Tokenized real-world assets (RWAs), physical and financial assets represented as blockchain-based tokens, reached $46.7 billion as of Sept. 15, up 17.4-fold in three years and above the more than $30 billion milestone reported by OKX after over 70% growth earlier this year. Credit accounted for $6.4 billion, or 13.8% of the market, while tokenized gold reached $5.1 billion, or 11%. No issuer controlled more than 10% of the market; Securitize led with $4.6 billion, followed by Sky at $4.5 billion and Ondo at $3.5 billion. About $3.6 billion of issued RWAs was deposited in DeFi (decentralized financial applications), and decentralized exchange volume reached $1.2 billion on Sept. 12. Ethereum remained the largest network, with $22.9 billion and a source-reported share of either 49.6% or 49.1%, while Solana, Stellar and Robinhood Chain posted recent gains. The expansion indicates that tokenization is developing beyond issuance toward liquidity, collateral use and secondary-market trading, offering potential settlement and global-access benefits as traditional assets integrate with crypto markets.