According to a new report by Bernstein Research, the market for tokenized real-world assets (RWA)—where tangible assets are represented and traded on blockchain—has seen substantial growth heading into 2026. Bernstein’s data shows the sector’s total market capitalization has surged 42 percent since the start of the year, reaching $51 billion. This robust expansion is largely attributed to the rising market share of private credit, meaning non-bank lending facilitated via blockchain.
Private credit segment’s surge
The report highlights that private credit assets have climbed to account for 44 percent of the tokenization market. This rapid adoption of blockchain infrastructure in lending and fund management is reshaping financial services. With different analytics firms using varied metrics, total circulating RWA volumes can differ widely. For example, while analytics platform RWA.xyz reports a total of $34 billion in tokenized assets, Bernstein places the figure at $51 billion.
Institutional investors have begun to embrace this space. Major financial players like BlackRock are entering the market with blockchain-based money market funds. One such fund, BUIDL, has amassed over $2.5 billion in assets in a short span.
Quick note: Private credit refers to lending provided outside of traditional banks, typically by direct investors through various financing models. Now, these loans can be tokenized using blockchain technology, turning them into investable assets that can change hands more easily.
Leading platform: Figure Technology Solutions
Figure Technology Solutions has taken a leading role in the growth of the private credit segment. Through its blockchain platform, Figure enables the creation and trading of credit assets, managing a total of $18 billion—making it the top player in this sector. Meanwhile, platforms like Securitize and Paxos have each reached volumes of around $4.2 billion by tokenizing US Treasuries, commodities, and equities.
According to Bernstein, “By 2026, $5 billion of consumer credit is expected to be tokenized via Figure, with monthly credit volumes reaching a record $1.3 billion in April alone.”
Moreover, Figure’s Connect credit marketplace accounted for 56 percent of all credit transactions in the first quarter of 2026, underlining its growing footprint in digital finance.
| Platform | Tokenized Assets | Total Volume (Billion $) |
|---|---|---|
| Figure | Private credit | 18 |
| Securitize | Bonds, commodities, equities | 4.2 |
| Paxos | Bonds, commodities, equities | 4.2 |
Blockchain as global finance’s new backbone
Ross Shemeliak, co-founder of Stobox, points to two driving forces for private credit’s rapid ascent: investors seeking higher returns, and businesses in need of fresh sources of capital. He added that while the first institutional successes came through US Treasuries, private credit offers greater potential for yield.
Shemeliak observed, “The true transformation is that blockchain is quietly becoming the backbone infrastructure for global capital markets.”
Historically, many analytics platforms failed to capture data on private credit outside the BTC network or measured complex hybrid financial structures inconsistently. Recently, though, there has been a marked improvement in tracking and transparency for these blockchain-based assets.
Growth in tokenized bonds and derivatives
After private credit, US Treasuries represent the second biggest RWA market segment at 30 percent, with commodities comprising 14 percent of tokenized asset volume. The report further notes a steady increase in blockchain-based derivatives. In May, the decentralized exchange Hyperliquid saw $2.6 billion in open positions on tokenized derivatives, while April’s trading volume soared to $65 billion on the platform.
Bernstein Research declined to comment on data requests but emphasized that new analytical methods and evolving technologies play a major role in scaling estimates of market size.
