Binance Research: tokenised RWA market grows 85% to $34 billion

The market for tokenised real-world assets (RWA) has grown strongly this year. According to a new report from Binance Research, the total value of on-chain RWAs stands at $34.18 billion as of 15 September 2026, an increase of 85.2% this year. However, the report emphasises that the market is still at an early stage: only 0.01% of the underlying assets have been tokenised, and only 12% of on-chain RWA value is actively deployed.

In brief:

• The total value of on-chain RWAs reaches $34.18 billion, an increase of 85.2% this year.
• Bonds and money market funds form the largest category at $18.29 billion; tokenised equities grow 390.4%.
• Only 0.01% of the underlying markets has been tokenised, and 12% of on-chain RWA value is actively used.

Bonds and equities drive growth

Bonds and money market funds are by far the largest category within the RWA market and together account for $18.29 billion. Tokenised equities are growing fastest this year, with an increase of 390.4%. Together, these two categories account for more than three-quarters of the new market value added this year.

We have previously written about how BNB Chain leads the tokenised equities market with a billion dollars in volume, which aligns with the broader trend that Binance Research is now charting.

On-chain activation lags issuance

Binance Research introduces two metrics in the report. The Programmable Asset Ratio (PAR) measures what share of the underlying market has already been tokenised. The Capital Activation Rate (CAR) shows how much of that tokenised capital is actually deployed on-chain, for example in liquidity pools, lending markets or as collateral.

These figures reveal a clear gap. The PAR is only 0.01%, which means that almost the entire underlying market has not yet been tokenised. The CAR for equities did rise this year from 1.95% to 7.54%, but the overall activation rate remains stuck at around 12%. According to the report, the next growth phase therefore lies not only in bringing more assets onto the blockchain, but also in making them usable within DeFi, for liquidity, loans and as collateral.