Tokenized public-market RWA value grew from $5.6B to $16.7B in 2025, marking the strongest expansion the sector has seen since inception. Tokenized US Treasuries remained the largest RWA category, with tokenized value rising from $3.9B to $9.2B in 2025. The standout instrument was BlackRock’s BUIDL, issued via Securitize, which reached $2.3B in AUM.(unfolded.)