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Real-world asset tokenization has surged 380% since 2022, according to a new report.\n<\/p>\n
Private credit is now the largest sector of the real-world asset (RWA) tokenization<\/a> market, according to the 2025 RWA in On-Chain Finance report<\/a> by blockchain oracle RedStone published today, June 26.<\/p>\n The report, conducted in collaboration with Gauntlet and analytics platform RWA.xyz, found that private credit now accounts for $14 billion of the $24 billion tokenized RWA market as of mid-2025.<\/p>\n Meanwhile, the $24 billion total represents a 380% increase from $5 billion in 2022, and an 85% year-over-year growth since December 2024. Notably, the report excludes stablecoins<\/a> from its findings, despite their classification as tokenized fiat currencies.<\/p>\n The findings indicate that institutions are moving beyond experimentation and are now actively deploying capital on-chain.<\/p>\n \u201cThe one key finding in the report is obvious, yet key to remember \u2013 in 2025, the RWA and on-chain revolution doesn\u2019t happen with small players just getting the ground,\u201d Marcin Kazmierczak, co-founder of RedStone, told The Defiant:<\/p>\n \u201cInstead, it\u2019s done by the biggest financial institutions globally like BlackRock, JP Morgan, Apollo, VanEck, etc. They realize the future is a convergence between TrafFi and on-chain finance, and they are acting on it now.\u201d<\/p><\/blockquote>\n<\/figure>\n Kazmierczak added that while the broader crypto market has suffered from volatility<\/a>, \u201cRWAs have demonstrated remarkable counter-cyclical strength, continuing to attract hundreds of millions in new capital.\u201d<\/p>\n It\u2019s this resilience that reflects the sector’s \u201cexplosive 380% growth,\u201d Kazmierczak explained, as well as positions RWAs as crypto’s second fastest-growing sector after stablecoins.<\/p>\n The report also notes that governments are increasingly recognizing blockchain as infrastructure that’s necessary for modernizing traditional financial systems and addressing major macroeconomic challenges.<\/p>\n Figure Technologies leads tokenized private credit, accounting for 75% of the market with over $10 billion in tokenized assets. On the institutional side, Tradable \u2013 a protocol launched on ZKsync Era in 2023 \u2013 has tokenized more than $2 billion through a partnership with Victory Park Capital, according to the report.<\/p>\n As of this year, ZKsync has held its place as the second-largest RWA chain<\/a> after Ethereum in terms of total value locked on-chain, currently with over $2.24 billion<\/a> \u2014 the majority of which is assets from Tradable.<\/p>\n Maple Finance, a leading DeFi lending platform operating on Ethereum and Solana, is another big player in the tokenized RWA space. As of June 2025, Maple reported $777 million in active loans and more than $3.3 billion in total loans, according to RWA.xyz.<\/p>\n Other findings in the report include industry projections that 10-30% of global assets could be tokenized by 2030-2034. \u201cRWAs are bridging traditional finance’s $400+ trillion in assets to blockchain \u2013 over 130x larger than crypto’s current ~$3 trillion market cap,\u201d the report reads.<\/p>\nThe Big Players<\/h2>\n
The Growth of RWAs<\/h2>\n