Karl Mohan
Key points
- The tokenised RWA market expanded 431% between January 2025 and April 2026, with capitalisation growing from approximately US$5.8 billion to over US$30.8 billion.
- While tokenised US Treasuries accounted for the largest market value at around US$15.1 billion, asset-backed credit saw the most dramatic growth, surging 29-fold from US$82 million to US$2.5 billion during the same period.
- Tokenised commodities also showed robust performance, achieving a 412% gain in market value in the same period.
The growth in tokenised real-world assets is rapidly shifting from an idea into a structural change across global capital markets. Between January 2025 and April 2026, the market expanded by more than 430 per cent, with total capitalisation rising from approximately US$5.8 billion to over US$30.8 billion.
This expansion is underpinned by improved regulatory settings and greater participation from traditional financial institutions. The entry of major players such as BlackRock and Fidelity has helped validate tokenisation as a legitimate extension of existing financial markets, rather than a parallel system. As a result, tokenised products are increasingly being viewed as investable, institutional-grade offerings.
While tokenised US Treasuries continue to represent the largest share of the market, accounting for around US$15.1 billion in value, growth is now becoming more diversified. Asset-backed credit has been one of the fastest growing segments, increasing from roughly US$82 million to US$2.5 billion over the same period. Tokenised commodities have also recorded strong performance, with market value increasing by more than 400 per cent.
In Australia, adoption remains at an earlier stage, but there are clear signs that momentum is building. More tokenised products are beginning to emerge locally, and we expect this to accelerate significantly over the next 12 to 24 months as regulatory clarity improves and market infrastructure continues to develop.
We expect to see traditional asset classes such as equities and money market funds increasingly becoming tokenised and the core drivers behind this growth are clear.
Tokenised real-world assets offer near-instant settlement, improved transparency and more efficient transaction processes. These features reduce friction within traditional financial systems and make it easier for both institutions and investors to move capital and access a wider range of assets.
As the market continues to mature, tokenisation has enormous potential to enhance existing financial systems rather than replace them. For Australia, the challenge and opportunity will be ensuring local markets can keep pace with global developments and fully participate in what is emerging as a major structural shift in finance.
By Karl Mohan, General Manager International