Sky, Securitize and Ondo Finance are among the largest platforms in the tokenized real-world asset (RWA) market, while smaller and mid-sized issuers collectively account for roughly $9.6 billion and represent the fastest-growing segment. Market estimates range from approximately $38 billion to $44.6 billion in distributed value across 123 issuers. One assessment puts Sky, Securitize and Ondo’s combined issuance at around $12.3 billion, or 27% of a $44.5 billion market; another estimates each platform holds between 7% and 10% and says no issuer exceeds roughly 10%, reflecting differences in methodology or measurement. Sky, the rebranded MakerDAO ecosystem, leads the older assessment with $4.5 billion and uses real-world collateral to support its USDS stablecoin. Securitize follows with $4.3 billion, supported by its role as transfer agent for BlackRock’s tokenized Treasury fund, while Ondo Finance has $3.5 billion through products including OUSG, its money-market fund wrapper. J.P. Morgan is helping drive the market’s long tail through JLTXX and MONY, whose combined value approaches $885 million, as well as its Kinexys infrastructure for tokenized commercial paper and debt. Tokenized U.S. Treasuries and money-market funds are leading adoption because they offer regulated, familiar collateral and can also be used in decentralized finance (DeFi) as on-chain collateral.