Digital asset investment firm CoinShares says the rapid growth of tokenized real-world assets (RWAs) in 2025 is set to accelerate into 2026, driven by surging global demand for onchain dollar yield and the rising credibility of blockchain as financial infrastructure.
In its 2026 Digital Asset Outlook, CoinShares highlights that RWA tokenization is no longer a niche experiment — it is now a competitive sector attracting large capital allocators, regulated financial institutions, and asset issuers with real operating track records.
Tokenized US Treasurys More Than Doubled in 2025
RWAs saw their strongest year on record, led overwhelmingly by tokenized U.S. government debt.
According to CoinShares:
Tokenized Treasurys surged from $3.91B to $8.68B in 2025
Private credit RWAs nearly doubled from $9.85B to $18.58B
Total tokenized RWAs (excluding stablecoins) reached $18.1B, representing 229% growth year-over-year
CoinShares analyst Matthew Kimmell stated that the sector has moved well beyond speculation:
“Real assets, issued by reputable firms, are now receiving material investment. Even regulators are engaging with crypto rails as credible infrastructure.”
Ethereum Dominates Tokenized US Treasurys
RWA.xyz data shows Ethereum remains the leading chain for tokenized government debt:
$4.9B+ in tokenized US Treasurys now sits on Ethereum
Institutional issuers continue to favor Ethereum for settlement, liquidity, and tooling maturity
While other networks are competing for market share, Ethereum remains the preferred execution layer for regulated RWA issuance.
Treasurys Expected to Lead 2026’s Next Tokenization Wave
CoinShares expects US Treasurys to remain the fastest-growing RWA category in 2026 due to:
Strong global demand for USD-denominated yield
Low incremental risk compared to stablecoins
Increasing efficiency in onchain settlement, issuance, and distribution
CoinShares writes:
“When investors have the option, they generally prefer to hold Treasurys over dollars directly. Tokenization makes that choice operationally seamless.”
Blockchain Integration With Traditional Finance Accelerates
CoinShares argues that the RWA boom reflects a structural shift:
Traditional financial firms are issuing RWAs onchain
Regulators increasingly recognize blockchain as credible market infrastructure
Settlement processes are migrating from custodial systems to direct onchain operations
The report notes this transition is still competitive. Multiple networks and settlement layers are competing for liquidity concentration, leaving open the question of which platforms will dominate long-term issuance.
229% RWA Market Growth Signals Transformation
Excluding stablecoins — which remain above $300B in market cap — the RWA sector grew from $5.5B (Dec. 31, 2024) to $18.1B in 2025.
RWA.xyz charts confirm this represents one of the fastest adoption curves in the history of crypto infrastructure.
“2026 Will Be the Year Digital Assets Fully Converge With the Real Economy”
CoinShares CEO Jean-Marie Mognetti said the industry has crossed an inflection point:
“Digital assets are no longer operating outside the traditional economy. They are embedded within it.
If 2025 was the year of the graceful return, 2026 looks positioned to be a year of consolidation into the real economy.”
