The value of tokenized real-world assets (RWAs) has surged to nearly $76 billion as of September 12, 2025, marking a significant increase since the beginning of the year. This growth reflects a growing institutional adoption of blockchain technology and its potential to transform asset management.
Tokenized private credit constitutes over half of this expanding market, with tokenized U.S. Treasuries accounting for approximately a quarter of the total value. The remaining portion is diversified across various asset classes, including commodities, alternative funds, equities, and bonds. The Ethereum network and its layer-2 solutions remain the primary infrastructure, facilitating over 75% of the total RWA value, underscoring their capacity for the scale and complexity of modern asset tokenization.
In a notable development, BlackRock, the world's largest asset manager, is actively exploring the tokenization of exchange-traded funds (ETFs). This initiative builds upon the success of its BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which has accumulated approximately $2.2 billion in assets. BlackRock CEO Larry Fink has consistently highlighted the transformative potential of tokenization, stating that "every financial asset can be tokenized," a vision aimed at democratizing finance.
The U.S. government is also playing a crucial role in this evolution by encouraging financial market modernization. This initiative incentivizes Wall Street and fintech firms to adopt tokenization, fostering an environment conducive to innovation and integration. Crypto investor Ryan Sean Adams has identified this government-backed push as a key driver for tokenization adoption in U.S. markets.
The growth in tokenized RWAs is supported by tangible benefits such as faster settlement times, reduced counterparty risk, and enhanced liquidity. Tokenized U.S. Treasuries, for example, have seen a substantial increase, reaching $8.2 billion in total value locked by Q3 2025, a 329% rise from 2024. Ethereum's layer-2 solutions further amplify this efficiency by offering improved transaction throughput and reduced costs, making them increasingly attractive for institutional adoption. Projections indicate that the tokenized U.S. Treasury market could reach $9.5 billion by 2030, positioning it as a foundational element in future institutional portfolios.
As major institutions like BlackRock, along with firms across Wall Street and the fintech sector, increasingly leverage blockchain for asset tokenization, the financial industry is moving towards a more efficient, transparent, and accessible future. This shift presents an opportunity to redefine capital allocation and unlock new avenues for investment and growth across the global economy.