A Chainalysis report says growth accelerated toward the end of 2025, with U.S. Treasury debt leading on-chain RWA exposure ahead of tokenized commodities.
On-chain real-world assets are nearing $30 billion in assets under management, with expansion picking up in late 2025, according to a Chainalysis report. The report identifies U.S. Treasury debt as the largest real-world asset class on-chain, followed by tokenized commodities. The ranking highlights how tokenization is being used first for relatively familiar yield-bearing and hard-asset exposures, a trend many market participants view as a sign that blockchain-based finance is gaining traction beyond native crypto trading.