A recent study by BeInCrypto sheds light on the evolving landscape of real-world asset tokenization, revealing that US Treasuries currently hold the distinction of being the only asset class meeting production-grade maturity standards. The report, titled Real State of Tokenization in 2026, examines around $60 billion in tokenized assets scattered across over 7,000 products and 12 asset classes, indicating a rapidly expanding yet highly fragmented marketplace.
Among these assets, US Treasury debt stands out with approximately $15 billion tokenized across 100 unique offerings. Notably, 16 of these products boast over $100 million in value each, highlighting their traction in the investment community. Furthermore, a remarkable 99% of Treasury tokens are distributed, allowing them to operate on public blockchain networks rather than being confined to private ledgers. This aspect positions Treasuries as a prime example of institutional adoption within the tokenization framework, with significant players being Circle's USYC, Ondo's USDY, Franklin Templeton's iBENJI, and WisdomTree's WTGXX.
Nonetheless, accessibility issues pose a significant challenge for the overall market. The research highlights that a staggering 97% of the total value of tokenized assets is currently beyond the reach of retail investors in the US. Only about $1.7 billion, or 3%, of the market is available for these investors through regulatory structures like the 1940 Act. Meanwhile, a substantial portion remains locked behind private institutional channels, offshore pathways, and complex accreditation requirements.
In particular, Figure's private HELOC channel alone constitutes a significant $18.3 billion, which represents 31% of the market. Products under US Regulation S, designed to exclude US persons, account for another $7 billion, while offshore and non-US frameworks collectively represent an additional $13.8 billion. Alarmingly, the report indicates that 39% of the total market value lacks a clearly defined regulatory framework, particularly when considering the unreported tiers within Figure’s HELOC business.
While tokenization shows promise, the pace varies substantially across asset classes. For instance, asset-backed credit is currently the largest category at $23.7 billion. However, this is heavily dominated by Figure's HELOC offerings, with only about 10% of this category being widely distributed. Commodities follow, standing at $8.3 billion, mainly propelled by tokenized gold along with Justoken's commodity products. Although the tokenized stocks sector has seen rapid growth, numerous offerings often provide synthetic exposure rather than true equity ownership. Real estate, once hailed as a significant use case for tokenization, has dwindled to approximately $457 million, reflecting a year-to-date decrease.
The findings underscore a crucial juncture for tokenization as it integrates into institutional finance. The market is in a position where further advancements in infrastructure may be necessary to enhance asset transferability, regulatory clarity, and broader accessibility to investors. Understanding these dynamics is essential for anticipating the future of tokenization, especially for those considering investments in tokenized assets or following the fast-paced growth of this sector.
This material is for informational purposes only and does not constitute financial advice.
