CoinShares, a digital asset investment company, predicts that the surge in tokenized real-world assets (RWA) will continue into 2026, driven primarily by the growing global demand for dollar yields.
In its "2026 Digital Asset Outlook" report, CoinShares notes that tokenized RWAs showed strong growth in 2025, particularly in tokenized U.S. Treasury bonds. According to the report's data, the on-chain Treasury bond market has more than doubled this year, rising from $3.91 billion to $8.68 billion. During the same period, the private credit market also nearly doubled, increasing from $9.85 billion to $18.58 billion.
Matthew Kimmell, a digital asset analyst at CoinShares, stated, "Tokenization has substantially surpassed the narrative framework long constructed by cryptocurrency enthusiasts. What we are seeing now are real assets issued by reputable institutions, attracting substantial investment. Even formal regulatory bodies are beginning to view crypto infrastructure as a reliable financial framework."
Ethereum remains the dominant network platform for tokenized U.S. Treasury bonds. According to RWA.xyz data, as of Monday, over $4.9 billion in U.S. Treasury bonds have been tokenized on the Ethereum blockchain.
CoinShares expects that U.S. government debt-backed products will lead the next wave of expansion in 2026, primarily due to the ongoing global demand for dollar yields and the efficiency of crypto settlement channels.
CoinShares stated that when yields can be obtained with minimal risk increments, investors typically prefer to hold Treasury bonds rather than stablecoins.
In the report, CoinShares wrote, "We observe that stablecoins, as reserve and trading assets, exhibit a massive global demand for tokenized dollars. However, when investors (as opposed to traders) face a choice, they generally prefer to hold Treasury bonds rather than directly holding dollars."
CoinShares also emphasized that RWA tokenization has moved beyond the niche experimental phase of crypto enthusiasts.
The company noted that as well-known financial institutions begin to issue these assets, it not only attracts substantial capital but also draws the attention of regulators, who increasingly view blockchain as a trustworthy infrastructure.
The company added that the improvements in efficiency are no longer just theoretical. CoinShares stated that settlement, issuance, and distribution are beginning to occur directly on-chain, without relying on traditional custodial processes.
CoinShares expects this trend of transformation to continue, but the competitive landscape remains fierce. According to the company, multiple networks and settlement systems are vying for market share. Therefore, it is still uncertain which platforms will ultimately prevail and how market liquidity will consolidate.
According to the latest data from RWA.xyz, excluding stablecoins with a market cap over $300 billion, the RWA market surged from $5.5 billion on December 31, 2024, to $18.1 billion at the time of writing. This astonishing figure indicates a significant growth of 229% in less than a year.
Jean-Marie Mognetti, CEO of CoinShares, pointed out that digital assets are no longer an independent existence outside the traditional economic system. He emphasized that these assets are now deeply embedded in the traditional economic structure.
"If 2025 is the year of elegant return, then 2026 is expected to be a year of consolidation deeply integrated with the real economy," he further stated.
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Original article: “U.S. Treasuries Lead the Tokenization Wave, CoinShares Predicts Growth Momentum in 2026”
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