Top five real-world asset classes: Tokenization is the fastest to launch

Tokenization of real-world assets is accelerating, but DeFi access remains the main bottleneck

The tokenization of real-world assets (RWA) is proceeding faster than many investors expected, but one major constraint remains: DeFi access and infrastructure. A recent research report by Geoff Kendrick, head of digital asset research at Standard Chartered Bank, pointed out that as long as the DeFi ecosystem can actually integrate tokenized products, on-chain finance is expected to quickly absorb these products. Kendrick estimates that only about 3% of stablecoins and 10% of tokenized real-world assets are currently used in the DeFi space. He predicts that by 2030, this proportion could rise to 30%. The report said this would mean a huge change in the way tokenized assets flow in decentralized markets, although the process depends largely on regulatory clarity, and equally critical is the improvement of actual trading and custody infrastructure.

Core Points

Standard Chartered expects DeFi\'s use of tokenized assets to expand significantly, with Kendrick predicting a utilization rate of 30% by 2030.

Tokenized treasury bonds remain the largest on-chain RWA category by distributed value, at approximately US$15 billion, benefiting from income-based demand.

Tokenized private credit is growing, but it is still much smaller than treasury bonds, with a total value of approximately US$6.2 billion on major issuance platforms.

The overall proportion of tokenized stocks is still small, but growth is accelerating with the pilot of a broader market structure.

Tokenized commodities showed resilience during market closures, with weekend trading volumes for on-chain perpetual contracts soaring in early 2026.

Why DeFi adoption is the real bottleneck

Tokenization is not the same as decentralization. Kendrick\'s research reveals the current gap: stablecoins and RWAs do exist on the chain, but only a limited portion is deployed into DeFi strategies. This distinction is important because DeFi\'s liquidity, lending, hedging and derivatives markets often require robust token standards, reliable custody, and operational integration with trading venues. The research report\'s optimism about the prospects for DeFi usage is based on the broader expansion of the tokenization market. According to data compiled by RWA.xyz, as of the end of June, the on-chain distributed value of tokenized real-world assets reached US$32.22 billion, almost triple the US$11.8 billion in the same period last year. If stablecoins (understood here as tokenized representatives of legal tender) are included, based on the same data set, the broader tokenized market size exceeds US$328.8 billion. RWA.xyz also reported that RWA asset holders grew to 937,928, a 13% increase in a single month-a sign that the ownership level is expanding even if DeFi penetration has not yet reached the desired level.

Treasury bonds lead the chain: Income, familiarity and access expansion

In RWA, U.S. Treasury instruments are currently performing well. Tokenized treasury bonds are the most valuable category on the chain, at approximately $15 billion. The appeal is obvious: investors gain familiar assets, low perceived risks and returns-capabilities that stablecoins cannot provide on their own. BlackRock\'s BUIDL fund was launched in March 2024, and its total asset value exceeded US$2.9 billion by June 2025, which was approximately US$2.23 billion at the reporting time. The article pointed out that the size of some funds has declined due to capital reallocation, which reflects competition between platforms and changes in capital allocation rather than general divestment. Importantly for DeFi, tokenized funds are starting to connect with decentralized trading venues. In February 2026, Uniswap Labs and Securitize announced that BUIDL shares can be traded on UniswapX. The integration is described as limited-meaning it is not fully open-but it still marks a step towards introducing regulated institution-level tokenized assets into DeFi-style execution. In addition, Franklin Templeton\'s OnChain U.S. Government Monetary Fund exists in the form of BENJI tokens. The article claims that its value has reached US$2.44 billion and runs on multiple networks including Avalanche and Arbitrum. In addition to these flagship products, the article also highlights several other treasury bonds products, including Circle\'s USYC (approximately $3.1 billion), Ondo\'s tokenized product portfolio (approximately $3.7 billion), and WisdomTree\'s WTGXX (approximately $764 million). Together, these examples show that treasury bonds are not only the largest category in terms of distributed value, but also the area with the most momentum across various platforms.

Private credit and tokenized credit: Liquidity replaces long-term lock-in

Private credit-loans issued, negotiated and held by non-bank institutions-has become another growth area in the RWA. The reasons overlap partially with government bonds, but the motivation is different: private credit can provide higher yields than government bonds, and tokenization can also address a long-term pain point. Traditional private credit is often characterized by long-term lock-in of capital; tokenization can make positions more transferable, usable as collateral, and redeemable. According to RWA.xyz data cited in the article, the largest tokenized private credit platforms are Maple Finance and Stokr, each accounting for approximately 22% of the market. The report puts the total value of tokenized private credit at approximately $6.2 billion-small relative to treasury bonds, but significant for an industry that has historically lacked a liquid secondary market.

