Tokenized value is concentrated: as of early 2026, tokenized private credit and tokenized Treasuries together account for the majority of non-stablecoin RWA value, with tokenized real estate, funds, and commodities making up the rest. Looking at TVL - total value locked, the dollar value held in each category - by asset class tells you where real capital is going, which is a more honest signal than headlines about what is "hot." This is a snapshot: the figures below are approximate as of early 2026, and the live source is linked at the end.

The breakdown

Here is roughly how non-stablecoin RWA value splits by category.

Private credit and Treasuries dominate because they pay yield that institutions and on-chain capital want - credit for higher returns, Treasuries for safety. Real estate, despite its huge off-chain market, is a smaller share on-chain so far, because tokenizing property is operationally harder and less liquid. Funds and commodities round out the rest. The shares shift over time, but the two-category dominance has been consistent.

Why credit and Treasuries lead

Both convert directly into yield that suits on-chain dollars. Tokenized Treasuries attracted enormous inflows as interest rates rose, led by large institutional funds. Tokenized private credit grew by offering higher returns to investors willing to take lending risk, often through established on-chain credit platforms. Between them, they are where the yield is - so that is where the capital pooled.

Why real estate is smaller than you'd expect

Real estate is the largest asset class in the world, yet a modest slice of on-chain RWA value. The reasons are practical: each property needs its own legal wrapper and SPV, valuations are subjective, and liquidity is thin, so tokenizing real estate is slower and more bespoke than tokenizing a Treasury fund. The on-chain share is likely to grow as the tooling matures, but as of 2026 it trails the yield-first categories.

How to use this data

Composition reveals strategy. If you want to invest where the market is deepest and most liquid, the large categories - Treasuries and credit - have the most activity and infrastructure. If you are hunting earlier-stage opportunity, the smaller categories like real estate and commodities are less crowded but less liquid. Either way, read TVL as a map of where capital and infrastructure are concentrated, not as a recommendation - a large category is not automatically a good investment, and a small one is not automatically an opportunity.

For the off-chain context - how these compare to the size of the real-world markets behind them - see asset classes by size. And for current figures, always check a live dashboard rather than a static table.

Where to go next

• Next: the RWA comparisons hub.
• The off-chain context: asset classes by size.
• Glossary: total value locked (TVL).

Sources: rwa.xyz (live data); issuer disclosures. Figures approximate as of early 2026.