The tokenized real-world asset market grew significantly in 2026: its distributed value rose from approximately $21.5 billion at the beginning of the year to nearly $39 billion on October 9. However, this roughly 81% increase was concentrated on a small number of networks. Stellar and BNB Chain are estimated to have accounted for nearly 62% of the measured growth combined, placing their ecosystems at the center of a sector that is still seeking to broaden its use cases.
Tokenization involves representing the ownership or value of a traditional asset on a blockchain. This could include bonds, fund shares, stocks, gold, or real estate. The digital token is then linked to an underlying asset and can be transferred or traded using blockchain infrastructure, in accordance with the rules established for the product in question.
According to data tracked by the RWA Foundation, the value of assets distributed in this category rose from approximately $21.5 billion at the beginning of 2026 to nearly $39 billion on October 9. The comparison is based on figures compiled using a similar methodology and does not include stablecoins. It provides an overview of the growth of financial assets and other goods represented on blockchain networks, but does not, on its own, measure trading volumes or adoption among investors as a whole.
Rapid growth, but still concentrated
The observed increase is not evenly distributed across the various networks. Stellar is estimated to have contributed around 38% of the tracked increase, while BNB Chain is thought to have accounted for nearly 24%. Together, the two networks would therefore represent approximately 62% of the growth recorded over the period.
This concentration makes XLM, the token associated with Stellar, and BNB, the token of the Binance ecosystem, assets that industry observers may examine when looking into the expansion of RWAs. However, this does not mean that growth in tokenization will automatically lead to an increase in the value of these cryptocurrencies. A network’s growth and the performance of its token depend on distinct factors, including actual use, demand, economic mechanisms, and overall market conditions.
The RWA Foundation, a nonprofit organization founded in November 2024, works to encourage the development of tokenized financial assets and blockchain-based financial infrastructure. Stellar is a member. The growth of these networks is also part of a broader evolution in financial infrastructure, as traditional institutions, technology companies, and cryptocurrency players seek to define new ways to issue, record, and transfer assets.
Why Stellar and BNB Chain are attracting attention
Stellar is often highlighted for its focus on payments and value transfers. Its ecosystem includes projects and institutions associated with traditional finance, including Franklin Templeton, WisdomTree, and Ondo Finance. Their presence illustrates the interest some asset managers have in issuing financial products on blockchain networks, although each initiative has its own characteristics and level of adoption.
BNB Chain, for its part, benefits from an extensive ecosystem and significant activity in decentralized applications. The share of growth attributed to it indicates that tokenized assets are also being distributed on this network. For market participants, competition between blockchains concerns, among other things, their ability to provide reliable infrastructure, suitable transaction costs, sufficient liquidity, and tools compatible with issuers’ requirements.
The two networks are not alone in this race. A comparison of the leading infrastructures supporting tokenized stocks is also discussed in this article on the blockchains highlighted by Grayscale for tokenized stocks. As offerings multiply, the ability to attract issuers and facilitate user access could matter as much as the size of the ecosystem itself.
From traditional bonds to digital tokens
Tokenization does not necessarily change the economic nature of an asset. A tokenized bond, for example, remains linked to an underlying security. An investor may hold exposure to that bond and receive the interest payments due, while the recording and transfer of the position rely on a blockchain rather than solely on the conventional IT systems of a financial intermediary.
Major traditional finance companies are already interested in this approach. BlackRock, in particular, has participated in the tokenization of products linked to U.S. Treasury securities. The stated aim of this type of arrangement is to modernize certain aspects of asset management and circulation. The technology could potentially facilitate settlement, recordkeeping, or the transfer of securities, but it does not eliminate legal constraints, issuer-related risks, or compliance requirements.
The growth of RWAs is part of the broader transformation of digital financial services. Changes affecting payments, money, and infrastructure are also examined in this article on the impact of the digital revolution on finance. Tokenization is one extension of this evolution: it applies digital tools to assets that, until now, have primarily been administered by intermediaries and traditional systems.
A market dominated by yield, but with use cases still developing
A significant share of the real-world assets on the blockchain is held for its yield. Products linked to bonds or Treasury bills can therefore attract investors seeking income-generating exposure. Alongside these instruments, tokenization of gold, stocks, and real estate remains less developed in terms of transaction volume, which is still around $1 billion for these categories, according to the data cited.
This difference between total distributed value and trading volumes is important. An asset can be issued and held on a blockchain without being traded frequently. Growth in tokenized value therefore signals an expansion in supply or recorded positions, but does not, on its own, prove that the markets concerned already have liquidity comparable to that of traditional markets.
In May, BNC Research had already reported an acceleration in the growth curve. The value of distributed real-world assets had then reached approximately $31.4 billion, compared with around $21.5 billion at the beginning of 2026. According to this comparison, the figure was about five times higher than at the beginning of 2025. October’s data extend this trend, while underscoring that the pace and distribution of growth vary by asset class and network.
Institutions and infrastructure are seeking their place
Financial players’ interest is not limited to the tokens themselves. It also concerns the infrastructure connecting existing markets to blockchain networks, as well as the rules governing the custody, settlement, and tracking of securities. The European Central Bank’s announced creation of a blockchain gateway, discussed in this article on connecting financial markets through blockchain infrastructure, illustrates the growing attention public institutions are paying to these issues.
Brokerages and platforms are also seeking to integrate blockchain into their services. The Robinhood Chain project, presented in this article on a traditional brokerage’s entry into the blockchain world, shows that this evolution extends beyond crypto-native players. The challenge is to bring traditional markets closer to digital infrastructure while retaining mechanisms suited to the applicable financial rules.
The possibility of trading tokenized securities on established stock exchanges is also among the options being explored. An article on the potential listing of tokenized securities on a U.S. stock exchange describes the growing interest in bringing regulated markets and digital instruments closer together. Such a development would depend on the structure of the products, trading rules, and investor protection arrangements.
Outlook depends on real-world adoption
By surpassing $39 billion in distributed value, tokenized assets confirm that they are playing an increasingly prominent role in the cryptocurrency and digital finance sectors. However, Stellar and BNB Chain’s dominance in measured growth reveals a market that remains concentrated, with a few networks capturing a significant share of new assets.
The next stage will depend in particular on the products’ practical use: trading frequency, investor access, integration with settlement systems, and clarity around the rights associated with the tokens. For both Stellar and BNB Chain, the challenge will be to turn their lead in growth figures into lasting activity among issuers and users, as financial institutions and platforms develop their own solutions.
