RWA.xyz database analysis between May 31 and July 9, 2026 reveals three statistical findings that show tokenization's growth engine has shifted away from US Treasury tokens. Tokenized stocks grew 28.6% in 30 days while tokenized US Treasuries grew just 0.74%, and a $20.1 billion home-loan token from Figure Technologies now exceeds all tokenized Treasuries combined. The rotation reflects capital moving from cash products into access products and from synthetic dollars into regulated stablecoins, while total stablecoin value remained flat at $321 billion since June 7.
Tokenized Stocks Grew 28.6% While Treasuries Rose 0.74% in 30 Days
Tokenized US Treasuries, including BUIDL and BENJI funds, stood at $15.16 billion with 0.74% growth in the past 30 days according to RWA.xyz data. Tokenized stocks reached $1.85 billion, approximately eight times smaller, but grew 28.6% over the same month. Monthly transfer volume in stock tokens jumped 87% to $8.76 billion, and holders grew 24.5% to more than 443,000. The data uses RWA.xyz dashboard convention measuring distributed on-chain value, with growth rates based on 30-day change from daily API snapshots normalized to daily averages.
Figure Technologies HELOC Token Reached $20.1 Billion
Figure Technologies' home-equity line of credit token reached approximately $20.1 billion on July 7, up $730 million in three weeks. The token, which records home-equity loans on the Provenance blockchain, exceeded every tokenized US Treasury combined and stands over 10 times larger than the tokenized stock market. Figure finances and trades these loans on-chain as securitization infrastructure. Counting all tokenization types, private credit now tops $31 billion on-chain.
Stablecoin Market Rotated Internally While Total Value Stayed at $321 Billion
Total stablecoin value sat near $321 billion since June 7 according to RWA.xyz data. USDGO, a regulated dollar issued by Anchorage Digital Bank, grew 54% in three weeks to $6.12 billion. Global Dollar (USDG) rose 16% and Dai gained 8%. Ethena's USDe fell 16%, with approximately $1.4 billion redeemed. USDe is a synthetic dollar that earns yield from crypto trading positions rather than bank deposits. The redemptions indicate capital moving into regulated, fully-reserved tokens like USDGO and Global Dollar.
Tokenized Credit Grew 7.6% to $6.58 Billion
Tokenized credit grew 7.6% to $6.58 billion in distributed value over 30 days. The category encompasses private credit, on-chain lending, corporate bonds, and structured debt, held by nearly 185,000 addresses across more than 2,500 assets. Adding assets represented on-chain, including Figure's HELOC complex, tokenized credit tops $31 billion. Leaders include lending protocols like Maple's Syrup pools and tokenized CLO funds from Janus Henderson and Securitize.
Capital Rotation Occurred Without New Inflows
The statistical pattern shows capital rotated out of Treasury tokens into equities and credit, and out of synthetic dollars into regulated ones. Growth built on rotation rather than fresh inflows. Value concentrates in few tokens, from a single $20 billion HELOC token to a stock market of $1.85 billion spread across hundreds of instruments. USDe's $1.4 billion in redemptions demonstrated redemption speed. The source states: "The coming weeks will show whether stock tokens keep compounding near 40 times the Treasury pace."
FAQ
What growth rate did tokenized stocks show between May 31 and July 9, 2026?
Tokenized stocks grew 28.6% in 30 days according to RWA.xyz data, reaching $1.85 billion in value. Monthly transfer volume in stock tokens jumped 87% to $8.76 billion, and holders grew 24.5% to more than 443,000.
How large is Figure Technologies' HELOC token compared to tokenized US Treasuries?
Figure Technologies' home-equity line of credit token reached approximately $20.1 billion on July 7, exceeding the combined $15.16 billion held in all tokenized US Treasuries and standing over 10 times larger than the $1.85 billion tokenized stock market.
What rotation occurred in the stablecoin market while total value stayed flat?
While total stablecoin value remained near $321 billion since June 7, USDGO grew 54% to $6.12 billion and Global Dollar rose 16%, while Ethena's USDe fell 16% with approximately $1.4 billion redeemed, indicating capital moving from synthetic dollars into regulated, fully-reserved tokens.
