A recent analysis by Bernstein Research has uncovered a remarkable rise in the tokenization of real-world assets (RWA), where tangible assets are being traded on blockchain technology. Since the year began, this market has experienced a 42% increase, achieving a market cap of $51 billion. This impressive growth is primarily driven by the increasing share of private credit, facilitated through blockchain platforms.
Why is private credit gaining traction?
The report outlines how private credit assets have grown to represent 44% of the entire tokenization market. This surge is attributed to the swift adoption of blockchain for lending and asset management. Various analytics platforms measure the circulating RWA volumes differently. While RWA.xyz reports $34 billion in total tokenization, Bernstein highlights a higher figure of $51 billion, showcasing the market’s volatility and rapid expansion.
Institutional investors have begun stepping into this space. Prominent financial institutions, such as BlackRock, are now launching blockchain-focused money market funds. The BUIDL fund has already accumulated more than $2.5 billion in assets within a short period.
How is Figure Technology Solutions leading?
Figure Technology Solutions has carved out a predominant position in the private credit segment, facilitating the tokenization and trading of credit assets via their blockchain platform. Currently managing $18 billion in assets, Figure dominates the sector. Competitors like Securitize and Paxos have each reached around $4.2 billion by converting US Treasuries, commodities, and equities into tradable assets.
According to Bernstein, “By 2026, $5 billion of consumer credit is expected to be tokenized via Figure, with monthly credit volumes reaching a record $1.3 billion in April alone.”
Infrastructure advancements on platforms like Figure’s Connect credit marketplace have resulted in 56% of all transactions happening digitally in the first quarter of 2026.
– Figure Technology Solutions leads with $18 billion in private credit.
– Securitize and Paxos manage $4.2 billion each in diversified assets.
– Hyperliquid registered $65 billion in tokenized derivatives trading in April.
Ross Shemeliak, co-founder of Stobox, cited two catalysts for the boom in private credit: the pursuit of high returns by investors and businesses’ need for new capital sources. While US Treasuries were the initial institutional preference, private credit promises higher profitability.
Shemeliak remarked, “The true transformation is that blockchain is quietly becoming the backbone infrastructure for global capital markets.”
Many analytics firms previously struggled to accurately track private credit, especially beyond the Bitcoin network. However, recent technological enhancements have significantly improved transparency for blockchain-based financial assets. The expansion of tokenized US Treasuries, making up 30% of the market, and commodities at 14%, highlight the broader asset diversification on blockchain platforms.
Bernstein Research noted the critical role of emerging analytical techniques and cutting-edge technologies in refining market estimations, but they withheld specific comments on further data inquiries.
