Key market figures
Institutional adoption of tokenised assets is accelerating
Major financial institutions are investing in tokenised assets, moving the question from which assets will be tokenised to what infrastructure is needed to scale the industry. Excluding repo, the market for tokenised real-world assets currently sits at $39 billion, but breathless forecasts suggest it will soon be much larger:
- McKinsey forecasts a $2 trillion market capitalisation by 2030 ($4 trillion in a bullish scenario)
- Boston Consulting Group and Ripple forecast $9.4 trillion, and $18.9 trillion by 2033
- Citi Institute puts it at $5.5 trillion in a base case scenario
- Deutsche Bank says $2 trillion as their higher estimate
Growth in tokenised RWA market capitalisation between January 2025 and March 2026, excluding stablecoins.
Market forecasts vary considerably because institutions use different definitions of tokenised assets and make different assumptions about adoption. Some estimates exclude stablecoins and repos, while others encompass a broader range of financial instruments. These projections should therefore be interpreted as distinct scenarios rather than directly comparable market forecasts.
Market forecasts vary widely in scope and scale
Despite the huge variance, there is reason to believe the forecasts: growth stood at 65% in 2023, 94% in 2024, and 173% in 2025. The first five months of 2026 saw 40% growth, adding a further $16.7 billion. This growth has attracted major financial institutions. BlackRock, Franklin Templeton, JPMorgan, and Broadridge run live tokenised products and platforms, and DTCC is preparing to tokenise securities held at the US central securities depository.
High and accelerating growth rates lend some credence to the forecasts
Key statistic
Market size depends on what's included
Headline figures for the tokenised asset market usually exclude stablecoins and repo, for different reasons. Stablecoins are tokenised cash rather than tokenised investments: they typically serve as the settlement asset on the other side of the trade, and at several times the value of everything else combined, they would swamp the total. Trackers such as RWA.xyz therefore report them separately. Repo is excluded because it is a flow rather than a stock. Tokens represent collateral only for the life of each trade, often hours, so the meaningful measure is turnover, not value outstanding. Most of that activity also runs on permissioned ledgers that public-chain trackers cannot see.
Tokenised asset market size
As of September 2026, excluding stablecoins and repo markets
Regulators are taking note too, increasingly addressing tokenised securities directly rather than crypto in general. In the US, the Securities and Exchange Commission has set out how securities law applies to tokenised securities and cleared DTC to tokenise the assets it holds, while banking regulators have said a tokenised security carrying the same legal rights as its conventional form should receive the same capital treatment. England and Wales have confirmed in statute that digital assets can be property; the EU is weighing a major expansion of its DLT Pilot Regime, and DLT-issued assets have been eligible as Eurosystem collateral since March 2026.
However, adoption remains uneven. Repo is the most mature segment by activity, with Broadridge's platform alone settling trillions of dollars a month. Tokenised Treasuries and money market funds lead by value held on public blockchains. Private credit and other private-market funds are earlier, with live vehicles but little secondary trading, while tokenised equities and real estate are largely experimental.
This report looks at the most mature tokenised asset markets, the settlement systems and infrastructure behind them, and the barriers to tokenisation realising the lofty forecasts.
A note on market definitions
Market estimates in this report draw on multiple third-party sources, each using its own methodology and asset coverage. Unless otherwise stated, figures relating to tokenised real-world assets should not be assumed to include stablecoins, tokenised deposits or repo transactions. Market valuations, growth rates and institutional forecasts may therefore differ substantially between sources and should not be interpreted as directly comparable.