RWA Market Insights: Key Trends for 2025
By the end of 2024, the tokenized real-world asset (RWA) market showcased remarkable growth. Evolving from private lending to tokenized government bonds and commodities like gold, the RWA sector is now poised to redefine TradeFi and create new investment opportunities.
The analytics platform RWA.xyz published a 2024 year-end report, providing comprehensive insights into the most advanced segments of the tokenized real-world asset market.
Global RWA Market. Source: rwa.xyz
Tokenized Private Credit
The private credit sector dominates the tokenized real-world asset market. According to RWA.xyz, the total value of active loans in this segment has reached an impressive $9.53 billion. The cumulative amount of issued loans stands at $16.2 billion, with over 2,300 contracts signed. The average annual percentage rate (APR) is 9.91%, making these investments highly competitive in terms of returns.
A notable example is Figure Technology Solutions, one of the largest non-bank home equity lines of credit (HELOC) lenders in the U.S. The company has issued loans worth more than $10.4 billion, of which approximately $9.096 billion remain active. This demonstrates how traditional financial institutions are increasingly leveraging blockchain technology to streamline operations and attract new investors.
The total value of loans issued through Maple Finance now stands at $2.44 billion, with $270 million remaining active at an annual percentage rate (APR) of 9.72%. Maple Finance recently announced the launch of Syrup.fi, a new product focused on decentralized finance (DeFi) lending. This initiative aims to rebrand the platform's MPL token while introducing a new token, SYRUP, featuring staking capabilities. These updates are expected to optimize the protocol’s revenue distribution mechanisms.
Protocols like Centrifuge and Goldfinch have also been pivotal in advancing on-chain lending, managing loan portfolios of $560 million and $170 million, respectively. These platforms exemplify the diversity of tokenized private debt solutions, offering various lending models and mechanisms.
In summary, blockchain platforms for private lending are increasingly disrupting the traditional credit market. They offer transparent, standardized, and cost-effective alternatives, paving the way for a more efficient and inclusive financial system.
One of the primary benefits of tokenized private credit lies in its ability to tap into global liquidity pools for on-chain lending. This significantly broadens access to financing for borrowers, making funding more accessible and efficient.
Private credit will likely emerge as the primary growth driver for the entire RWA segment in 2025.
Impressive Growth in Tokenized Private Credit, 2023–2024. Source: rwa.xyz
U.S. Treasuries, known for their liquidity and high credit ratings, have become a cornerstone of the RWA landscape. In 2024, this segment saw exceptional growth, establishing itself as one of the most promising areas in the industry.
Beginning the year with a market capitalization of approximately $1 billion, the tokenized U.S. Treasuries market surpassed $3 billion by year-end. This represents an annual growth of over 350%, securing the second-largest share in the global RWA market. As of December 31, 2024, the total market capitalization of tokenized government debt exceeds $3.8 billion, with over 11,000 holders of these bonds.
Traditional financial institutions have been instrumental in this growth. For instance, the launch of the BUILD tokenized fund on a public blockchain by BlackRock and Securitize was a significant milestone. Other notable participants, including Ondo Finance, have joined the space. Ondo distinguishes itself by offering not only a comprehensive platform for tokenized U.S. Treasury bonds but also a native token, a unique feature among projects in this sector.
Tokenized U.S. Debt. Source: rwa.xyz
MakerDAO has announced billion-dollar investments in U.S. tokenized Treasuries, opening up a groundbreaking opportunity to incorporate this asset class into DeFi protocols.
With the participation of new players and the ongoing evolution of technology, the U.S. tokenized Treasuries sector is projected to grow further within the RWA market.
Tokenized Commodities and Raw Materials
In 2024, the tokenization of commodities and raw materials firmly secured the third position in the RWA market. Leading this segment are tokenized precious metals, particularly gold. Known as a historical symbol of stability and reliability, gold is attracting growing interest from major investors.
According to recent data, the total market capitalization of gold-backed tokens has reached $1.05 billion, with over 58,610 holders of these digital assets.
Paxos and Tether remain the dominant issuers of gold-backed tokens. Despite their reputation as stablecoin providers, they have successfully extended their influence into the commodities sector. Together, these two giants control nearly the entire market: Paxos holds a 49.59% share, while Tether Holdings commands 48.71%.
The tokens PAXG (issued by Paxos) and XAUT (issued by Tether) are backed by physical gold at a 1:1 ratio. This guarantees price stability and direct linkage to the underlying asset.
Tokenized Gold Market Breakdown. Source: rwa.xyz
In addition to Paxos and Tether, other players such as Comtech Gold and Aurus are active in the market, though their market shares remain modest at 1.1% and 0.45%, respectively.
The tokenization of gold leverages blockchain technology to ensure transparency, liquidity, and ease of trading. Blockchain enables instant transactions for buying and selling tokenized precious metals, eliminating the need for traditional financial intermediaries.
Furthermore, the use of smart contracts expands the functionality of gold tokens, allowing them to serve not only as an investment vehicle in traditional markets but also as collateral on decentralized finance (DeFi) platforms for lending and borrowing activities.
Despite being in its early stages, the gold tokenization sector already provides global investors with innovative tools for risk diversification and portfolio management. Gold tokens are proving to be both reliable and accessible financial instruments.
In addition to tokenized gold, unique products like tokenized uranium from Madison Metals and tokenized art pieces are beginning to appear. However, these remain outliers rather than established trends for now.
The year 2025 holds great promise—let’s see how these developments evolve.
