BlackRock's BUIDL fund has surged to a 44% market share in the tokenized real-world asset (RWA) space as of April 2025. The fund has done incredibly well since the beginning of 2023. By the end of April, it shot up an extraordinary 372.8%, going all the way up to $2.5 billion in treasuries. By mid-April 2025, the market cap of tokenized treasuries reached an all-time high of $5.6 billion. This incredible growth serves to highlight the rapid adoption of on-chain financial instruments.
Similarly, the tokenized treasuries market grew dramatically from March to April, growing by $2.3 billion (+67.1%) in that time. This exponential increase indicates a rising investor demand and belief in the promise of tokenized assets. While the market expanded across different blockchain networks, Ethereum continues to host the majority of the market cap, followed by Stellar.
Centrifuge, the largest player in the RWA world, has gone from private credit to supporting tokenized treasuries. This pivot has lead to a tremendous contraction of its active loan portfolio. At the same time, Exodus, a publicly-listed company on the NYSE, recently tokenized its own shares in a move demonstrating traditional financial firms’ increasing comfort with tokenization.
Backed is currently in control of a strong 77% market share of all tokenized stocks, with Dinari controlling the rest, 23%. Kraken will soon introduce trading for tokenized U.S.-listed stocks. This latest step, developed in collaboration with Backed, would further open equity markets to global investors. In July, Coinbase went public with plans to tokenize its own $COIN shares. With this move, the federal government has further legitimized the tokenization of traditional assets.
Additional growth in the on-chain private credit sector was equally remarkable. By the end of April 2025, total active loans had surged to $546.8 million. The private credit industry is just awakening. As a result, active loans in the sector are currently about one-third of their May 2022 peak value.
Even with the bullish mood surrounding the new tokenized treasuries market, the count of unique on-chain treasuries holders is still very limited. At present, tokenized treasuries are held in a bit more than 11,000 addresses so there is still plenty of latitude for wider adoption.
Commodity-backed tokens, though booming, still account for less than 1% (0.8%, to be exact) of the market cap of all fiat-backed stablecoins combined. From the end of 2024 to the end of 2025, commodity-backed tokens increased by +67.8%, gaining +$773.9 million in their market cap.
