Why Is Private Credit Driving RWA Growth?
The tokenized real-world asset market has grown to $51 billion, up 42% this year, as private credit becomes the largest segment of the market, according to a Bernstein Research report.
Private credit accounted for roughly 44% of total tokenized RWA value, reflecting growing use of blockchain-based infrastructure for lending, loan origination, fund administration, and settlement. The figure places private credit ahead of tokenized U.S. Treasurys, which remain the second-largest category at about 30% of the market.
The growth shows how tokenization is moving beyond short-duration government debt and into credit markets that are harder to access through traditional channels. Private credit structures allow borrowers to raise capital outside banks, while investors receive exposure to interest-bearing loans. Blockchain infrastructure can support recordkeeping, settlement, transferability, and investor reporting, though the underlying credit risk remains tied to borrower quality and loan performance.
The $51 billion market estimate is higher than other industry trackers, including RWA.xyz’s $34 billion figure. The gap highlights a key issue in tokenized asset data: providers do not always count the same structures. Some include hybrid onchain and offchain products, special purpose vehicles, and custodian-linked assets, while others use narrower definitions based on directly observable onchain issuance.
How Did Figure Become the Largest Tokenized RWA Platform?
Figure Technology Solutions ranked first among tokenized RWA platforms with $18 billion in assets, according to Bernstein. Most of that value is tied to private credit, making Figure a major driver of the category’s growth.
The company uses blockchain infrastructure for loan origination and settlement. Bernstein said Figure has tokenized $5 billion in consumer loans so far in 2026, while monthly loan volume reached a record $1.3 billion in April. Its Connect marketplace, which links credit supply and demand through blockchain-based infrastructure, accounted for 56% of total loan volumes in the first quarter of 2026.
Securitize and Paxos followed Figure with about $4.2 billion each across asset classes including treasurys, commodities, and stocks. Their rankings show that tokenization is splitting into several tracks: private credit platforms, treasury products, tokenized funds, and infrastructure providers supporting multiple asset types.
Institutional participation is also increasing through tokenized fund structures. BlackRock’s tokenized money market fund BUIDL has surpassed $2.5 billion in assets, according to Bernstein, reinforcing the role of large asset managers in making tokenized products more acceptable to regulated investors.
Investor Takeaway
Private credit is becoming the main growth engine for tokenized RWAs because it combines yield demand with real-economy lending. The market opportunity is large, but investors still need to separate blockchain settlement efficiency from the credit risk of the underlying loans.
Why Do RWA Market Estimates Differ So Widely?
The difference between Bernstein’s $51 billion valuation and lower market estimates points to an unresolved measurement problem. Tokenized assets are not a single product type. They can include fully onchain tokens, offchain assets represented by blockchain records, fund shares, credit vehicles, and custodian-backed structures.
That creates wide variation in market sizing. A tokenized Treasury fund with onchain transferability is easier to track than a private credit structure that uses special purpose vehicles, custodians, or partial blockchain settlement. If analytics platforms exclude those hybrid structures, they may undercount private credit and overstate the share of simpler tokenized instruments.
Stobox co-founder Ross Shemeliak said private credit is growing because it addresses 2 market needs at once: investors want yield, and businesses need capital. He also said tokenized U.S. Treasurys were the first major institutional success in the RWA market, while private credit offers higher potential returns and more direct exposure to the real economy.
“The bigger story is not whether private credit is number one today,” Shemeliak said. “The real story is that blockchain is quietly becoming the infrastructure layer for global capital markets.”
What Comes Next for Tokenized RWAs?
Beyond private credit, tokenized U.S. Treasury debt remains a major adoption channel, accounting for roughly 30% of the market. Commodities make up another 14%, according to Bernstein. These categories appeal to institutions because they are easier to benchmark, easier to custody, and often simpler to explain within existing regulatory frameworks.
Derivatives are also emerging as part of the RWA growth story. Bernstein pointed to rising activity in onchain RWA derivatives through Hyperliquid, describing it as a leading venue for the category. RWA-related open interest on Hyperliquid reached $2.6 billion in May, while trading volumes totaled $65 billion in April 2026.
The expansion into derivatives suggests tokenization is no longer limited to issuing digital versions of traditional assets. It is also starting to affect trading, collateral, leverage, and market structure. That shift could increase liquidity over time, but it may also introduce more complex risk channels if tokenized assets become linked to leveraged markets.
For institutions, the main question is whether tokenized RWAs can deliver operational gains without adding legal, liquidity, or counterparty uncertainty. Private credit’s rise shows demand is moving toward higher-yielding assets, not just safer treasury products. That creates a larger market opportunity, but it also makes underwriting, transparency, and enforcement more important.
The $51 billion valuation shows that tokenized RWAs have moved beyond proof-of-concept status. The next phase will depend on whether platforms can turn blockchain-based issuance and settlement into durable infrastructure for credit, funds, and capital markets without weakening investor protections around the underlying assets.
