Tokenized assets exceed $25 billion after nearly quadrupling in a year

Treasurys, private credit, and commodities are driving growth, but most tokenized assets remain isolated from DeFi markets. What to know : Tokenized real-world assets excluding stablecoins have surged to more than $25 billion onchain, nearly quadrupling in a year, with six categories now exceeding $1 billion each. Much of the growth reflects large, infrequent institutional allocations rather than active secondary trading, as issuers prioritize capital formation and fundraising efficiency over liquidity. Only about 12% of the roughly $8.5 billion in RWA-backed stablecoins is deployed in DeFi, leaving most assets siloed behind compliance barriers and raising questions about whether tokenization will integrate with permissionless finance.