Binance co-founder Changpeng Zhao has acknowledged underestimating the growth of real-world asset tokenization, which has now grown to nearly $39 billion in on-chain value. Speaking during a Binance Clubhouse Bali 2026 community Q&A on August 23, Zhao said he paid little attention to RWAs approximately 18 months earlier.
Zhao cited emerging advantages of tokenized assets, including 24/7 trading, increased transparency, lower fees, and global accessibility compared to traditional market structures. He also noted that previous crypto trends, including NFTs and memecoins, grew far beyond his initial expectations.
Market Growth Accelerates
RWA.xyz recorded $38.35 billion in distributed real-world assets on-chain as of August 28, excluding stablecoins. The total increased 1.54% over 30 days, while the number of asset holders more than doubled during the same period, reaching nearly 3 million wallets and reflecting a 104% monthly increase.
Ethereum led distributed RWAs with approximately $17.2 billion, followed by BNB Chain at $5.7 billion and Solana at roughly $4.1 billion. RWA.xyz separately tracked $380.88 billion in represented asset value across the broader tokenization market.
Tokenized Treasuries and Equities
Tokenized Treasury products remain among the sector's largest assets. Circle's USYC stood near $2.88 billion, BlackRock's BUIDL reached roughly $2.76 billion, and Ondo Finance's USDY followed at about $2.19 billion.
However, tokenized equities are becoming the fastest-growing segment. Monthly transfer volume for tokenized stocks surged more than 415% to $29.5 billion during the latest 30-day period, while their distributed value reached $2.54 billion, representing growth of approximately 637% from one year earlier.
Ondo Finance now offers more than 440 tokenized stocks and exchange-traded funds to eligible non-U.S. investors across several blockchains, demonstrating how the sector is expanding beyond Treasury products.
Regulatory Clarity Emerging
The expansion of tokenized assets is unfolding alongside clearer regulatory discussion in the United States. The Securities and Exchange Commission issued January guidance explaining how federal securities laws apply to tokenized securities, distinguishing issuer-sponsored tokens from third-party tokenized products.
SEC Chair Paul Atkins indicated the agency's 2026 agenda includes clearer rules covering custody and trading of tokenized securities on-chain.
Zhao grouped RWAs with perpetual decentralized exchanges and AI agents as emerging sectors that could shape the industry's next phase, rather than describing it as crypto's next guaranteed dominant trend.
