Tokenized real-world assets expanded by more than 50% in the first half of 2026, rising from roughly $22 billion in January to about $34 billion by mid-July, according to a half-year report on on-chain markets. The increase came despite uneven conditions elsewhere in crypto, including falling blockchain revenue and a sharp decline in Ethereum transaction fees.
The growth was led by tokenized equities and private equity, which recorded year-to-date gains of 177% and 164%, respectively, the report said. Products including bStocks, xStocks and Ondo Global Markets helped push more traditional financial instruments onto public blockchains, aided by clearer rules in several jurisdictions and expanded distribution channels.
The report projected that tokenized real-world assets could reach $661 billion under its base-case scenario and $1.6 trillion in a bullish scenario. Those estimates depend heavily on whether issuers can offer regulated products across more markets and whether secondary trading infrastructure can support larger volumes without liquidity disruptions.
BNB chain takes the lead in tokenized equities
BNB Chain emerged as the largest network for tokenized equity activity during the first half of the year. The value of tokenized equities issued on the chain climbed from $34 million at the beginning of 2026 to $652 million in July, exceeding Ethereum’s total and approaching one-third of the on-chain tokenized-equity market, according to the report.
Trading activity was even more concentrated. On-chain tokenized stock volume surpassed $4.5 billion in July, with BNB Chain responsible for about 83% of that figure. Its total tokenized RWA market capitalization rose 107% in the first half, increasing the network’s share of the broader on-chain RWA market from 9.8% to 13.5%.
That concentration gives BNB Chain a substantial early advantage in a segment that has largely been fragmented among different issuers, blockchain networks and trading venues. It also creates a dependency: tokenized stocks need reliable market makers, transparent redemption arrangements and sufficient liquidity to keep prices aligned with the underlying shares.
The supplied figures also point to a sharp acceleration in digital-equity transfers. Total trading volume in digital company shares reportedly reached $18.2 billion in July, more than four times the June total. Open exchanges handled $12.8 billion of that amount, while the total market value of tokenized company shares reached a record $2.3 billion by the middle of the month.
Solana also saw substantial activity tied to private-company exposure. Tokenized SpaceX shares generated nearly $5.77 billion in trading volume on Solana during the second quarter, according to the supplied data. Such products can draw demand from traders seeking exposure to companies that remain private or are difficult to access through conventional brokerage systems, though their legal structure and redemption rights vary considerably by issuer and jurisdiction.
Ethereum usage rises as fee revenue declines
Ethereum’s network activity moved in a different direction from its revenue. Usage increased by about 50% in 2026, according to the report, while annualized chain revenue is projected to decline 53% over the full year.
The report linked the revenue decline to Ethereum’s higher gas limit, which was raised to roughly 60 million. Greater block capacity allowed the network to process more transactions, but average gas prices fell 75% in 2025. Lower transaction fees outweighed the increase in throughput, reducing the amount paid by users for blockspace.
The figures illustrate a trade-off facing major blockchain networks. Lower fees can make tokenized assets, stablecoins and decentralized applications more practical for frequent transactions. Yet networks that rely on transaction fees as a primary source of economic value may see revenue weaken when capacity expands faster than demand for blockspace.
For tokenized-asset issuers, cheaper transactions could reduce the cost of minting, transferring and settling digital securities. The benefit is especially relevant for products involving smaller trade sizes, recurring distributions or high-frequency transfers, where blockchain fees can become a meaningful operational expense.
Regulated cash funds remain a major source of RWA demand
Tokenized U.S. Treasury and cash-management products remain a major part of the real-world asset market. BlackRock’s BUIDL digital liquidity fund surpassed $2.8 billion in value, according to the supplied material, extending its position among the largest tokenized cash products.
Funds of this type have attracted demand because they seek to combine traditional short-term government-debt exposure with blockchain-based settlement and transfer capabilities. Their growth has also created a foundation for other on-chain financial products, since tokenized cash instruments can be used as collateral or a yield-bearing alternative to stablecoin balances.
The expansion of tokenized equities may prove more difficult to sustain than the growth of tokenized Treasuries. Equity products must address corporate actions, dividend treatment, voting rights, trading-hour differences and the relationship between a token and its underlying security. Secondary markets also need enough depth to function during periods of heavy buying or selling.
Securitize co-founder Carlos Domingo has previously described secondary-market infrastructure as a developing area for tokenized securities, where fragmented liquidity can complicate trading. The July volume figures suggest demand is rising quickly, but sustained growth will depend on whether market infrastructure catches up with issuance.
Security losses fall despite more incidents
The report also recorded a decline in crypto losses from hacks and exploits. Total losses fell to $972 million in the first half of 2026 from $2.3 billion in the comparable prior period, even as the number of incidents rose to 207 from 83, the highest six-month count on record.
Nearly 60% of the losses came from two operational failures involving Drift and KelpDAO, according to the report. The pattern suggests that the financial damage from security incidents remains concentrated in a relatively small number of major events, even as attackers target more protocols and systems.
For tokenized-asset platforms, operational controls may become as important as smart-contract code. Issuers and service providers manage custody, compliance checks, transfers, collateral and redemption processes that can introduce risks beyond a conventional decentralized finance exploit.
The first-half data places tokenized real-world assets among crypto’s fastest-growing sectors, with tokenized equities emerging as the most active new category. Whether that momentum persists will depend less on headline issuance totals than on the quality of trading venues, legal rights attached to tokens, and the ability of networks to handle larger volumes without sacrificing reliability.
Explore how equities and private equity are reshaping tokenized RWAs in 2026—read this detailed breakdown next.
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