Last year proved pivotal for real-world assets (RWAs), as the sector experienced heightened competition, clearer regulatory direction, and a growing presence of traditional institutional participants. The momentum was strong enough that RWAs outpaced stablecoins in growth.
According to CoinGecko’s RWA Report 2026, the size of RWAs relative to stablecoins expanded from 2.7% to 6.4% as tokenization accelerated through 2025. The report reviews developments from January 2025 through the end of the first quarter of 2026.
RWAs Outpace Stablecoins in Yearly Growth
Over the 15 months ending March 2026, the market capitalization of tokenized RWAs more than tripled, rising from $5.42 billion to $19.32 billion — a gain of 256.7% since January 2025.
The RWA market is made up of four principal classes: treasuries, commodities, stocks, and exchange-traded funds (ETFs). Tokenized treasuries remained the largest category, adding roughly $9 billion in market cap since January 2025, representing a 225.5% increase during the reporting period. Momentum accelerated notably after the treasuries segment surpassed the $10 billion mark on February 11, 2026.
Despite strong absolute gains, treasuries’ share of the overall RWA market dipped slightly, from 73.7% to 67.2%, as other asset classes recorded faster relative growth. By the end of Q1 2026, commodities comprised 28.7% of RWAs, while tokenized stocks and ETFs made up 2.5% and 1.5%, respectively.
Growth in the commodities segment was led by gold-backed tokens such as Tether Gold (XAUT) and PAX Gold (PAXG). The commodities market cap climbed 289%, from $1.43 billion to $5.55 billion during the period, with XAUT and PAXG responsible for 89% of that increase. Spot trading in tokenized gold was also strong: quarterly trading hit $90.7 billion in Q1 2026, surpassing the $84.6 billion traded across all of 2025.
RWAs Perpetuals Gain Traction
Tokenized stocks gained significant ground as well. Market cap for tokenized equities expanded from $2.09 million in June 2025 to $486.69 million in March 2026, driven by interest in major technology names. Spot trading for this category reached $15.1 billion by the end of the quarter, edging past the $14.8 billion traded in the second half of 2025.
Tokenized ETFs also recorded broad-based growth, with market cap rising from $0.62 million in July 2025 to $297.5 million in March 2026. That level places tokenized ETFs at roughly half the size of the tokenized stocks segment.
Perpetuals tied to RWAs saw a dramatic increase in volume, rising from $313 billion in total for 2025 to $524.8 billion by Q1 2026. If current trends persist, 2026 could record roughly double the perpetuals volume seen in 2025.
Overall, the RWA market’s rapid expansion reflects a maturing tokenization ecosystem, growing institutional adoption, and strong demand for tokenized exposure to traditional assets, particularly gold and treasuries. These trends suggest continued momentum for RWA products as infrastructure, regulatory clarity, and market participation evolve.