Tokenized US Treasurys Power the 2025 Real-World Asset Boom

[madtrader]

Total RWA value. Source: RWA.xyz

Tokenization of real-world assets has become one of crypto’s dominant narratives in 2025, led by rapid growth in tokenized US Treasury products.

Data from RWA.xyz shows the total value of tokenized real-world assets has more than tripled over the past year, rising from about $5.6 billion to nearly $19 billion. US Treasurys account for a significant share of that expansion, with roughly $9 billion in Treasury debt now issued onchain.

Major offerings include BlackRock’s BUIDL fund, which has grown to nearly $1.7 billion, alongside products from Ondo Finance and Franklin Templeton.