State of RWA 2026 | TVL Climbs to $24.6B, Yet Treasury Tokenization Struggles

A new report from BitMart reveals that the total value locked (TVL) in tokenized real-world assets (RWAs) skyrocketed to $24.6 billion as of April 2026. Despite this surge, Treasury tokenization stands at a mere 0.063% market penetration, igniting discussions on its potential.

Key Insights from the Report

• Massive Growth in Market Size: The on-chain RWA TVL surged from approximately $6 billion in early 2025 to $24.6 billion in just over 15 months, marking nearly a fivefold increase.

• Composability Gap: Out of the $27 billion in tokenized RWAs, only about $2.7 billion (10%) is actively utilized in DeFi lending markets. The remaining 90% sits idle in wallets, yielding returns. Sources indicate this reflects an infrastructure problem, not regulatory issues.

• Tokenization Distribution: While Treasuries represent 48.5% of total tokenized assets under management (AUM), they comprise only 2% of DeFi deposits. In contrast, private credit, at 17% of AUM, makes up roughly 80% of deposits, primarily thanks to better yield economics.

"The composability gap part is honestly the most interesting takeaway here. Everyone talks about tokenization growth, but if assets aren’t actually being used inside DeFi, the ecosystem still feels incomplete."

Factors Driving Trends

• BlackRock Growth: Its tokenized fund increased from $200 million at launch to current levels, driven by brand trust and a compliant custody architecture with BNY Mellon and Securitize.

• Wealthy Investors: The global high-net-worth (HNW) population holds approximately $90 trillion in investable assets. A mere 5% allocation to RWAs could 160x the current market value.

• Regulatory Framework: Key legislation, including the GENIUS Act and MiCA, sets the stage for further growth. The challenge now lies in developing adequate custody standards and cross-chain liquidity.

User Reactions

People in various forums reacted positively to the findings, emphasizing the real growth in the RWA market.

• "The RWA space is just getting started, and reports like this show real growth. Glad to be on BitMart for the ride. 🚀"

• "Massive one"

Key Takeaways

• 📈 On-chain RWA TVL grew nearly 5x in 15 months.

• 📉 Only 10% of tokenized RWAs are in active DeFi lending.

• 💰 5% allocation of HNW assets could significantly boost the RWA market.

As the RWA market matures, questions remain: Will infrastructure improvements attract more assets into active DeFi deployment? The trend of tokenization is clear, but how efficiently these assets will be utilized remains to be seen.

The Future Landscape of Tokenization

There’s a strong chance the tokenization of real-world assets will continue to gain momentum as infrastructure improves and more regulations come into play. Experts estimate around a 40% rise in DeFi deposits linked to tokenized assets over the next year as more custodial solutions become available and liquidity across chains enhances. Moreover, if wealthy investors shift just a small percentage of their portfolios into RWAs, the demand could sharply increase, pushing market values significantly higher. With both BlackRock and other major financial players entering the space, the potential for widespread adoption seems increasingly likely.

Echoes from the Past: The Rise of E-Commerce

A non-obvious parallel to the current trends in tokenization can be seen in the early days of e-commerce in the late 1990s. Back then, traditional businesses grappled with online sales and struggled to build the infrastructure needed to transition from brick-and-mortar to digital platforms. Many believed that the internet would never surpass physical retail. However, once logistics and payment systems improved, e-commerce saw explosive growth, reshaping how people shop today. Just as those companies had to adapt and innovate, the players in the RWA space may experience a similar evolution as they work through their current challenges.