Treasury-Backed Assets Dominate RWA Tokenization Market

The growth of RWA (Real World Asset) tokenization is being driven by treasury-backed and gold-backed assets, which continue to dominate on-chain markets. According to recent industry data, treasury-backed products occupy the largest positions in the market, with capital concentrated in yield-focused platforms.

XONDO led the segment with approximately $2.1 billion exposure, followed by ENA with roughly $815 million in assets and PENDLE with around $250 million in tokenized yield products.

The sustained demand for income-generating assets is driving investors to seek blockchain-based access to traditional yields, keeping treasury-backed products strong in the market.

Gold-backed products also maintain a significant presence, with XAUT leading the commodity segment at approximately $2.5 billion and PAXG following closely with nearly $2 billion.