Real World Assets: what 37 percent in one credit product means

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Real World Assets are billed as the next big asset class. Our count of October 23 shows that a third of the category are not tokenised assets at all and that 37 percent hangs on a single US credit product. This article also sets out when a token counts as a security in Germany.Real World Assets, or RWA for short, are physical and financial assets whose ownership or claim is recorded on a blockchain: government bonds, money market funds, corporate loans, gold, real estate. The term sounds like a clearly defined asset class, and that is exactly what it is not. We counted the category ourselves on October 23, 2026, and the two most striking findings come first: of the $70.32 billion held in the fifty largest RWA tokens, $26.03 billion sits in a single tokenised credit product from the United States. Another $23.32 billion are not tokenised assets at all, but tokens of the networks that administer such assets. Anyone reading that the RWA market is worth $70 billion is reading a tota...