BeInCrypto research identified US Treasuries as the only tokenized real-world asset class to reach production-grade maturity in a 2026 report tracking the tokenization market. The Real State of Tokenization in 2026 report analyzed approximately $60 billion in tokenized real-world assets across more than 7,000 products and 12 asset classes. The research revealed that while the tokenization market is growing quickly, it remains uneven, restricted, and heavily concentrated in specific asset categories and access frameworks.
US Treasuries Reach $15 Billion in Tokenized Debt
Tokenized US Treasury debt reached approximately $15 billion across 100 assets, with 16 products holding more than $100 million each. The Treasury category is 99% distributed, meaning most Treasury tokens can move on public blockchain rails rather than sitting inside closed internal ledgers. Major products include Circle's USYC, Ondo's USDY, Franklin Templeton's iBENJI, and WisdomTree's WTGXX. This makes Treasuries the clearest institutional use case in tokenization according to the report.
97% of Tokenized Assets Remain Outside US Retail Access
The report found that 97% of tokenized asset value sits outside US retail reach. Only approximately $1.7 billion, or 3% of the core market, is accessible to US retail investors through 1940 Act structures. A much larger share remains locked behind private institutional channels, offshore frameworks, accredited-investor rules, or unclear regulatory structures. Figure's private HELOC channel alone accounts for $18.3 billion, or 31% of the market. US Regulation S products, which exclude US persons, account for another $7 billion. Offshore and non-US frameworks represent $13.8 billion. The report also found that 39% of market value has no identifiable regulatory framework when Figure's HELOC business is included in the unreported tier.
Asset-Backed Credit Dominates at $23.7 Billion
Asset-backed credit is the largest category at $23.7 billion, but it is dominated by Figure's HELOC business, and only 10% is distributed. Commodities reached $8.3 billion, led by tokenized gold and Justoken's commodity products. Tokenized stocks grew fast, but many products provide synthetic price exposure rather than actual share ownership. Real estate remains small at approximately $457 million and has declined year-to-date, despite once being viewed as a major tokenization use case.
FAQ
What is the total size of the tokenized real-world asset market in 2026?
The BeInCrypto report tracked approximately $60 billion in tokenized real-world assets across more than 7,000 products and 12 asset classes.
How much tokenized US Treasury debt exists according to the 2026 report?
Tokenized US Treasury debt reached approximately $15 billion across 100 assets, with 16 products holding more than $100 million each and 99% distributed on public blockchain rails.
What percentage of tokenized assets are accessible to US retail investors?
Only approximately $1.7 billion, or 3% of the core market, is accessible to US retail investors through 1940 Act structures, while 97% of tokenized asset value sits outside US retail reach.
