Tokenized real-world assets (RWAs) have surged in 2026, posting a 66% year-to-date increase excluding stablecoins, as onchain value surpassed $27 billion by mid-March. Institutional demand for yield and new blockchain infrastructure are driving rapid growth, with Bitcoin Layer 2 protocols becoming an emerging hub for asset tokenization beyond Ethereum’s dominance.
Strong momentum in tokenized RWA market
The expansion in tokenized RWAs has marked a transformational year for digital assets. By March 2026, tokenized Treasuries made up $11.3 billion, accounting for nearly 45% of all tokenized RWA value. Gold and commodities have followed, totaling $6.5 billion, while tokenized stocks and Treasuries together recorded a 38% increase in just the first quarter.
Institutional investors are now broadening the range of tokenized assets, including commodities like soybeans and specialized assets such as AI-focused data centers. Nick Research, a digital asset researcher, highlighted in a recent post that momentum in tokenized assets has surpassed expectations, referencing HTX’s latest White Paper, which projects the market could reach $340 billion.
Data shows Ethereum currently hosts approximately 57% of all tokenized RWA activity. However, newer platforms and networks are starting to eat into this share, as alternative settlement layers offer additional security and features.
As competition intensifies, the market for RWAs is maturing at a rapid pace with fresh participants from both traditional finance and the crypto sector. The past year has seen several protocols launch products tied to real world assets with programmable features, drawing capital from institutions seeking compliant and transparent solutions.
Bitcoin Layer 2s step up as new asset tokenization rails
Interest is rising in Bitcoin-powered networks as a foundation for tokenized RWAs. Stacks’ sBTC recently reached $292.4 million in total value locked, offering investors pure Bitcoin exposure and full settlement finality. Features like Dual Stacking now allow yields to be compounded directly in BTC terms.
Rootstock, operating as a Bitcoin sidechain, currently manages between $98 million and $160 million in locked assets. The platform is rolling out regulated vault strategies and phased RWA tokenization, appealing to institutional investors seeking simplicity and compliance with digital financial products.
Liquid Network, another Bitcoin-focused environment, holds approximately $1.4 billion in tokenized RWAs. Its infrastructure demonstrates Bitcoin-native blockchains’ capacity to handle significant tokenized asset volumes outside of established Ethereum virtual machine (EVM) networks.
Solv Protocol recently crossed the $1 billion mark in total value locked via SolvBTC and xSolvBTC. The protocol’s liquid staking and structured product offerings are now managed as a multi-signature by Apollo Crypto, a major institutional asset manager based in Australia. Solv is targeting 4–6% annualized yields on tokenized bonds and private credit, all running atop Bitcoin L2s.
Additional developments include VoltFi’s gold-backed PAXG vault launched on Stacks. This product allows users to deposit tokenized dollars, earning yield in gold and native Stacks (STX) rewards, without any need for accreditation or external bridge infrastructure.
Overall, the pace of increase in Bitcoin Layer 2 total value locked has accelerated since 2024, driven by the sector’s ongoing push for broader adoption and yield innovation in decentralized finance using real-world backing.
