Tokenized Real-World Assets Reach $38.8 Billion by Mid-September

Distributed tokenized real-world assets (RWAs) reached about $38.8 billion by mid-September 2026, with U.S. Treasuries and private credit accounting for most of the on-chain market value. The figure covers assets represented by tokens that can move between eligible wallets. It differs from the approximately $365 billion in represented assets recorded in September, a broader measure that can include blockchain-based recordkeeping while transfers remain restricted to an issuing platform. U.S. Treasuries accounted for about $15.7 billion, or roughly 40% of distributed RWA value. Private credit followed at about $8 billion, or approximately 21%.