Since January 2024, the capitalization of the tokenized real-world assets market has increased by more than $100 billion, according to a report by CoinGecko.
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Real World Assets (RWAs) quietly became one of crypto’s most steadily evolving sectors in 2024. While attention was on memecoins and L2s, RWA continued gaining traction across multiple verticals.
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— CoinGecko (@coingecko) June 16, 2025
In the document titled “When Cryptocurrency Becomes Real,” they noted the revival of the segment. They assessed that the trend became one of the “quietly transformative narratives” in 2024.
“While attention remained focused on memecoins, L2 ecosystems, and political prediction markets, RWA steadily evolved from a niche experiment into one of the most reliable and capitalized sectors in the industry,” the experts emphasized.
They listed five key points, including the growth of the exchange-traded commodity-backed assets market by nearly 68% to a record $1.9 billion.
CoinGecko acknowledged that much of the expansion in the commodity token segment is linked to the gold price rally amid escalating international tensions and macroeconomic uncertainty. A significant portion of the capitalization is supported by gold-backed stablecoins Tether Gold (XAUT) and PAX Gold (PAXG).
Meanwhile, the total value of the entire sector accounts for only 0.8% of the fiat currency-based stablecoins’ figure.
Stablecoins Remain the Foundation of the RWA Market
This sector grew by 76.4% from early 2024 to April 2025, reaching $224.9 billion.
USDT and USDC account for 93.5% of the total supply by value. Coins from Tether and Circle added $56.3 billion and $37.6 billion to their capitalization during the period.
The most successful “newcomers” during the period were USDtb from Ethena and USD0 from Usual, which reached market values of $1.4 billion and $600 million, respectively. Projects from the TradFi sphere like PYUSD from PayPal and EURCV from Societe Generale showed the worst dynamics. However, CoinGecko expects their supply to grow as clarity on stablecoin regulation in the US emerges.
Tokenized Bonds and Loans Make Significant Contributions
The tokenized treasury bonds market reached a record $5.6 billion as of April 2025. The segment added approximately 545% or $4.7 billion, making this class of RWA assets the most effective over the past year, experts highlighted.
They noted that one of the main catalysts was the deterioration of economic expectations following the announcement of new US trade tariffs. From March to April, the capitalization of treasury tokens grew by $2.3 billion.
The leading product is the BUIDL fund launched by BlackRock in June, with a market share of 44%.
“A large portion of the market capitalization of assets remains on Ethereum, followed by Stellar. Moreover, the number of permanent holders remains small, with the number of addresses slightly exceeding 11,000,” CoinGecko specialists acknowledged.
The private on-chain lending sector grew to $546.8 million. However, this is far from the peak of over $1.6 billion reached in 2022, experts noted.
The leading protocol is Maple Finance, which accounts for active loans totaling $374 million — 67% of the total figure. The sector experienced a significant downturn in the third quarter of 2024 with Centrifuge’s transition to tokenized bond operations, but the trend towards expansion persisted, CoinGecko noted.
Since the beginning of 2024, the tokenized stock sector has grown by 297% or $8.6 million. The main product providers are Backed Finance and Dinari with market shares of 77% and 23%.
This market remains extremely small. Experts have certain hopes for its expansion with plans from centralized exchanges like Kraken regarding tech giant stocks and Coinbase concerning its own shares.
Previously, CoinGecko identified RWA as one of the most profitable narratives in 2024. With a figure of 820%, the segment was second only to AI and memecoins.