Tokenized Traditional Assets Surpass $35 Billion, Expanding Beyond Treasuries

The on-chain value of tokenized traditional assets excluding stablecoins has surpassed $3.5 billion (approximately 48 trillion won). While the market initially grew around U.S. Treasury securities, it is now expanding to include tokenized stocks and private loans. Andreesen Horowitz Crypto reported that non-stablecoin tokenized asset volume exceeded $3.5 billion based on data from rwa.xyz.

Market size has grown nearly threefold since July 2025 when the GENIUS Act was enacted, up from approximately $12 billion (about 16.4 trillion won), and is more than ten times larger than the mid-2024 figure of under $3 billion (about 4.1 trillion won). U.S. Treasury products currently hold the largest share. Tokenized commodities, primarily gold, are valued at around $5-6 billion (approximately 6.9-8.2 trillion won), followed by private loans.

Depending on the institution, recent figures varied: CoinDesk Research reported a total on-chain market value of $34.7 billion (about 4.75 trillion won) for tokenized physical assets as of August 2026, with tokenized stocks reaching an all-time high of $4.45 billion (about 6.1 trillion won). Sento Research reported a total non-stablecoin tokenized asset value of $39.15 billion (about 5.36 trillion won) as of September 8, with 3.58 million wallets holding these assets.

While the figures differ due to varying dates and scope, both reports confirm that the market composition is shifting beyond Treasuries toward stocks and credit products. Tokenized assets represent rights or claims on traditional assets like Treasury bonds, gold, private loans, and stocks, displayed as tokens on a blockchain. Depending on structure, they may indicate direct ownership of underlying assets or specific creditor rights.

Key growth drivers include institutional demand for tokenized Treasuries. Tokenized products link assets and payments on-chain, reducing traditional finance's settlement and clearing processes. The Bank for International Settlements (BIS) noted that tokenization can shorten payment cycles and simplify clearing.

However, tokenization does not eliminate credit or liquidity risks, and new legal and operational risks may arise during system transitions. U.S. regulatory environment also plays a role: President Donald Trump signed the GENIUS Act on July 18, 2025, establishing federal regulation for payment stablecoins but not directly regulating tokenized assets. The SEC warned in January 2026 that tokenized securities may not guarantee rights equivalent to underlying assets, noting third-party issued products face separate counterparty and bankruptcy risks.

The Financial Stability Board (FSB) cautioned that as the tokenization market grows, liquidity mismatches, maturity issues, leverage, and operational vulnerabilities could threaten financial stability. Market growth and product safety/liquidity are distinct concerns.

Domestically, competition in tokenized stock accounts is emerging. Investors should separately verify legal rights, repayment structures, issuers, and actual liquidity for each tokenized product. Tokenized Treasury markets vary based on collateral acceptance and repayment terms. The publication previously reported a trend of tokenized Treasuries shifting toward collateral use, indicating that the key development now is not just total asset growth but expansion into new product categories.