RWA Report 2026

Since the revival of RWAs in 2024, progress in regulatory clarity has enabled major TradFi institutional players to dip their toes in. As early experiments paved the way by turning into best practices and playbooks, the pace of tokenization has noticeably accelerated. 

2025 has proven to be a watershed year for RWAs. For both crypto-native and traditional players, competition within the RWA and tokenization stack has intensified, with issuers now differentiating on regulatory standing, asset coverage, and distribution reach. CEXs are also leading adoption with dedicated TradFi strategies that improve access to trading these assets. This report unpacks how the RWA sector has developed from 2025 to Q1 2026.

We’ve summarized the key highlights, but be sure to dig into the full 21 slides in the full report below.

Top 7 Highlights of CoinGecko’s RWA Report 2026

1. Tokenized RWAs more than tripled since 2025, reaching $19.3B by the end of Q1 2026

2. Tokenized commodities rose from $1.4B to $5.5B, driven mostly by gold-backed tokens XAUT & PAXG

3. Spot trading on tokenized gold reached $90.7B in Q1 2026, surpassing the $84.6B traded for the entire 2025

4. Since launching in mid 2025, tokenized stocks have scaled to $0.5B with tech tickers in the lead

5. Spot trading of tokenized stocks totaled $15.1B in Q1 2026, overtaking the $14.8B traded in H2 2025

6. Tokenized ETFs reached $0.3B, with broad-based growth and a sizable long tail

7. Total RWA perps volume jumped to $524.8B in Q1 2026, significantly more than the $313.0B recorded for the whole of 2025

1. Tokenized RWAs more than tripled since 2025, reaching $19.3B by the end of Q1 2026

The overall tokenized RWAs’ market capitalization increased by 256.7% across fifteen months, from $5.42 billion at the start of 2025, to $19.32 billion as of March 31, 2026. While tokenized RWAs are still just 6.4% compared to the size of stablecoins, this is up from 2.7% at the beginning of 2025, which indicates that tokenized RWAs growth outpaced stablecoins over the last year.

Tokenized Treasuries remain the largest asset class and added $9.00 billion (+225.5%) during this period, accounting for more than half of the sector’s market capitalization growth. In particular, momentum accelerated slightly after tokenized Treasuries’ market capitalization crossed the $10 billion mark on February 11, 2026, for the first time. 

That said, the market share of tokenized Treasuries has dropped slightly from 73.7% to 67.2%, as other asset classes have seen increasing tokenization and traction. As of end Q1 2026, tokenized commodities account for 28.7% of the sector, while tokenized stocks have captured a 2.5% share and tokenized ETFs hold 1.5%.

2. Tokenized commodities rose 289% to $5.5B, driven mostly by gold-backed tokens XAUT & PAXG

Tokenized commodities’ market capitalization rose from $1.43 billion to $5.55 billion in the same period, adding $4.12 billion (+289.1%). This comes after the asset class first crossed $5 billion on January 19, 2026, then peaked at $6.69 billion on February 5 before retracing 20.6% to end the quarter.

However, tokenized commodities remains largely dominated by gold-backed tokens – specifically Tether’s XAUT and Paxos’ PAXG, which accounted for 89.1% of the expansion by contributing $1.87 billion and $1.80 billion respectively. This is in line with the extended rally of spot gold price over the past year.

PAXG saw the largest market share gain from 36.8% to 41.8% of tokenized commodities, as its market capitalization reached $2.32 billion. XAUT remained in first place with a $2.52 market capitalization, as its share roundtripped from 45.4% to 45.5%, after capturing up to 54.7% in late October 2025. 

Smaller tokenized precious metals lost relative ground, despite absolute market capitalization gains. Kinesis’ KAG, the largest silver-backed token, more than doubled to $0.35 billion but saw market share compress from 8.0% to 4.8%. Similarly, KAU added $0.23 billion to reach $0.27 billion in market capitalization, but slipped from 8.5% to 6.3% in market share. On the other hand, Matrixdock’s XAUM scaled elevenfold to $0.07 billion, ranking in the top 5 as its share rose from 0.4% to 1.3%.

3. Spot trading on tokenized gold hit $90.7B in Q1 2026, surpassing the $84.6B traded for the entire 2025

Tokenized gold achieved $90.70 billion in total spot trading volume in Q1 2026 alone, which already surpasses the $84.64 billion total for 2025. This reflects both the surge in demand for tokenized gold, driven by crypto participants seeking exposure to the outperforming asset, and improving accessibility across exchanges. It is worth noting that CEXs account for the large majority of tokenized asset spot trading.

However, spot trading volume for tokenized gold has fluctuated month-to-month so far, reflecting a sensitivity to market conditions. For example, spot volume jumped to $21.38 billion in Oct 2025 as gold broke to new all-time highs, which was more than triple the $6.73 billion traded the previous month, then moderated to $14.07 billion the following month.

As with tokenized commodities’ market capitalization, PAXG and XAUT dominate in spot trading of tokenized gold. During this period, PAXG accounted for 34.2% to 82.5% of monthly trading volumes, while XAUT accounted for 14.8% to 64.6%. Over the last fifteen months, PAXG and XAUT saw $5.72 billion and $5.32 billion in average monthly spot trading volume respectively, while the average total monthly volume stood at $11.69 billion. Meanwhile, KAG averaged $0.57 billion, Tether’s omnichain deployment XAUT0 recorded $0.10 billion, and XAUM just $0.007 billion.

