Active Tokenized RWAs Surge 589% in 18 Months: Binance Research Report

The market for active tokenized real-world assets (RWAs) surged 589% from early 2025 to June 2026, despite a broader crypto market pullback that accelerated in the first week of June. That figure comes from Binance Research's latest Monthly Market Insights report.

Growth covered all major asset classes: bonds and money market funds rose 83% in dollar terms, tokenized stocks gained 422%, and precious metals and real estate also expanded. Banks moved in parallel from isolated pilots to joint infrastructure projects for tokenized deposits.

589% in 18 Months: What Binance Research Is Counting

Binance Research separates the "total RWA market" from "active tokenized RWAs." Active RWAs are assets that are actually trading or circulating on-chain, rather than simply sitting on balance sheets. This specific measure rose 589% from early 2025 to June 2026.

For context, the total tokenization market was estimated at around $51 billion in May 2026, with private credit leading by dollar volume. The new Binance data captures a different dimension: activity rather than just capitalization. That explains why the growth rate looks so sharp. The market matured not only in size but in asset turnover, driven by new platforms that dramatically simplified onboarding for both retail and institutional clients compared to a year ago.

Bonds and Money Market Funds: +83% in Dollar Terms

In absolute dollar terms, bonds and money market funds remain the dominant segment, growing 83% and adding more than $6 billion in new assets over the reporting period. This segment leads because it has the largest established base: institutional players are already comfortable with Treasuries and money market instruments and tend to enter blockchain-based finance through these familiar tools first.

The appeal is straightforward: tokenized money market funds offer yields matching traditional equivalents (5-6% at current rates), combined with on-chain settlement, 24/7 liquidity, and a potentially lower entry threshold. Institutions also use these instruments as DeFi collateral, adding another source of demand beyond basic investment.

Tokenized Stocks: +422% and $25B Through xStocks

Tokenized stocks posted the highest relative gain of any category at 422%. The driver was a new generation of platforms that launched in 2025 and scaled quickly. The standout example is Ondo Global Markets, a tokenized stocks and ETF service that crossed $1 billion in total value locked (TVL) within eight months of launch.

The xStocks platform, used by Kraken to offer tokenized access to private companies including pre-IPO SpaceX, accumulated more than $25 billion in cumulative trading volume in roughly eight months. Binance Research notes that the SpaceX tokenized shares launch attracted a new wave of attention to the sector, giving retail investors access to private company exposure that was previously out of reach.

Gold and Real Estate: New Asset Classes Join the Chain

Tokenized precious metals added more than $1 billion over the reporting period. Most of those gains came in January and February 2026, when geopolitical uncertainty and safe-haven demand pushed tokenized gold above $6 billion. Physical gold prices later retraced, slowing momentum, but the segment held most of its gains.

In real estate, progress is visible at the infrastructure level. Apex Group started providing fund services on Goldman Sachs' Digital Asset Platform, a sign that leading financial institutions have moved beyond pilots into actual production systems. Tokenized real estate still accounts for a smaller share of the RWA market than financial instruments, but the implementation pace is picking up.

Banks Build Shared Infrastructure for Tokenized Deposits

The most significant institutional development in the same report: The Clearing House, a bank-owned payments operator backed by JPMorgan, Citibank, Bank of America, BNY and Wells Fargo, is preparing to launch a tokenized deposit network. The launch is planned for next year.

The project targets competition with stablecoins in corporate settlements. Unlike stablecoins, tokenized deposits are backed by assets in regulated banks and covered by deposit insurance. If the project launches as described, it would be the first tokenized settlement system deployed jointly by major banks without a startup intermediary. According to The Wall Street Journal, discussions have moved to the technical implementation phase.

From Treasuries to a Diversified Ecosystem

Binance Research summarizes the trend in its report: "2026 marks RWA tokenization's maturation from a Treasury-dominated narrative into a diversified yield ecosystem." That framing fits what the data shows: a year ago, most RWA volumes were concentrated in money market funds and Treasuries. Stocks, gold, and real estate now account for a meaningful share.

"2026 marks RWA tokenization's maturation from a Treasury-dominated narrative into a diversified yield ecosystem."

- Binance Research, Monthly Market Insights, June 2026

All of this growth happened while the broad crypto market weakened. In early June, Bitcoin fell below $61,000, Ethereum traded at 13-month lows, and total crypto market capitalization declined. RWA growth follows a different logic: its audience is institutions and banks, not speculative retail. Binance Research argues that this decoupling from crypto market cycles is itself the main signal of the sector's maturation.