Digital asset investment company CoinShares has forecast that the substantial increase in tokenized real-world assets (RWAs) observed in 2025 will extend into 2026, propelled by a growing global appetite for dollar yield.
In its 2026 Digital Asset Outlook report, CoinShares highlighted the robust expansion of tokenized RWAs throughout 2025, with tokenized U.S. Treasurys leading the charge. The report indicated that on-chain Treasurys more than doubled during the year, escalating from $3.91 billion to $8.68 billion. Similarly, private credit saw nearly a twofold increase, rising from $9.85 billion to $18.58 billion over the same period.
Matthew Kimmell, a digital asset analyst at CoinShares, commented on this trend: "Tokenisation has materially moved beyond the longtime narrative of crypto enthusiasts. Real assets, issued by reputable firms, receiving material investment. Even real regulators engage with crypto rails as credible infrastructure."
Ethereum continues to be the predominant network for tokenized U.S. Treasurys. Data from RWA.xyz revealed that as of Monday, Ethereum hosts over $4.9 billion in tokenized U.S. Treasurys on its blockchain.
U.S. Treasurys Identified as the Most Immediate Growth Vector
CoinShares anticipates that U.S. government debt-backed products will spearhead the next phase of expansion in 2026. This projection is supported by the persistent global demand for dollar yield and the inherent efficiency offered by crypto-based settlement systems.
The firm noted that investors generally favor holding Treasurys over stablecoins when comparable yields are available with minimal additional risk.
CoinShares stated, "We’ve observed stablecoins demonstrating significant global demand for tokenised dollars as both a reserve and transactional asset. Yet, when investors, as opposed to transactors, have the option, they generally prefer to hold Treasurys over holding dollars directly."
Furthermore, CoinShares asserted that RWA tokenization has advanced beyond being a niche experiment confined to crypto enthusiasts.
The company observed that as established financial institutions begin to issue these assets, it attracts substantial capital and encourages engagement from regulatory bodies, who increasingly recognize blockchain technology as a credible infrastructure.
CoinShares also pointed out that efficiency enhancements are no longer merely theoretical. The firm indicated that settlement, issuance, and distribution processes are beginning to occur directly on-chain, bypassing traditional custodial methods.
The company expects this transition to persist, although it anticipates ongoing competitive dynamics. CoinShares noted that numerous networks and settlement systems are actively competing for market share. Consequently, it remains uncertain which platforms will ultimately dominate and how liquidity will consolidate across the ecosystem.
Tokenized RWAs Experienced 229% Growth in 2025
Data from RWA.xyz indicated that excluding stablecoins, which collectively possess a market capitalization exceeding $300 billion, RWAs experienced a significant surge. Their value grew from $5.5 billion on December 31, 2024, to $18.1 billion at the time of reporting. This represents a 229% increase in less than a year.
Jean-Marie Mognetti, CEO of CoinShares, stated that digital assets are no longer operating in isolation from the traditional economy; they are becoming integrated within it.
"If 2025 was the year of the graceful return, 2026 looks positioned to be a year of consolidation into the real economy," Mognetti remarked.