its tokenized securities platform, with Computershare enabling tokenized share issuance for U.S. companies and Jump Trading building DEX-style onchain trading for tokenized equities.
Coinbase Launches Hybrid Multi-Asset Exchange Model
Coinbase is pursuing a hybrid play that Bernstein frames as a multi-asset single exchange. Over the past several weeks, Coinbase has launched tokenized equities, equity perpetuals, and pre-IPO perpetuals for non-U.S. investors, alongside a regulated crypto derivatives market for U.S. investors. Its tokenized stocks, backed one-for-one by underlying shares, carry features including automatic dividend payouts and programmatic onchain utility. Coinbase has become the only CFTC-regulated futures commission merchant offering U.S. investors access to global crypto derivatives—futures and options.
SEC Proposes Rescinding Rules 611 and 610(e) for Tokenized Stocks
The SEC has proposed rescinding rules 611 and 610(e), a move that would allow tokenized stocks to trade more freely on decentralized venues without mandatory compliance routing through traditional exchanges. In December 2025, the SEC issued a no-action letter to DTC for a tokenized equity pilot and approved proposals from NYSE and Nasdaq to permit tokenized securities trading on their respective exchanges.
Monthly Transfer Volumes for Tokenized Equities Reach $5.3 Billion in June
Monthly transfer volumes for tokenized equities reached $5.3 billion in June on a run-rate basis as of June 19, up from $3.6 billion in May and $500 million as recently as September 2025, Bernstein's data show. Among the top tokenization platforms by assets, Figure leads the field at $18.9 billion, driven primarily by private credit. Securitize ranks second at $4.3 billion across Treasury and stock exposure, followed by Ondo at $3.8 billion, Circle at $3 billion, and Tether at $2.5 billion in commodities.
FAQ
What is the current market cap of tokenized real-world assets?
The market cap of tokenized real-world assets has surpassed $51 billion, up 40% year-to-date, according to Bernstein analysts in a note Monday.
What are the two equity tokenization models identified by Bernstein?
Bernstein identifies two models: the trading infrastructure model, where regulated broker-dealer platforms hold underlying shares in custody against blockchain tokens, and the settlement and exchange infrastructure model, where blockchain functions as the actual settlement layer for company-issued shares with full ownership rights transferring to tokenholders.
How much did monthly transfer volumes for tokenized equities reach in June?
Monthly transfer volumes for tokenized equities reached $5.3 billion in June on a run-rate basis as of June 19, up from $3.6 billion in May and $500 million as recently as September 2025, according to Bernstein's data.
