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Infrastructure Is Holding Back Tokenization

Macro

Stablecoin

Tokenization

Written by Laurens Fraussen

20/01/2026

    Welcome to the Data Debrief!

    Welcome back to the Data Debrief! 

    Real-world asset tokenization has evolved from a theoretical exercise into a measurable market, but the data reveals a split reality. Stablecoins have achieved massive scale, while tokenized securities, commodities, and infrastructure tokens remain concentrated, illiquid, and far from self-sustaining


    • Stablecoins represent a $300B market, covering 94% of all tokenized assets

    • Real World Asset (RWA) categories combined are worth less than $20B

    • Trading volumes remain event-driven despite uptick in AUM

    Infrastructure Is Holding Back Tokenization

    Real-world asset tokenization has moved beyond proof of concept thanks largely to U.S. Treasuries. In just three years, tokenized U.S. Treasuries grew from near zero to over $9B. Expanded retail access to products globally helped drive this growth. However, problems persist.

    The sector remains highly concentrated, with 90% of tokenized treasury assets under management (AUM) in just 10 products. Elsewhere, market depth for RWA infrastructure tokens rarely exceeds $2M, and non-U.S. tokenization remains negligible at roughly $800M. With total value locked (TVL) across RWA protocols at around $20B, tokenization has achieved scale in only one category, stablecoins, which have a market cap of around $300B.

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    Data Used In This Analysis

    Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

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