01How big is the market? It depends on what you measure
~$60bntokenised RWAs
Credit, Treasuries, commodities, equities, real estate: the investor-facing market.
~$360bn+ stablecoins
Around $300bn of tokenised dollars on the same rails.
~$695bn+ blockchain repos
Broadridge DLR settles active repo positions (around $8tn monthly volume).
Inside the $60bn core, the line that matters separates about $32bn of distributed assets (composable on public rails, usable as collateral, connected to DeFi) from about $27bn of represented assets (internal-ledger receipts for off-chain positions: blockchain as record-keeping, not a trading venue).
02Concentration, maturity, access, depth
| Finding | What the data show |
|---|---|
| Concentration | 62 assets hold around $52bn, i.e. 88% of the ex-stablecoin market; 5 assets alone account for half. Around 250 products form the real addressable universe. |
| Maturity | Only tokenised US Treasuries ($15bn, 99% distributed, ~62,600 holders) clear the institutional bar. Asset-backed credit ($23.7bn) is 90% Figure's non-transferable HELOC; stocks grow fast but 59% are synthetic exposure; real estate ($457m) never delivered. |
| Access | 3% of value ($1.7bn) is accessible to US retail; 39% has no identifiable regulatory framework; eight distinct access regimes fragment one market. EU UCITS accounts for just $3.3bn. |
| Depth | 56% of value shows no weekly transfer, but around $27bn is “represented” by design. Within the active half, trading is real (median 76 transfers per week). |
On-chain distribution is not liquidity: evaluate products on issuer quality, framework and redemption terms.OpenbanQ
03The OpenbanQ read: what an Anglo-Saxon dataset leaves out
- A structural US biasThe lens is the SEC's (1940 Act, Reg D / Reg S). Europe appears only in the margins, and MiCA is never used as an analytical grid, precisely where the next issuance regime is being set.
- The euro money question is dodgedStablecoins are pushed out of the core market. The real contest (EMT vs tokenised deposit, EURCV / EURXT, commercial bank money on-chain) is left untouched.
- Wrappers validate the interoperability thesis78% of assets as digital receipts proves tokenisation is a trust, legal and ecosystem problem before a technical one.
| Rail to build | What it solves |
|---|---|
| Compliance bridges | Connect fragmented regulatory regimes so capital can legally reach product (the 97% access gap) |
| Distribution platforms | Extend reach beyond accredited and offshore pools at acceptable operating cost (the 88% concentration) |
| Settlement networks | Let represented value interact selectively with distributed rails (the wrapper-tier depth) |
- Banks: position on the money layer (tokenised deposits, regulated euro rails) and own settlement interoperability as an infrastructure play.
- Treasurers: treasury becomes a value centre; prioritise TMS – wallet – custody integration and cross-border intercompany flows before chasing yield on tokenised MMFs.
- Fintechs: don't compete with BlackRock on AUM; build compliance bridges, distribution and settlement, where TradFi capital is already flowing.
Sources : BeInCrypto × rwa.xyz, The Real State of Tokenization 2026 (Part 1), data as of 31 May 2026; Pantera Capital Tokenization Progress Index; OpenbanQ analysis and interpretation.