Tokenized real-world assets reach $51B valuation driven by private credit boom: Bernstein
Real-world asset tokenization has expanded to a $51 billion market, representing a 42% increase year-to-date, as detailed in recent findings from Bernstein Research.
According to a Bernstein Research report obtained by Cointelegraph, the market for tokenized real-world assets (RWA) has reached a valuation of $51 billion, representing a 42% increase throughout the year, with private credit emerging as the dominant segment within this space.
Bernstein's analysis revealed that private credit now represents approximately 44% of the overall RWA market value, demonstrating increased adoption of blockchain-based systems for structuring loans and investment funds.
The $51 billion market cap estimate significantly exceeds competing industry assessments, including the $34 billion figure reported by RWA.xyz, illustrating the variance in how different data analytics firms measure and categorize tokenized assets.
Major financial institutions are progressively adopting the market via tokenized fund structures and lending platforms, with BlackRock's BUIDL tokenized money market fund accumulating over $2.5 billion in assets under management, according to Bernstein's findings.
Figure tops tokenized RWA platforms with $18 billion
Private credit tokenization has surfaced as a significant RWA category, offering an alternative method to document loans using blockchain technology rather than conventional banking infrastructure. These credit instruments are originated outside traditional banking channels, with investors directly financing them in return for interest income.
Bernstein's research indicates that Figure Technology Solutions (FIGR), a fintech enterprise utilizing blockchain infrastructure for loan origination and transaction settlement, has been the primary catalyst behind the expansion in onchain private credit holdings.
Based on Bernstein's analysis, Figure secured the top position among tokenized RWA platforms managing $18 billion in assets, predominantly connected to private credit instruments. Securitize and Paxos occupied the subsequent positions with approximately $4.2 billion each spread across various underlying assets, encompassing treasuries, commodities and equities.
Bernstein's report detailed that Figure has successfully tokenized $5 billion worth of consumer loans during 2026, with monthly loan origination achieving an all-time high of $1.3 billion in April 2026. The analysis further highlighted that Connect, which is Figure's blockchain-based credit marketplace, represented 56% of aggregate loan volumes throughout the first quarter of 2026.
Blockchain becomes infrastructure layer for global capital markets
Private credit is becoming one of the fastest-growing sectors in real-world assets because it solves two major problems at once: investors want yield, and businesses need capital.
Ross Shemeliak, Stobox co-founder
According to Shemeliak, while tokenized US Treasurys represented the initial significant institutional achievement within the RWA ecosystem, private credit delivers superior return potential and more immediate connection to the actual economy.
Shemeliak further observed that monitoring methodologies for the real-world asset sector have undergone substantial evolution since the previous year, as numerous analytics platforms historically underestimated private credit exposure due to these arrangements frequently functioning via special purpose vehicles, custodial arrangements or combined onchain and offchain frameworks.
The bigger story is not whether private credit is number one today. The real story is that blockchain is quietly becoming the infrastructure layer for global capital markets.
Ross Shemeliak, Stobox co-founder
Tokenized treasuries and derivatives drive broader RWA adoption
Within additional RWA segments, tokenized US Treasury obligations maintain their position as the second-largest RWA classification following private credit, comprising approximately 30% of the total market, with commodities contributing an additional 14%, per Bernstein's assessment.
Bernstein's analysis also highlighted expanding activity within onchain RWA derivatives via Hyperliquid, the decentralized derivatives trading platform, characterizing it as a "leading venue for onchain RWA derivatives."
According to Bernstein, RWA-associated open interest on Hyperliquid climbed to $2.6 billion in May, whereas trading volumes aggregated to $65 billion throughout April 2026.
Cointelegraph contacted Bernstein requesting additional commentary, but had not received a response by publication.