Tokenized real-world assets stood at $38.82B in distributed onchain asset value as of September 15, 2026, up 0.92 percent over the prior 30 days. The growth came from two places at once: traditional asset managers tokenizing money market funds, and private credit platforms compounding existing pools. BlackRock, Franklin Templeton, Apollo, Hamilton Lane, and WisdomTree all now have live tokenized products, and rwa.xyz tracks the AUM in close to real time.
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This piece breaks down the current market size by category, the YoY growth rate, the institutional entrants driving it, and the Boston Consulting Group projection that puts tokenized RWAs on a path to $16T by 2030. If you are sizing the segment for an internal memo, an allocation decision, or a product launch, these are the numbers to start from.
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Tokenized RWA value sits at $38.82B in distributed asset value, per rwa.xyz, checked September 15, 2026. The same dashboard puts represented asset value, which counts offchain assets registered against onchain records, at $364.76B.
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The headline figure excludes fiat-backed stablecoins, which rwa.xyz tracks separately because they are not yield-bearing or asset-managed in the traditional sense. Including stablecoins pushes the broader tokenized-dollar category to $305.19B, the total stablecoin value reported on the same rwa.xyz dashboard. The $38.82B figure covers tokenized Treasuries, private credit, real estate, commodities, and tokenized equities, the segments where AUM growth is being driven by capital allocation rather than payments velocity.
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Growth is concentrated in a handful of funds. Per rwa.xyz's tokenized Treasury page, the largest tokenized Treasury products as of September 15, 2026 are BUIDL at $2.70B, Circle's USYC at $2.60B, Ondo's USDY at $2.23B and Franklin Templeton's iBENJI at $1.70B.
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Tokenized Treasuries are the largest category at $15.65B. Tokenized credit follows at $7.96B, then commodities at $4.85B and tokenized stocks at $2.92B, with tokenized real estate the smallest of the set.
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Per rwa.xyz on September 15, 2026, the breakdown looks like this:

On those figures, Treasuries are about 40 percent of distributed RWA value, credit about 21 percent, commodities about 12 percent and tokenized stocks about 8 percent. Category shares move with fund flows, so treat any split as a snapshot rather than a trend line.
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rwa.xyz publishes rolling 30-day change rather than a year-over-year series. As of September 15, 2026 total RWA value was up 0.92 percent over 30 days, with tokenized stocks up 17.36 percent, tokenized credit up 6.32 percent, tokenized Treasuries down 3.46 percent and commodities down 2.76 percent, per rwa.xyz.
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Growth is concentrated in a handful of products. Per rwa.xyz's tokenized Treasury page, the platform league table puts Securitize first at $2.8B across five products, Ondo second at $2.7B across ten, Circle third at $2.6B with one, and Franklin Templeton Benji Investments fourth at $2.5B across four.
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The growth is not evenly distributed across issuers. The top four platforms above hold the bulk of tokenized Treasury value between them, and smaller issuers grow faster in percentage terms while adding less in dollars.
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BlackRock, Franklin Templeton, Apollo, Hamilton Lane, WisdomTree, and KKR are the institutional names driving the AUM curve. BlackRock's BUIDL and Franklin Templeton's BENJI together represent the clearest signal that traditional asset managers see tokenization as a real distribution channel, not a pilot.
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The institutional layer:

The institutional flow matters because it changes who holds the AUM. In 2023 most tokenized RWA AUM was held by DAOs and crypto-native treasuries seeking yield. By 2026 the holder base includes corporate treasuries, family offices, fintech platforms, and a small but growing slice of regulated allocators using tokenized funds as a settlement primitive.
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BlackRock's March 2024 BUIDL launch and Franklin Templeton's earlier BENJI rollout put two of the largest asset managers into the category. Per rwa.xyz's tokenized Treasury page, tokenized Treasury funds now hold $15.65B across 101 products, with BUIDL and iBENJI together above $4.4B. They legitimized the segment for other allocators and forced custodians, transfer agents, and chains to build the rails to support institutional flow.
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BlackRock's entry had three concrete effects. First, BUIDL became the largest tokenized fund within twelve months of launch, which gave smaller issuers a reference point for AUM scale. Second, distribution through Securitize as the regulated transfer agent created a template that Apollo, Hamilton Lane, and others followed. Third, multi-chain expansion through 2025 (Polygon, Avalanche, Arbitrum, Optimism, Aptos) demonstrated that institutional issuers were willing to put yield products where the demand actually lives.
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Franklin Templeton's contribution is structurally different. BENJI predates BUIDL and was the first U.S.-registered tokenized money market fund, which set the regulatory precedent. Stellar was the original issuance chain. By 2026 BENJI runs on eight chains and serves as a working example of a traditional fund that operates onchain with regulated transfer agent rails.
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Per the BCG and ADDX report, published in September 2022, asset tokenization "will grow 50 times to US$16.1 trillion in 2030" as a business opportunity. McKinsey's base case is far smaller: nearly $2 trillion of tokenized market capitalization by 2030, with a range from about $1 trillion to about $4 trillion, and with tokenized deposits, stablecoins and CBDCs excluded.
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The two numbers are not measuring the same thing. BCG and ADDX size a business opportunity across real estate, equities, bonds, funds and less traditional assets such as car fleets and patents. McKinsey sizes tokenized market capitalization and explicitly leaves out the stablecoin and tokenized-deposit float that dominates onchain dollars today. Read the definition before quoting either number.
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Neither is a forecast in the strict sense. Both are scenario-based and depend on regulatory clarity, custody infrastructure, and institutional adoption. Against today's $38.82B of distributed RWA value per rwa.xyz, both scenarios require order-of-magnitude growth that has not happened yet, so treat them as sizing exercises rather than run-rate projections.
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Tokenized RWA value at $38.82B is roughly an eighth of the $305.19B total stablecoin value on the same rwa.xyz dashboard, and a small fraction of overall crypto market cap, but it is the fastest-growing institutional category and the segment with the clearest path to traditional finance integration.
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Context numbers checked September 15, 2026: per CoinGecko, USDT is about $183B and USDC about $74B, inside a stablecoin category of about $290B. rwa.xyz puts total stablecoin value at $305.19B on its own methodology. Tokenized RWAs are the next tier down at $38.82B.
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The structural difference is who holds the asset. Stablecoins are payment instruments held broadly. Tokenized RWAs are investment products held by allocators. That distinction shows up in the velocity (tokenized RWAs turn over slowly) and the distribution (held in fewer wallets but in larger sizes).
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AUM figures from rwa.xyz, checked September 15, 2026. Category breakdowns cross-referenced against each issuer's published AUM (Securitize for BUIDL, Ondo Finance for OUSG and USDY, Franklin Templeton for BENJI, Hashnote for USYC). The $16.1T 2030 figure comes from the BCG and ADDX report (September 2022). The near-$2T central case comes from McKinsey's "From Ripples to Waves" work, as reported by McKinsey's base case. Stablecoin context from DeFiLlama. All figures rounded; intra-month flows can move category totals materially.
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