Tokenized RWAs climb 13.5% despite $1T crypto market drawdown

Demand for tokenized real-world assets (RWAs) continued to grow over the past month, even as broader cryptocurrency markets faced heavy selling pressure, underscoring the sector’s resilience and growing institutional footprint.

The total value of onchain RWAs increased 13.5% over the past 30 days, according to data from RWA.xyz. The increase reflects both higher asset issuance, meaning more tokenized securities brought onto public blockchains, and growth in the number of unique wallet addresses holding these assets, signaling expanding participation.

As of Feb. 16, all major blockchain networks tracked by RWA.xyz recorded increases in tokenized asset value, led by Ethereum, with roughly $1.7 billion in net growth, followed by Arbitrum at $880 million and Solana at $530 million. The figures refer to the increase in total onchain value of tokenized assets issued or circulating on those networks.

*Excluding stablecoins, net growth in tokenized securities such as Treasurys, private credit and other yield-bearing instruments accelerated over the past 30 days. Source:* *RWA.xyz*.

Tokenized US Treasurys and government debt remain the largest RWA category, with more than $10 billion in outstanding onchain products. Flows into these instruments continued during the period, while tokenized stocks and exchange-traded products also posted gains.

A sharp contrast with the broader crypto market

Steady demand for tokenized RWAs points to deeper institutional participation, as asset managers increasingly use public blockchains to issue and settle tokenized versions of traditional financial products.

Tokenized money market funds, for example, are evolving beyond simple yield vehicles and are beginning to serve as collateral in certain trading and lending markets. Major institutions, including BlackRock, JPMorgan and Goldman Sachs, have become active participants in the space.

BlackRock last week made its first formal move into decentralized finance, bringing its USD Institutional Digital Liquidity Fund (BUIDL) tokenized US Treasury fund to Uniswap.

The growth also stands in contrast to the broader cryptocurrency market, which has shed roughly $1 trillion in market value over the past month, highlighting the relative stability of yield-bearing tokenized assets.

*The total crypto market has continued to unravel since October, with losses intensifying in January. Source:* *CoinGecko*

Derivatives markets have been a key source of stress, with a large-scale deleveraging event in October triggering broader weakness across digital assets. Conditions have yet to fully recover, and sentiment remains fragile even as equities continue trading near record highs.