According to a new report by RedStone, the market for tokenized real-world assets (RWAs) has reached significant heights, exceeding $24 billion by mid-2025. Institutional demand has been a major driver of this growth.
Market Growth of Tokenized Assets
As reported in 'RWA in On-Chain Finance: H1 2025 Market Overview' by RedStone, co-authored with Gauntlet and rwa.xyz, the market for real-world assets tokenized on the blockchain has grown from $5-10 billion in 2022 to over $24 billion in 2025. Tokenized private credit has emerged as a key driver of this growth, accounting for over $14 billion, which represents more than half of the total RWA market. Marcin Kaźmierczak, co-founder of RedStone, stated that 'private credit has become the foundation for tokenization’s real-world impact.'
Use of Tokenized Treasury Tokens
Tokenized US Treasuries make up approximately $7.5 billion of the RWA market. Platforms like Ondo Finance and Backed are now issuing short-term Treasury products for both institutional and retail participants. As of June 26, 2025, data from DeFiLlama indicates the largest RWA protocols by total value locked are BlackRock’s fund, Ethena, and Ondo Finance.
Oracles Adapting to New Requirements
RedStone's report also explains how traditional crypto assets use high-frequency oracles to track prices, while RWAs require pricing mechanisms based on Net Asset Value (NAV). 'RWAs aren’t volatile tokens,' Kaźmierczak pointed out. Oracles now need to prioritize accuracy and auditability.
The growth of the tokenized asset market indicates a significant interest from institutional investors in new blockchain-based financial instruments. Mechanisms tailored for RWA interactions are evolving to ensure necessary accuracy and compliance.
