56% of Tokenised RWAs Show No Weekly On-Chain Activity

The market for tokenised real-world assets (RWAs) is growing rapidly, but beneath the surface, there are still major challenges. According to a report by BeInCrypto Research and rwa.xyz, the total market value in May 2026 amounts to approximately $60 billion, excluding stablecoins and repo agreements. At the same time, a large part of the market shows little to no activity on the blockchain.

Market heavily concentrated in a handful of products

Only 62 assets account for around 88% of the total market value. Even more striking: five products alone represent about half of the entire market. As the chart shows, Figure HELOC dominates by far with $18.3 billion, followed by big names such as Circle USYC ($3.0 billion), BlackRock BUIDL ($2.4 billion) and Ondo USDY ($2.1 billion).

The asset classes are also unevenly distributed. Asset-backed credit accounts for 42.8% of Tier 1 assets with a value of $22.5 billion, while US Treasury debt ranks second with $14.4 billion (27.7%). Commodities follow at a distance with $7.8 billion, representing 14.9% of the market. Smaller categories such as private equity ($600 million), venture capital ($976 million) and stocks ($295 million) account for only a fraction of the total.

Liquidity and accessibility remain major bottlenecks

Despite the impressive overall figures, there are serious questions about the sector’s maturity. 56% of the market value shows no weekly on-chain transfer activity, meaning that a large portion of tokenised assets is effectively idle. This indicates that many products are not yet actively traded or used within the decentralised ecosystem.

Additionally, 97% of the market is inaccessible to US retail investors, and only tokenised US Treasury bonds are currently designated as ‘Production Grade’. A significant portion of tokenised assets is still in the representation phase. The infrastructure needed for better distribution, liquidity and composability is still under development. The fact that public token sales in Q2 2026 reached a four-year low fits into that broader picture of a market that is still maturing.