Overview
- The on‑chain market for tokenized real‑world assets has grown rapidly to roughly $31.4 billion, driven by a surge of institutional issuance and custody.
- U.S. Treasury tokens now make up nearly half of the market because institutions seek low‑risk, yield‑bearing collateral on blockchain rails.
- Large institutional products are concentrated: BlackRock’s BUIDL holds about $2.54 billion and Ondo’s USDY and OUSG together account for roughly $2.77 billion.
- The DTCC has scheduled a phased rollout that begins with limited production in July and broader deployment in October 2026, a step that may let tokenized securities settle through legacy market infrastructure.
- Despite fast growth and analyst forecasts of much larger markets, tokenization still represents only a tiny slice of the global capital market and its near‑term expansion will depend on custodians, regulators, and market plumbing working together.