Where tokenisation is gaining traction
Tokenised Treasury funds lead on public blockchains by value and repo leads by activity, while private markets are earlier and much on-chain value serves as a record rather than a settlement.
Market maturity varies considerably across asset classes, with tokenised US Treasury products among the most established segments.
How mature a market looks depends on what is measured. RWA.xyz, whose data underpins the figures in this section, splits tokenised assets into "distributed" assets, which can leave the issuer's platform and change hands between investors, and "represented" assets, which stay on the issuer's platform and use the ledger mainly as a record.
By the value of tokens that can move freely on public blockchains, tokenised US Treasury products are the largest and most mature category, at around $15 billion at the end of May 2026. Most of this sits in tokenised money market funds (tMMFs): regulated cash-management funds holding short-dated government debt, whose shares are issued as tokens so that ownership and yield are recorded and distributed on a blockchain. The rest includes products such as Ondo's USDY, a note secured by short-term Treasuries and bank deposits rather than a fund.
Franklin Templeton's BENJI, launched on Stellar in 2021, was the first US-registered mutual fund to use a public blockchain as its official record of share ownership, and it remains unusual in being open to retail investors. Franklin's wider Benji platform held $1.98 billion as of April 2026. BlackRock's BUIDL, launched in 2024 with Securitize, has grown to more than $2 billion and is now accepted as trading collateral on major crypto exchanges, making it a reference asset for on-chain institutional cash. Circle's USYC is of similar scale.
US Treasury debt is the largest share share of the "distributed" tokenised asset market
Demand stems from the fact a tMMF is a round-the-clock, globally transferable instrument, meaning it can be posted as collateral and delivered in settlement at any hour. Subscription and redemption timelines with the fund are generally the same as conventional money market funds, but transfer between peers is 24/7 on the blockchain. tMMFs have matured faster than other asset classes because they sit at the intersection of three favourable conditions:
- A simple, safe underlying asset (a fund of short-dated government paper)
- A genuine, identifiable buyer: crypto-native institutions, trading firms, and treasuries holding large stablecoin balances that want somewhere to earn yield
- Visible scale with credible sponsors (e.g. BlackRock and Franklin Templeton)
Regulators are also beginning to let tokenised funds into conventional collateral markets. In September 2026, staff at the US Commodity Futures Trading Commission (CFTC) updated their guidance to confirm that futures brokers and clearing houses may invest the client money they hold in tokenised versions of assets they are already permitted to buy, including government money market funds and Treasuries. The token must carry the same legal rights as the underlying asset and be held with a permitted custodian, and for money market funds the holder must confirm in writing that the shares are segregated client assets, free of any claims. Stablecoins remain off that list. The guidance also allows tokenised money market fund shares to be posted as margin on uncleared swaps. This is staff guidance rather than a formal rule, but it shows the collateral role that has driven demand for tMMFs is moving from crypto venues into regulated derivatives markets.
Key statistic
Most of the market is inaccessible to retail investors
A mid-2026 analysis by BeInCrypto and data provider rwa.xyz shows how narrow the market’s accessible, mature core remains. Of roughly $60 billion in tokenised real-world assets (excluding stablecoins and repo), just $1.7 billion, or 3%, sat in products open to US retail investors. EU-regulated funds added a further $3.3 billion. Most of the remainder was institutional-only, offshore or of unclear regulatory status, and nearly a third of the total was Figure Technologies’ privately placed home-equity loans. Maturity is similarly uneven. The authors judge only tokenised US Treasuries to be “production grade,” and even there a handful of wallets hold most of the largest funds.
Share of the tracked tokenised RWA market unavailable to US retail investors
Repos are the most mature market when measuring maturity by transaction volume. Tokenised repo is already running at industrial scale. Broadridge's Distributed Ledger Repo platform offers tokenisation layered over existing custody, and settled $351 billion each day in August 2026 on average, with total settled volume for that month $7.4 trillion. It’s important to note that many of those trades open and close within hours or overnight, so the value outstanding at any moment is a small fraction of those figures. Firms don't need to hold natively digital bonds to use it: their ordinary securities stay with their custodian, are locked there, and are represented by a digital token on a shared ledger. The token changes hands at the same moment as the cash payment, which removes the risk of one side delivering without the other and makes repos lasting just a few hours practical. In September 2026, it extended eligible collateral beyond tokenised US securities to include G7 securities.
Repo also shows why on-chain value and on-chain activity are different measures. When repo and stablecoins are removed, much tokenised value is static. RWA.xyz data analysed by BeInCrypto found that 910 of the 1,289 tokenised assets worth more than $100,000 (representing $32.9 billion, over half the value measured) at the end of May 2026, recorded no transfers in the week sampled. Much of this is by design, as around $27 billion sits in represented assets, tokens that serve as the issuer's internal record and never leave its platform, the largest share being Figure's tokenised home equity loans. Additionally, a tMMF token earning yield in an investor's wallet is functioning as intended. But it shows that much of the market still uses blockchain for record-keeping rather than settlement.
Beyond Figure's loan book, tokenisation in private markets and private credit is less developed, though there is scope for significant advances. Private equity, venture funds, and direct lending to companies are illiquid and involve a lot of manual paperwork. Tokenisation puts these assets and their ownership records onto shared digital infrastructure. Apollo's tokenised credit fund (ACRED) with Securitize, and comparable vehicles from Hamilton Lane and KKR, are active examples.