4. Since launching in mid 2025, tokenized stocks have scaled to $0.5B with tech tickers in the lead

Tokenized stocks started rolling out in the middle of last year and have since scaled from $2.09 million on June 30, 2025, to $486.69 million as of March 31, 2026. Initial launches under Backed Finance’s xStocks lifted the asset class’ market capitalization to $28.59 million by the end of July 2025, as tokenized Tesla, Circle, Nvidia and Alphabet shares became available for onchain trading. By the end of September 2025, Ondo’s tokenized equity launches further tripled the market cap to $111.21 million. 

Circle has emerged as the largest tokenized stock by far, sitting at a market cap of $171.39 million, which represents a 35.2% share of the asset class. This includes $130.30 million from its Ondo tokenization CRCLON and $41.08 million from its xStock tokenization CRCLX.

Tesla initially led as the largest tokenized stock at launch and peaked at $73.80 million in late January 2026, but subsequently dropped to $61.70 million. Correspondingly, Tesla’s market share went from an initial 17.2%, to 32.2% when it dominated in August 2025, and back down to 12.7%. In contrast to Circle, Tesla’s xStock tokenization TSLAX is larger at $47.77 million, while its Ondo tokenization TSLAON adds $13.93 million.

Other leading tokenized stocks by market capitalization include Nvidia at $42.59 million (8.8% share), Alphabet at $36.91 million (7.6% share) and MicroStrategy at $26.15 million (5.4%).

5. Spot trading of tokenized stocks totaled $15.1B in Q1 2026, overtaking the $14.8B traded in H2 2025

Tokenized stocks started out with just $2.33 billion monthly spot trading volume when the asset class launched in July 2025. Despite a drop in the following two months, spot trading volumes for tokenized stocks have since recorded four consecutive months above the $4 billion mark. Similar to tokenized gold, tokenized stocks have already generated $15.12 billion total spot volume in Q1 2026, overtaking the $14.84 billion recorded in the last two quarters of 2025.

Tesla, Circle and Nvidia lead with the largest contributions to tokenized stocks’ volumes, averaging $0.54 billion, $0.45 billion and $0.44 billion a month respectively so far.

Despite integrations across multiple CEXs, the trading activity of the top 5 tokenized equities are still insignificant compared to their real-world counterparts, making up less than 1% of total trading volume on TradFi stock markets.

6. Tokenized ETFs reached $0.3B, with broad-based growth and a sizable long tail

The market capitalization of tokenized ETFs has risen from just $0.62 million on July 1, 2025 when products were still in the process of rolling out, to $297.50 million by the end of Q1 2026. This puts tokenized ETFs at just over half the size of tokenized stocks.

Notably, Ondo’s tokenized ETFs launches raised the asset class’ market capitalization from $0.95 million on September 1, 2025, to $197.66 million by month end.

In contrast to tokenized stocks, tokenized ETFs have experienced a more broad-based growth with no significant asset class leaders yet. While Ondo’s SPDR S&P 500 has remained the largest tokenized ETF with a $32.45 million market capitalization representing 10.9% in market share, the iShares Silver Trust follows close behind with $31.75 million and a 10.7% share. The remaining largest tokenized ETFs each account for 4.5% to 8.6% of the asset class.

At the same time, there is a meaningfully-sized long tail of smaller tokenized ETFs, which collectively captured a 27.8% share as of March 31, 2026.

7. Total RWA perps volume jumped to $524.8B in Q1 2026, significantly more than the $313.0B recorded for the whole of 2025

Perpetuals have emerged as another instrument to trade RWAs or TradFi assets, gaining significant traction alongside tokenization. RWA perps recorded $524.79 billion total trading volume in Q1 2026 alone, putting this year on track to more than double the $313.02 billion accumulated for the whole of 2025. This marks the fourth consecutive quarterly increase, as the total RWA perpetuals volume grew from $29.74 billion in Q1 2025, to $67.41 billion in Q2, $77.00 billion in Q3 and $138.87 billion in Q4. 

Commodities initially accounted for all RWA perps trading until July 2025, but in the last six months, its share of monthly volume has ranged from 69.7% to 95.3%. This comes as perps for other asset classes have gained traction: Stocks perps’ market share has risen from 0.4% in August 2025 to 6.0% in March 2026; ETFs perps have grown from 2.8% in October 2025 to 5.3% in March 2026, albeit with most of the growth from SPY volumes.

Separately, Hyperliquid’s HIP-3 has seen its share of monthly RWA perps volume increase from 2.8% at launch in October 2025, to 28.6% in March 2026. Notably, HIP-3 volume has surged from a total of $12.65 billion in Q4 2025, to $130.87 billion in Q1 2026.

Total daily open interest for RWA perps has jumped from $0.14 billion on January 1, 2025, to $6.68 billion on March 31, 2026. In Q1 2026, daily RWA perps open interest averaged $4.82 billion, or more than 5 times the $0.85 billion average daily OI last year.

Read the Report: CoinGecko’s RWA Report 2026

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