The first year of large-scale RWA has arrived: A new pattern of tokenized assets in the 2026 era based on data

【Coin Circle】Recently, data has compiled the scale distribution of the current mainstream asset tokenization market. From a global perspective, private credit tokenization leads the market at $28.72 billion, followed by US Treasury tokenization at $8.86 billion, with commodity, institutional fund, and government bond tokenization scales at $4.03 billion, $2.98 billion, and $1.32 billion respectively, while corporate bonds and emerging asset categories each account for $260 million and $620 million.

At the project level, Jupiter, the leading aggregator in the Solana ecosystem, announced the launch of its native stablecoin JupUSD, with 90% of its reserve assets backed by BlackRock’s tokenized fund and Ethena’s USDt—this combination itself demonstrates the deep integration trend between traditional financial institutions and on-chain native protocols.

Policy updates are frequent. Goldman Sachs and Morgan Stanley respectively released research reports in early January pointing out that tokenization of bonds and real estate is expected to occupy 70% of asset allocation in the future. More importantly, the United States is expected to pass the CLARITY Act in 2026, which means tokenized stocks of Tesla, Nvidia, and others will gain explicit legal framework support. Meanwhile, Abu Dhabi’s ADX just completed the first cross-chain oil certificate tokenization transfer, demonstrating rapid iteration of regional financial infrastructure.

Overall, the RWA market has moved from the early “technical feasibility proof” phase into a new cycle of “large-scale commercialization.” Unlike the rapid growth in 2025, the market at the start of the year shows stronger institutional safeguard awareness and on-chain native characteristics—this is both an upgrade in risk management and a signal of the track moving toward the mainstream.