Equities and ETFs: Pilot launched, but scale is still early

Tokenized stocks remain only a small part of the broader RWA ecosystem. RWA.xyz data cited in the article shows that the value of tokenized stocks is approximately US$2.19 billion, an increase of nearly 50% in the past 30 days at the time of writing. The next potential phased change is the modernization of market structures. In May, the Depository, Trusts and Clearing Corporation (DTCC) announced plans to pilot tokenized securities trading. According to reports, DTCC liquidates and settles almost all U.S. stock transactions and administers more than $114 trillion in securities. The pilot will be launched that month, and a full commercial launch may be as early as October. Pilot assets include Russell 1000 stocks, major index ETFs and U.S. Treasury bonds, and participants include a number of financial institutions, including BlackRock, Goldman Sachs, JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley, Circle, Ondo Finance and Ripple Prime. Specifically in the field of tokenized stocks, the article stated that Ondo Finance holds approximately 60% of the tokenized stock market share through its global market platform. The article also pointed to the partnerships Ondo has established to expand tokenization coverage, including a March 2026 partnership with Franklin Templeton to tokenize five ETFs and an April agreement with Broadridge Financial Solutions to enable token holders to submit voting preferences on the underlying stock.

Commodities: Real resilience-filling the gap in trading hours

Tokenized commodities provide the clearest example of why on-chain markets are crucial in real-time trading. Although tokenized gold and other commodities have been around for years, 2026 brings a more stressful test. The article describes a period of tension between the United States and Iran, when traditional markets faced closure, while the tokenized oil and gold markets remained open. According to reports, after the United States and Israel launched an earlier attack on Iran, the trading desk switched to the on-chain sustainable futures platform as a pricing venue during non-trading hours, when traditional markets could not operate. The article said that since the beginning of 2026, the weekend trading volume of commodity perpetual contracts on the chain has increased ninefold. Currently, commodity perpetual contracts account for more than 67% of developer deployment contracts on centralized exchanges (DEX). Although trading volume has fallen from its March high-when tokenized commodities reached $5.8 billion-the article said the current figure is about $4.7 billion, with gold still accounting for the majority. On-chain markets and traditional markets have also begun to fluctuate more reliably in sync. The article pointed out that the correlation between tokenized gold trading volume and traditional gold markets exceeded the threshold of 0.70 in the first quarter of 2026, indicating that on-chain commodity markets are maturing rather than trading in isolation.

Real estate: Still small, but approvals from regulated markets are changing prospects

Historically, real estate tokenization has been more a promise than a large-scale reality. As part of the RWA space, the article points out that real estate assets are currently approximately US$202.7 million, but also believes that expansion may accelerate as tokenized properties enter major regulated markets. The Dubai Land Authority launched the second phase of the real estate tokenization project in February 2026, opening up tokenized real estate units for resale. The article stated that in the same quarter, the Hong Kong Securities and Futures Commission approved Derlin Holdings \'real estate tokenization products. For investors, the potential benefit is fractional exposure. Tokens represent a portion of a building that can be converted into proportional rent, and the key is the ability to trade positions without waiting for the property to be sold-but the long-term impact depends on liquidity and secondary market depth.

Growth is real-but RWA is still much smaller than traditional markets

Despite rapid progress, tokenized RWA is still in its early stages by most standards. Although tokenized treasury bonds are the largest category, at nearly $15 billion, they are still much smaller than the traditional U.S. treasury bond market-which is estimated to be about $30 trillion, according to SIFMA research cited in the article. Tokenized stocks have also been described as insignificant compared to the $114 trillion in securities held by DTCC. Liquidity is another limiting factor. The article pointed out that many RWA segments have thin secondary transactions and long holding periods-a situation that could frustrate DeFi\'s strategy that relies on stable market access and narrow spreads. Regulation may determine how quickly these frictions ease. According to a Reuters report cited in the article, in March the U.S. Securities and Exchange Commission approved a Nasdaq proposal to allow certain stocks to be traded and settled through tokens. Observers described in the same report are expected to welcome broader approval, with SEC Chairman Paul Atkins likely backing RWA through an \"innovation exemption.\" In any case, the article attributes the remaining issue to timing: not whether tokenization will expand, but whether infrastructure and regulation can catch up quickly. For investors and builders, the next focus is clear: Can regulated funds \'DeFi-friendly token trading integrations expand from restricted access to larger scales? Can regulatory pilots for tokenized securities translate into sustainable liquidity? If DeFi penetration rises as Kendrick expects, it is likely not because RWA exists, but because tokenization ultimately meets the operational needs of the on-chain market.