CoinGecko’s rwa report shows how tokenization moved from niche experiments to a fast-growing market in 2025 and early 2026.
Summary
RWA market value more than tripled
Since the revival of real-world assets in 2024, regulatory clarity has helped major TradFi institutions engage with tokenization. However, 2025 became a watershed year as issuers and exchanges competed across the stack.
The total tokenized RWA market capitalization rose 256.7% over fifteen months, from $5.42B at the start of 2025 to $19.32B as of March 31, 2026. Moreover, tokenized RWAs climbed to 6.4% of stablecoin size, up from 2.7% at the beginning of 2025.
Tokenized treasuries remained the largest asset class, adding $9.00B (+225.5%) and crossing $10B on February 11, 2026. Their share slipped from 73.7% to 67.2% as other categories gained ground.
Commodities drove the next leg higher
Tokenized commodities rose from $1.43B to $5.55B, an increase of $4.12B (+289.1%). That said, the category crossed $5B on January 19, 2026, peaked at $6.69B on February 5, and then retraced 20.6% by quarter-end.
Gold-backed tokens led the move. Tether’s XAUT and Paxos’ PAXG accounted for 89.1% of the growth, contributing $1.87B and $1.80B respectively. PAXG gained share from 36.8% to 41.8%, while XAUT ended at $2.52B.
Smaller precious metals also expanded. KAG more than doubled to $0.35B, KAU reached $0.27B, and Matrixdock’s XAUM scaled elevenfold to $0.07B. However, each lost market share as larger products dominated the category.
Trading volumes surged across gold, stocks and ETFs
Spot trading of tokenized gold reached $90.70B in Q1 2026, surpassing the $84.64B traded in all of 2025. CEXs accounted for most spot activity, as access widened and crypto traders sought exposure to a strong-performing asset.
Monthly volumes swung sharply. For example, trading hit $21.38B in October 2025 when gold set new highs, compared with $6.73B the previous month. Moreover, PAXG and XAUT dominated monthly flow, with average spot volume of $11.69B total across the fifteen-month period.
In one key section of the rwa report, tokenized stocks were shown rising from $2.09M on June 30, 2025 to $486.69M on March 31, 2026. Backed Finance’s xStocks and Ondo’s launches drove much of that growth.
Circle became the largest tokenized stock at $171.39M, followed by Tesla at $61.70M, Nvidia at $42.59M, Alphabet at $36.91M, and MicroStrategy at $26.15M. However, the top five tokenized equities still represent less than 1% of traditional stock exchange trading volume.
Tokenized ETFs also expanded, rising from $0.62M on July 1, 2025 to $297.50M by the end of Q1 2026. Ondo’s SPDR S&P 500 led at $32.45M, while the iShares Silver Trust followed at $31.75M.
RWA perps became a major market
RWA perps posted $524.79B in Q1 2026, far above the $313.02B recorded for all of 2025. The quarterly trend rose for four straight periods, from $29.74B in Q1 2025 to $138.87B in Q4.
Moreover, commodities dominated early, but stocks perps and ETFs perps gained share later in the year. Hyperliquid’s HIP-3 also expanded quickly, rising from 2.8% at launch to 28.6% in March 2026, with volume increasing from $12.65B in Q4 2025 to $130.87B in Q1 2026.
Total daily open interest for RWA perps climbed from $0.14B on January 1, 2025 to $6.68B on March 31, 2026. In Q1 2026, average daily open interest reached $4.82B, more than 5x last year’s $0.85B average.
CoinGecko’s data points to a market that is moving beyond early trials. With stronger distribution, more asset coverage, and rising trading activity, tokenized assets are becoming a more visible part of the broader tokenization market.
