Tokenization Shifts from Treasuries to Stocks and Credit

Exclusive analysis of the RWA.xyz database reveals surprising tokenization stats. The data shows that tokenization's growth engine has shifted, and money is no longer where the headlines say it is.

The figures from May 31 to July 9, 2026 tell one story: tokenized stocks are growing nearly 40 times faster than tokenized Treasuries. For two years, tokenization mostly meant putting US government bonds on a blockchain, but this trade has stalled. The value held in tokenized US Treasuries stands at $15.16 billion, up just 0.74% in the past 30 days.

On the other hand, tokenized stocks have grown 28.6% over the same month, with a monthly transfer volume that jumped 87% to $8.76 billion and holders grew 24.5% to more than 443,000. This shift matters because Treasury tokens are a cash product, and demand looks full, while stock tokens are an access product, and demand is still climbing.

The largest tokenized asset is not a BlackRock fund but a home-equity token from Figure Technologies, which reached about $20.1 billion on July 7, up $730 million in three weeks. This is more than every tokenized US Treasury combined, which totals $15.16 billion, and over 10 times the tokenized stock market.

The growth of tokenized stocks and credit outpaces that of Treasuries, with tokenized credit growing 7.6% to $6.58 billion in distributed value. The category runs deeper than that number suggests, adding assets represented on-chain, including Figure's HELOC complex, which tops $31 billion.

Stablecoins look flat, but they are churning underneath, with billions rotating between types. USDGO, a regulated dollar issued by Anchorage Digital Bank, grew 54% in three weeks to $6.12 billion, while Global Dollar rose 16% and Dai gained 8%. On the other side, Ethena's USDe fell 16%, about $1.4 billion redeemed.

The rotation adds up to one thread: very little new money entered the market; the same capital simply moved, rotating out of Treasury tokens into equities and credit, and out of synthetic dollars into regulated ones. When capital turns, it can leave fast, as seen with USDe's $1.4 billion in redemptions.