Tokenized Assets Hit $25 Billion as DeFi TVL Crosses $3 Billion Milestone

The market for tokenized real-world assets has grown significantly, reaching a total market cap of $25 billion. This growth is largely driven by tokenized US Treasuries, which account for approximately $16 billion or over 55% of the entire RWA market.

BlackRock's BUIDL fund is at the center of this trend, with around $2.98 billion in assets and making it the single largest tokenized product as of May 2026.

The broader DeFi landscape has also seen significant growth, with total value locked reaching around $3 billion, a milestone that puts RWA protocols ahead of some decentralized exchange categories in DeFi rankings.