CoinShares, a digital asset investment firm, forecasts that a rise in tokenized real-world assets (RWAs) will persist from 2025 into 2026, fueled by growing global demand for dollar yields.
In its 2026 Digital Asset Outlook report, CoinShares highlighted substantial growth in tokenized RWAs in 2025, particularly with tokenized US Treasurys. The report noted that onchain Treasurys more than doubled this year, increasing from $3.91 billion to $8.68 billion. Private credit also nearly doubled, rising from $9.85 billion to $18.58 billion during the same timeframe.
“Tokenisation has significantly evolved beyond the established narrative of crypto enthusiasts,” said CoinShares digital asset analyst Matthew Kimmell. “Real assets, issued by reputable firms, are attracting substantial investment. Even genuine regulators are engaging with crypto rails as credible infrastructure.”
Ethereum continues to be the leading network for tokenized US Treasurys. Data from RWA.xyz indicates that as of Monday, Ethereum held over $4.9 billion in US Treasurys tokenized on the blockchain.
US Treasurys as the most “immediate” growth vector
CoinShares anticipates that US government debt-backed products will spearhead the next phase of growth in 2026, attributing this to global demand for dollar yield and the efficiency of crypto-based settlement systems.
CoinShares noted that investors generally prefer holding Treasurys over stablecoins when there’s a yield opportunity with minimal additional risk.
“We’ve seen stablecoins showcasing significant global demand for tokenized dollars as both a reserve and transactional asset,” wrote CoinShares. “However, when given a choice, investors typically favor holding Treasurys over directly holding dollars.”
CoinShares also contended that RWA tokenization has transcended a niche endeavor by crypto enthusiasts.
The firm observed that as established financial institutions issue these assets, they attract significant capital and engage regulators who increasingly recognize blockchain as credible infrastructure.
Furthermore, CoinShares stated that efficiency enhancements are no longer just theoretical. The firm noted that settlement, issuance, and distribution are beginning to occur directly onchain, moving away from traditional custodial processes.
CoinShares expects this trend to continue, yet acknowledges the competitive dynamics at play. The firm points out that multiple networks and settlement systems are competing for market share, leaving the future uncertain regarding which platforms will prevail and how liquidity will consolidate.
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Tokenized RWAs increased by 229% in 2025
RWA.xyz data showed that excluding stablecoins, which have a market capitalization exceeding $300 billion, RWAs grew from $5.5 billion on December 31, 2024, to $18.1 billion at the time of writing. This marks a 229% increase within less than a year.
CEO of CoinShares, Jean-Marie Mognetti, remarked that digital assets are no longer operating outside of the traditional economy; they are now embedded within it.
“If 2025 represented a graceful return, then 2026 is set to be a year of consolidation into the real economy,” he stated.
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