$21B Locked as Institutions Pile In

Key Insights:

• Tokenized RWAs reached $21.35B TVL, led by $9.1B in U.S. Treasuries.
• Commodities hit $3.7B TVL, while private credit grows to $2.5B onchain.
• Regulatory clarity and new platforms are helping institutions expand tokenized asset infrastructure adoption globally.

Tokenized real-world assets (RWAs) reached $21.35 billion in total value locked (TVL) as of January 21, 2026, based on data from CryptoRank. U.S. Treasury debt accounted for $9.1 billion, or 42.4% of that total. The figures reflect ongoing demand from institutional investors seeking blockchain-based access to fixed-income products.

Other asset classes are expanding, though at a slower pace. Commodities reached $3.7 billion in TVL, showing a steady move to bring physical assets like gold and energy onto public chains. Private credit stood at $2.5 billion, and institutional alternative funds recorded $2.2 billion. Corporate bonds totaled $1.2 billion.

Broader Financial Instruments Move Onchain

Public equities now make up $867 million of the total, followed by non-U.S. government debt at $821 million. Smaller shares include private equity at $425 million, real estate at $243 million, and actively managed strategies at $199 million. These areas remain early-stage but show interest beyond core fixed-income products.

The share of tokenized U.S. Treasuries points to institutional confidence in onchain infrastructure for traditional finance. Other categories may follow, as platforms and service providers support additional product types and enable broader market participation.

Institutional Platforms Expand Participation

BlackRock’s BUIDL fund has passed $2 billion in tokenized U.S. Treasury exposure. VanEck and Apollo Global Management have also introduced similar offerings. These products allow large investors to access familiar asset classes through blockchain rails.

Coinbase, Kraken, and other exchanges continue to add tokenized asset support. Ondo Finance and Centrifuge are developing tools that help asset managers bring real-world assets onto public and permissioned networks. Polymesh, RaylsLabs, and Canton Network are focused on privacy, compliance, and transaction standards.

Policy Developments Bring Clearer Direction

Clearer rules are helping institutions engage. The European Union’s MiCA framework and the U.S. SEC’s Project Crypto initiative have outlined regulatory paths for tokenized financial products. As these rules are adopted, barriers to entry continue to fall.

McKinsey projects that tokenized assets could reach $2 to $4 trillion by 2030. Boston Consulting Group estimates the number could go as high as $16 trillion. Market activity and capital flow suggest that growth in the sector will continue.