Tokenized real-world assets crossed $22B in onchain AUM by May 2026, up from roughly $8B at the start of 2024. 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 AUM sits at roughly $22B to $25B as of May 2026, per rwa.xyz. That is up from about $8B in January 2024 and roughly $14B at the end of 2024, a YoY growth rate north of 60% across two consecutive years.
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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 past $230B. The $22B to $25B 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 not linear. Most of the 2025 expansion came in the second half of the year as BlackRock's BUIDL crossed $2B, Ondo's USDY broke past $1B, and Hashnote's USYC scaled with Circle's distribution. The first quarter of 2026 added roughly $4B in net new AUM across the top six issuers.
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Tokenized Treasuries are the largest category at roughly $10B. Private credit follows at about $8B. Real estate, commodities, and tokenized equities split the remaining $4B to $7B, with tokenized equities the smallest but fastest-growing slice.
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Per rwa.xyz as of May 2026, the rough breakdown looks like this:

The category mix shifted meaningfully through 2025. Treasuries went from roughly 35% of the total to nearly 45%, mostly on BlackRock and Franklin Templeton inflows. Private credit held its share but grew in absolute dollars. Real estate and commodities lagged the rest.
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Year-over-year AUM growth ran at roughly 75% from May 2025 to May 2026, with tokenized Treasuries leading at over 100% and private credit closer to 50%. The two-year CAGR from May 2024 is in the 90% range.
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Growth concentrated in a handful of products. BUIDL alone added roughly $2B over the twelve months ending May 2026. Hashnote's USYC scaled from a few hundred million to $3B once Circle integrated it into stablecoin redemption flows. USDY's non-U.S. retail footprint added about $1.5B as the product expanded to Solana, Aptos, Sui, Mantle, and Noble.
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The growth rate is not evenly distributed across issuers. Securitize-managed funds and Ondo combined accounted for more than half of the net new AUM through 2025 and into 2026. Smaller issuers grew faster in percentage terms but added 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 collectively pulled tokenized money market AUM from roughly $500M at the start of 2024 to over $5B by May 2026. 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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Boston Consulting Group projects tokenized RWAs reaching $16T in AUM by 2030, a base-case scenario that implies roughly 50% CAGR from current levels. McKinsey, Citi, and Standard Chartered have published smaller projections (in the $2T to $5T range) over comparable horizons.
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The Boston Consulting Group figure is the most-cited because it appeared in a 2022 joint report with ADDX and has been refreshed since. It assumes tokenization extends into private equity, real estate, and structured products at a meaningful scale, not just Treasuries. Citi's GPS report puts the figure closer to $4T to $5T by 2030, focused on the segments with the clearest regulatory path. McKinsey's central case lands near $2T, anchored on Treasuries and money market funds as the dominant categories.
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None of these are forecasts in the strict sense. They are scenario-based and depend on regulatory clarity, custody infrastructure, and institutional adoption holding the current trajectory. The actual 2026 AUM (~$22B to $25B) is broadly on track with the BCG base case but below the McKinsey high-end scenario for the same year, which suggests the segment is growing on schedule but not ahead of it.
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Tokenized RWA AUM at $22B to $25B is roughly 1% of the total stablecoin float 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 from May 2026: USDT and USDC combined sit at roughly $200B in circulation. Total stablecoin float is closer to $230B. Tokenized RWAs are the next tier down at $22B to $25B, ahead of tokenized commodities considered alone and well ahead of NFT-related AUM. The segment grew faster than stablecoins in percentage terms through 2025 and into 2026, though stablecoins added more in absolute dollars.
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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 as of May 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). Boston Consulting Group's $16T 2030 projection comes from the BCG-ADDX joint report "Relevance of On-Chain Asset Tokenization in Crypto Winter." McKinsey's central case from "Tokenization: A digital-asset deja vu" (2024). Citi's GPS report figures from "Money, Tokens, and Games" (2023). Stablecoin context from DeFiLlama. All figures rounded; intra-month flows can move category totals materially.
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