Sky, Securitize, and Ondo Finance account for $12.3B in the $44.5B RWA market

Three firms now sit atop the tokenized real-world asset market. Sky, Securitize, and Ondo Finance have collectively issued around $12.3 billion in tokenized assets, carving out a combined 27% share of the $44.5 billion RWA market. That market has grown by more than 1,800% over recent years. Most of that explosive expansion traces back to a single asset class: US Treasuries. Who’s leading and why it matters Sky, the rebranded MakerDAO ecosystem, holds the top spot with $4.5 billion in tokenized assets. The protocol has pivoted into real-world collateral, using RWAs to back its USDS stablecoin. Securitize trails closely at $4.3 billion, a figure turbocharged by its role as transfer agent for BlackRock’s tokenized Treasury fund. Ondo Finance rounds out the trio at $3.5 billion, focusing on yield-bearing equities and tokenized Treasuries through products like OUSG, its money market fund wrapper. Securitize’s public market debut On July 2, 2026, Securitize began trading on the NYSE under the ticker SECZ. The company completed a SPAC merger that raised approximately $400 million, making it one of the first pure-play tokenization platforms to list on a major US exchange. The Treasuries en...