RWA Market Hits $51 Billion as Private Credit Leads the Charge

Bernstein Research puts the tokenized real-world asset market at $51 billion as of May 2026 — up 42% this year. Private credit now accounts for 44% of all tokenized value, and Figure Technology Solutions tops platforms with $18 billion in tokenized assets.

The tokenized real-world asset market has grown to $51 billion, driven by surging private credit activity, according to a Bernstein Research report published May 26, 2026, as reported by CoinTelegraph. The figure represents a 42% increase year-to-date and sits well above the $34 billion tracked by RWA.xyz, a gap that reflects how different analytics providers measure and categorize tokenized assets.

Private credit — blockchain-recorded loans issued outside traditional banks, where investors fund borrowers directly in exchange for interest — now accounts for roughly 44% of all tokenized real-world asset value, Bernstein said. The dominance of private credit represents a structural shift from earlier phases of RWA tokenization, which were dominated by government Treasury instruments.

Figure Technology Solutions Leads All Platforms

Figure Technology Solutions (FIGR), a financial technology company that uses blockchain infrastructure for loan origination and settlement, ranked first among all tokenized RWA platforms with $18 billion in assets, according to Bernstein. Securitize and Paxos followed at approximately $4.2 billion each, covering treasuries, commodities, and stocks.

The data behind Figure's position is concrete: the company has tokenized $5 billion in consumer loans so far in 2026, with monthly loan volume reaching a record $1.3 billion in April 2026. Connect, Figure's blockchain-based credit marketplace, contributed 56% of total loan volumes in Q1 2026.

BlackRock BUIDL Surpasses $2.5 Billion

Among institutional entrants, BlackRock's tokenized money market fund BUIDL has surpassed $2.5 billion in assets, Bernstein said. BUIDL, which launched in March 2024, remains one of the most prominent examples of a major traditional financial institution using blockchain infrastructure for fund operations.

US Treasury debt remains the second-largest RWA category after private credit, accounting for roughly 30% of the market. Commodities make up another 14%, according to Bernstein data.

Why the $51B vs $34B Discrepancy Matters

The gap between Bernstein's $51 billion figure and RWA.xyz's $34 billion reflects a methodological divide that matters for anyone tracking the sector. Private credit structures often operate through special purpose vehicles, custodians, or hybrid onchain-offchain models that some analytics platforms previously categorized differently or excluded.

"The real story is that blockchain is quietly becoming the infrastructure layer for global capital markets," said Stobox co-founder Ross Shemeliak, as quoted by CoinTelegraph. Shemeliak noted that tracking of the RWA market has changed significantly since 2025 as platforms updated their counting methodology to include private credit in full.

For context on how tokenization infrastructure is evolving for financial institutions, see our analysis of how the XRPL handles RWA tokenization at the protocol level.

Private Credit vs Tokenized Treasuries

Tokenized US Treasuries were the first major institutional use case in the RWA market, providing a familiar, regulated asset that institutions could tokenize with limited legal complexity. But private credit offers higher potential returns and more direct exposure to real economic activity — and the mechanics of blockchain-based loan origination, servicing, and settlement are increasingly proven at scale.

The pattern is notable: Figure's $5 billion in consumer loans tokenized in 2026 alone exceeds many total-market RWA estimates from just 18 months ago. The growth is not theoretical — it is being executed in volume by operating platforms.