Tokenized RWAs hit $31.4B

Tokenized real-world assets are getting bigger, but the more useful shift is in what is growing. Live Bitcoin News reported on May 24 that the market reached $31.4 billion in 2026 and cited a Binance Research base-case forecast of $1.6 trillion by 2030 if institutional adoption accelerates. That headline matters because the current wave is centered on regulated products tied to actual assets — especially U.S. Treasuries, cash-management vehicles and fund interests — rather than crypto-native wrappers that depend on looser market structure. Binance Research said Treasury products, gold-backed commodities and tokenized public equities are among the clearest areas of activity, with Treasury-linked tokens representing roughly half of current RWA market value. (livebitcoinnews.com) BlackRock is part of that shift. Reporting on May 23 said the asset manager filed two tokenized fund proposals with the U.S. Securities and Exchange Commission on May 8, including a vehicle designed to hold cash, short-term Treasuries and overnight repo backed by Treasuries. Separate reporting said BlackRock’s existing BUIDL fund is already among the largest tokenized Treasury products in the market. (mexc.com) Ondo is building on the same institutional pitch. Ondo’s website says it offers tokenized products including USDY and OUSG, and lists current total value locked at about $1.10 billion. On May 6, Ondo said it completed what it called the first near real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund with Kinexys by J.P. Morgan, Mastercard and Ripple. Centrifuge has also been moving deeper into institutional infrastructure. (cryptotimes.io) CoinDesk reported on May 5 that Coinbase selected Centrifuge as its preferred tokenization backbone and made a strategic investment tied to expanding tokenized ETFs, credit and other assets. Other market coverage has described Centrifuge’s Treasury and credit products as core pieces of the current RWA stack. (ondo.finance) The regulatory backdrop helps explain why these names are getting attention. The broader crypto debate in May has included skepticism from U.S. regulators toward tokenized stock structures that look synthetic or sit awkwardly between securities and crypto trading rules, while asset-backed tokenization linked to familiar financial products has continued to advance in filings and pilot programs, according to multiple reports in the briefing material. That has pushed the conversation toward infrastructure, custody, transfer rails and compliance rather than toward speculative wrappers. (coindesk.com) The next test is whether issuance keeps moving from pilots into scaled products. BlackRock’s May 8 filings, Ondo’s cross-border Treasury settlement work and Coinbase’s May 5 tie-up with Centrifuge give investors concrete milestones to watch as the market tries to grow from tens of billions toward the much larger 2030 forecasts. (crowdfundinsider.com) (cryptotimes.io)