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- US Treasury Debt and commodities made up 90%+ of tokenized assets in January 2024.
- Treasury share peaked at 60-65% in mid-2024 before compressing to approximately 45-50%.
- Two distinct phases visible in the chart: yield-seeking 2024, diversification 2025-2026.
In January 2024, the tokenized asset market was essentially two things. US Treasury Debt occupied roughly 40% of total tokenized value. Commodities took up another 50%. Everything else, every other asset class that could theoretically be put on a blockchain, represented maybe 5-10% combined. The market existed but it hadn’t grown up yet.
By April 2026, according to rwa.xyz data published by a16z crypto, the same chart shows twelve distinct asset categories with meaningful representation. Treasuries still lead. Commodities are still significant. But above that combined base sits a new layer of financial products that barely registered two years ago, special finance, active strategies, asset-backed credit, privat...
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