Value of on-chain financial assets has risen 37 percent in six months.
Photo Credit: Unsplash/Deng Xiang
Ethereum remains the leading blockchain for tokenised asset issuance
The RWA tokens market continues to grow despite a downturn in the cryptocurrency market, while the value of financial assets held on-chain has risen by 37 percent over the last half year due to the transition of traditional financial products onto blockchain platforms. As per data from Token Terminal, tokenised assets currently have a market valuation above $43 billion(roughly Rs. 4,06,393 crore), a higher amount compared to others within the industry, specifically RWA.xyz, which puts the total valuation of the entire RWA market below $33 billion (roughly Rs. 3,11,880 crore).
As per the data, the segment is dominated by tokenised funds that take up about 79.8 percent of the overall market capitalisation. The second-largest portion belongs to commodities with a share of 16.6 percent, with tokenised stocks being third on the list at just 3.8 percent. The Ethereum platform continues to be dominant as far as tokenised assets go, accounting for 57.8 percent of the total amount. The BNB Chain has 8.5 percent, while the zkSync Era has 7.5 percent, XRP Ledger has 5.8 percent, and Stellar has 5.4 percent. Sky leads in the category of top issuers, with tokenised assets worth $6.1 billion (roughly Rs. 57,651 crore), whereas Securitize and Ondo Finance follow Sky in this regard, each worth $3.6 billion (roughly Rs. 34,024 crore), according to Token Terminal.
In recent months, tokenisation has garnered mainstream attention as plenty of major financial institutions have embraced blockchain-based infrastructure. One of the financial institutions, JPMorgan, has planned to launch a tokenised money market fund on Ethereum, allowing stablecoin issuers to hold the reserves backing their stablecoins in a regulated, cash-like vehicle while earning interest. The “OnChain Liquidity-Token Money Market Fund,” with the ticker JLTXX, will invest in US Treasury bills and overnight repurchase agreements secured by US Treasurys or cash. JPMorgan's blockchain unit, Kinexys Digital Assets, will manage the fund.
Tokenisation has been at the forefront this year, as the data from the blockchain analytics platform DeFiLlama says that tokenised real-world assets (RWA) have increased by roughly 66 percent since the beginning of 2026. The significant rise indicates a desire to add conventional financial assets to blockchain networks, including bonds, credit, and commodities. As institutions and investors investigate blockchain-based financial products that connect traditional assets with digital finance systems, RWAs have emerged as one of the fastest-growing segments of decentralised finance (DeFi).
Providing a different perspective, the International Monetary Fund (IMF) said in April that tokenisation of assets could significantly improve efficiency in financial markets while also introducing new risks that regulators must address. The IMF said in its report that tokenisation can make processes such as settlement and ownership transfer easier, lowering costs and making things clearer. However, it also warned that the rapid adoption of tokenised systems could pose challenges related to financial stability, governance, and regulatory oversight across global markets.
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