Tokenized RWAs Surge to $24B in 2025, Led by Private Credit and Ethereum

Tokenized real-world assets (RWAs) have evolved from a niche concept to a mainstream use case of institutional finance, with private credit leading the charge as investors pursue programmable yields.

That was one of the main takeaways from RedStone’s H1 2025 RWA Market Overview, co-authored by DeFi protocol Gauntlet and data platform RWA.xyz. 

Excluding stablecoins, the tokenized RWA market has grown by as much as 380% since 2022, reaching a combined $24 billion in value. 

Although much of the discourse has centered on tokenized Treasury bills, with…