Digital asset investment company CoinShares predicts that the rise in tokenized real-world assets (RWAS) in 2025 will continue into 2026, driven by increased global demand for dollar-denominated assets.
In its Digital Asset Outlook to 2026 report, Coinshares stated that tokenized RWAS saw strong growth in 2025, led by tokenized US Treasuries. Onchin treasuries doubled this year, climbing from $3.91 billion to $8.68 billion, according to the report. Private credit also increased to $18.58 billion from $9.85 billion during the same period.
“Tokenization has materially moved beyond the long-standing narrative of crypto enthusiasts,” said CoinShares digital asset analyst Matthew Kimmel. “Real assets, issued by reputable firms, receive material investment. Even real regulators are engaging with crypto-rails as trusted infrastructure.”
Ethereum remains the most dominant network for tokenized US Treasuries. Data from RWA.XYZ shows that as of Monday, Ethereum has added more than $4.9 billion to the U.S. Treasury on the blockchain.
US Treasuries are the most “immediate” growth vector
CoinShares expects US government debt-backed products to lead the next phase of expansion in 2026, citing global demand for dollar yields and the performance of crypto-based settlement rails.
Investors prefer holding Treasuries over stablecoins when yields are available with minimal upside risk, CoinShares said.
“We have observed stablecoins demonstrate significant global demand for the tokenized dollar as a reserve and transactional asset,” CoinShares wrote. “Yet, when investors have this option, as opposed to transactors, they generally prefer to hold Treasuries over holding direct dollars.”
Coinshares also argued that RWA tokenization has already moved beyond a mainstream experience by crypto enthusiasts.
As established financial firms issue these assets, it attracts material capital and draws engagement from regulators who see blockchain as an increasingly trusted infrastructure, the company said.
The company also added that the performance improvements are no longer theoretical. Instead of the legacy custodial process, settlement, issuance and distribution are beginning to take place directly, CoinShares said.
Coinshares expects the shift to continue, not without competitive tensions. According to the company, several networks and settlement systems are vying for market share. As a result, it is uncertain which platforms will emerge victorious and how liquidity will stabilize.
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Tokenized RWA increased by 229% in 2025
Excluding stablecoins, which have a market capitalization of more than $300 billion, RWA grew from $5.5 billion on December 31, 2024 to $18.1 billion at the time of writing, RWAXYZ data shows. This represents a growth of 229% in almost one year.
Jean-Marie Magneti, CEO of Coinshares, said that digital assets are no longer operating outside of the traditional economy. He said they were embedded within it.
“If 2025 was the year of full recovery, 2026 is a year of stabilization in the real economy,” he said.
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