Tokenized traditional assets exceed $35B onchain, nearly tripling in about a year

The market for tokenized traditional assets, excluding stablecoins, has blown past $35 billion in total onchain value. That’s nearly three times what it was when the GENIUS Act was signed into law in July 2025, a pace of growth that makes most corners of crypto look sleepy by comparison. The data, shared by a16z crypto and sourced from rwa.xyz, paints a picture of institutional capital flowing into blockchain-based versions of assets that have existed for decades. US Treasury products dominate the landscape. Commodities, primarily gold, account for roughly $5 to $6 billion of the total. Private credit rounds out the mix. From regulatory clarity to capital deployment The GENIUS Act didn’t directly regulate tokenized real-world assets. It established a federal framework for payment stablecoins. But in doing so, it removed a layer of ambiguity around the settlement rails that tokenized assets depend on. To appreciate the trajectory, consider that in mid-2024, the entire non-stablecoin tokenized asset market sat below $3 billion. By mid-2026, it had grown more than tenfold. The jump from roughly $12 billion at the time of the GENIUS Act’s signing to north of $35 billion today represent...