Tokenized real-world assets (RWAs) reached $46.7 billion as of Sept. 15, expanding 17.4-fold in three years across credit, gold, equities and other financial products. The market remains diversified, with no issuer controlling more than 10%; Securitize leads with $4.6 billion, followed by Sky at $4.5 billion and Ondo at $3.5 billion. Tokenized credit represented $6.4 billion, or 13.8% of the market, while tokenized gold reached $5.1 billion, or 11%. About $3.6 billion of RWAs was deposited in DeFi (decentralized financial applications), and decentralized exchange volume reached $1.2 billion on Sept. 12. Ethereum held the largest share, with the source citing both 49.6% and 49.1% figures, while Solana, Stellar and Robinhood Chain recorded recent gains. Tokenized equities are also scaling rapidly, with bStocks and Robinhood reaching $1 billion in decentralized exchange volume faster than xStocks and PreStocks. The expansion suggests RWAs are developing beyond issuance toward liquidity, collateral use and secondary-market trading.