A new report shows 56% of tokenized RWAs recorded no weekly on-chain activity, while tokenized U.S. Treasuries remain the only production-grade asset class.
The tokenized real-world asset (RWA) market has grown rapidly in recent years. However, according to new research, there are many assets that are not used on blockchain networks. Despite robust market growth, only tokenized U.S. Treasuries are now in full production-grade, according to a report from BeInCrypto Research and RWA.xyz.
Why Do 56% of Tokenized RWAs Show No Weekly On-Chain Activity?
The report projected the tokenized RWA market to reach almost $60 billion by May 2026. This number does not include stablecoins and repurchase agreements. The market may seem big, but there are many assets that are not actively used on-chain.
Report: 56% of Tokenized RWAs Show No Weekly On-Chain Activity; Only U.S. Treasuries Reach Production Grade
A report by BeInCrypto Research and rwa xyz found that the tokenized real-world asset (RWA) market reached approximately $60 billion as of May 2026, excluding stablecoins… pic.twitter.com/qgVJUPYlSl
— Wu Blockchain (@WuBlockchain) July 2, 2026
They discovered that approximately $32.9 billion in total value, across 910 assets, had no on-chain transfers over one week. Therefore, more than 56% of the market value remained inactive during the measured period.
Read more: Plume and EtherFi Launch RWA Vault for Institutional Yield – Ledger Tribune
Many of these assets are merely tokens, the report said. These tokens are primarily used to track ownership of assets outside of the blockchain rather than to facilitate on-chain trading. This makes them more akin to private digital records than to freely-traded blockchain assets.
The study also revealed that the market is very concentrated. About 88% of the total market value is represented by only 62 assets. Moreover, the top 5 products account for almost 50% of the total tokenized RWA market.
The researchers also found that 97% of the market is still closed to U.S. retail investors. However, with the rising institutional interest in tokenized assets, access remains limited in many cases.
Why Are Tokenized U.S. Treasuries the Only Production-Grade RWAs?
The report says that tokenized U.S. Treasuries are the only asset class to reach Production Grade. These products are in use in blockchain ecosystems, unlike many other tokenized assets.
Institutions are earning yield on tokenized U.S. Treasuries and also utilizing them as collateral for decentralized finance (DeFi) applications. As a result, they have become more liquid and have more practical applications than other tokenized assets.
However, there are numerous other tokenized assets that are still not ready for broader adoption. Distribution networks, secondary trading, liquidity and asset composability are still evolving. As a result, there are a number of projects that are still in their early stages of development.
The report pointed out that market value is not always a sign of active use of the blockchain. Rather, numerous tokenized assets are still trapped in private systems or restricted investor networks. This has led to fairly light day-to-day trading.
Despite this, long-term forecasts are still positive. In the past, Boston Consulting Group has projected the tokenized asset market to be worth $16 trillion to $64 trillion by 2030. Getting there, however, will take more blockchain infrastructure and investor involvement.
Overall, the results indicate that the tokenization market is still in its infancy, with more growth to come. Most real-world assets, however, have yet to be adopted at scale, with the need for increased liquidity, distribution, and integration with blockchain technology.
Bilal Hassan is a seasoned crypto journalist with over five years of experience covering blockchain, digital assets, and global fintech trends. His work focuses on market developments, regulatory shifts, and the evolving landscape of cryptocurrency adoption worldwide.