Tokenized real-world belongings (RWAs) have advanced from a distinct segment idea to a mainstream use case of institutional finance, with non-public credit score main the cost as traders pursue programmable yields.
That was one of many fundamental takeaways from RedStone’s H1 2025 RWA Market Overview, co-authored by DeFi protocol Gauntlet and information platform RWA.xyz.
Excluding stablecoins, the tokenized RWA market has grown by as a lot as 380% since 2022, reaching a mixed $24 billion in worth.
Though a lot of the discourse has centered on tokenized Treasury payments, with BlackRock and Franklin Templeton coming into the fray, non-public credit score now accounts for over half of the RWA market, reaching $14 billion, he report mentioned.
Non-public credit score, also called direct lending in funding circles, gives RWA traders with yields starting from 8% to 12%, the report mentioned, whereas highlighting merchandise like Apollo’s ACRED fund.
As different asset supervisor FS Investments observes, traders have lengthy turned to personal credit score for its “yield premium” over public credit score markets. In line with RedStone, tokenization is now enhancing settlement pace and liquidity, reducing obstacles to entry and enabling fractional participation — capabilities that non-public credit score markets have traditionally lacked.
Associated: Midas launches tokenized T-Invoice on Algorand
Ethereum stays the dominant tokenized RWA platform
Whereas Ethereum’s dominance has been eroded lately by sooner and extra scalable blockchains, it stays the premier community for tokenized RWAs, RedStone mentioned. By mid-2025, the Ethereum community hosted roughly $7.5 billion in tokenized worth throughout 335 merchandise, accounting for 59% of the whole market.
“Whereas Ethereum’s decentralized governance has traditionally restricted its institutional outreach, the launch of Etherealize in January 2025 marked a strategic pivot,” the report mentioned, referring to the Ethereum Basis’s advertising effort to carry extra institutional participation onchain.
Nonetheless, the report referred to as Solana a “high-performance challenger” for its rising position within the tokenized Treasury market.
As of June, Solana hosted roughly $351 million of tokenized belongings.
Aptos has additionally seen elevated RWA deployment, internet hosting $349 million in tokenized belongings as of June. Notably, Aptos was the primary non-Ethereum Digital Machine community for BlackRock’s BUIDL fund.
Elsewhere, Avalanche now hosts $188 million in tokenized belongings, together with KKR’s tokenized fund, whereas XRP Ledger has emerged as a “regulated newcomer” with $157 million in tokenized RWAs, based on the report.
Associated: Solana Basis, Bitget Pockets be part of Ondo Finance’s ‘market alliance’
