Tokenized RWAs See Strong Growth in 2025, Outpacing Stablecoins: Report

Last year was a significant one for real-world assets (RWAs), as the sector saw intensified competition, regulatory progress, and an influx of traditional institutional players. In fact, the RWAs sector performed so well that it outpaced stablecoins in growth.

According to CoinGecko’s RWA Report 2026, RWAs grew from 2.7% the size of stablecoins to 6.4% as the pace of tokenization accelerated in 2025. The report examines the sector’s growth from January 2025 through the end of Q1 2026.

RWAs Outpace Stablecoins in Yearly Growth

Within the last 15 months ending March 2026, the market cap of tokenized RWAs more than tripled from $5.42 billion to $19.32 billion. This represented a 256.7% growth from January 2025.

The RWAs sector comprises four asset classes: treasuries, commodities, stocks, and exchange-traded funds (ETFs). Tokenized treasuries have remained the largest asset class, adding $9 billion in market cap from January 2025. This accounted for a 225.5% increase during the reporting period. CoinGecko noted that momentum for this asset class surged after its market cap exceeded the $10 billion mark for the first time on February 11, 2026.

Despite the growth, the market share of tokenized treasuries fell slightly from 73.7% to 67.2% because other asset classes recorded notable growth. Commodities accounted for 28.7%, while stocks and ETFs captured 2.5% and 1.5%, respectively, by the end of Q1 2026.

The growth in tokenized commodity market share was driven by gold-backed tokens — Tether Gold (XAUT) and PAX Gold (PAXG). The market cap grew 289% from $1.43 billion to $5.55 billion within the report period. XAUT and PAXG accounted for 89% of the market cap growth. Notably, spot trading for tokenized gold surpassed the $84.6 billion traded in 2025 to reach $90.7 billion in Q1 2026.

RWAs Perpetuals Gain Traction

Furthermore, the market cap of tokenized stocks grew from $2.09 million in June 2025 to $486.69 million in March 2026. Tech companies like Circle, Tesla, Nvidia, and Alphabet led the charge. Spot trading volumes for this asset class totaled $15.1 billion by the end of last quarter, surpassing the $14.8 billion traded in the second half of 2025.

As for tokenized ETFs, this asset class recorded broad-based growth, with a market cap that rose from $0.62 million in July 2025 to $297.5 million by March 2026. It currently accounts for half the size of tokenized stocks.