Lawrence Jengar Aug 28, 2026 10:49
Tokenized RWAs hit $31.5B, doubling in a year. Equities lead growth while perpetuals dominate trading. Key trends and market insights.
Tokenized real-world assets (RWAs) excluding stablecoins have more than doubled in value over the past year, reaching $31.5 billion as of August 2026, according to Dune’s latest dataset. Equities led the charge, skyrocketing from $61 million to $2.47 billion, while tokenized fixed income, dominated by U.S. Treasuries, remains the largest asset class by market cap.
Dune’s comprehensive dataset, which tracks 3,000 products across 21 blockchains, highlights the rapid expansion of both tokenized and synthetic RWAs. Synthetic perpetual contracts, which offer exposure to asset price movements without ownership, have outpaced tokenized trading volumes in some cases. For instance, perpetuals on commodities and equities surged from 0.2% of Hyperliquid’s trading volume last October to 51% by July 2026. Gold and equities in particular saw perpetual trading grow 30-fold to $114 billion monthly, dwarfing their spot markets.
Equities Leading RWA Growth
While fixed income accounts for over 50% of tokenized RWA market value, equities are emerging as the fastest-growing segment. Their accessibility, dividend payments, and integration with DeFi protocols have driven adoption. The holder base for tokenized equities has more than doubled in just a quarter, even as U.S. Treasury token holders have declined.
Despite equities’ rapid growth, secondary market liquidity remains thin. Only $39 million in tokenized equities is available in decentralized exchange pools, representing less than 2% of the $2.48 billion total supply. Binance’s synthetic equity offering, SPCXB, leads liquidity with $5 million available in a single pool.
Fixed Income: Yields Converge, Access Barriers Remain
Tokenized U.S. Treasury products dominate fixed income but face significant accessibility and liquidity challenges. Yields have commoditized across issuers, with spreads narrowing to 45–60 basis points below the underlying Treasury bills. However, redemption times and transfer restrictions vary widely. For instance, USDY and thBILL are freely transferable but take several days to redeem, while allowlisted tokens like Ondo’s offerings settle on-chain in real time but restrict counterparty transfers.
On-chain secondary market trading is virtually nonexistent for tokenized Treasuries, with just $2.7 million in spot volume against $16.46 billion outstanding. Instead, issuers like Grove’s Basin have stepped in with off-chain liquidity facilities, advancing stablecoins against approved Treasury redemptions.
Synthetic RWAs Dominate Trading
Synthetic RWAs, particularly perpetual futures, have seen explosive growth. These instruments allow traders to hedge or speculate on price movements without holding the underlying asset. Gold and equities lead this segment, with perpetuals now accounting for 97% of trading volume in these asset classes. This trend mirrors broader growth in synthetic RWA markets, with perpetual-futures volume reportedly nearing Bitcoin perp volume on platforms like Hyperliquid and Binance.
Outlook: Equities and Treasuries Poised for Further Growth
The tokenized RWA market is expected to continue its rapid growth, with equities likely to maintain their leadership. Low barriers to entry, dividend potential, and DeFi composability make them attractive for both retail and institutional investors. Meanwhile, regulatory developments could make tokenized Treasuries more accessible. On August 12, the SEC granted Franklin Templeton clearance to integrate its BENJI tokenized money market fund into traditional ETFs and mutual funds, potentially unlocking a vast new investor base.
If the current trajectory holds, tokenized RWAs could double again in the coming year, while synthetic RWAs are expected to capture an even greater share of trading activity. Investors will need to carefully evaluate issuer details, legal wrappers, and redemption mechanics to navigate this rapidly evolving market.
Data insights courtesy of Dune’s RWA dataset. This article is for informational purposes and does not constitute financial advice. Conduct your own research before investing.
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