The tokenized credit market contracted slightly in the third quarter while expanding its participant base, according to the RWA Foundation's latest report published October 4, 2026.
The sector now carries $6.17 billion in onchain market cap and assets under management as of October 1, 2026, down 2.8% from $6.35 billion on July 3. Unique holder addresses, however, rose 12.1% to 28,840.
Market Composition
The tokenized credit sector remains concentrated across infrastructure, the report shows. Sixty-four distinct assets from 13 issuers operate across 16 different blockchains, with data compiled from Token Terminal measuring circulating market cap and live onchain activity rather than announced pipelines.
Issuer Breakdown
Market share concentration defines the sector. The top six issuers control the following portions:
- Tradable: 36.9%
- Maple Finance: 23.5%
- Centrifuge: 9.9%
- Hastra: 9.6%
- USDai: 7.6%
- Securitize: 6.2%
Two issuers hold more than 60% of the market between them.
Q3 Performance
Maple Finance experienced the largest market cap decline, shedding $402.7 million. The loss accounted for most of the industry-wide contraction. However, Maple also added 2,160 holder addresses, representing approximately 69% of the sector's net holder growth.
Hastra and USDai posted gains during the quarter. Together the two issuers added $372.5 million in market cap. Hastra's PRIME token increased $195.9 million, while USDai's sUSDai rose $176.7 million. Maple's syrupUSDG added $135.6 million.
Structural Considerations
Concentration presents a structural risk. Trouble at either of the two leading issuers would significantly impact sector-wide metrics.
Liquidity fragmentation across 64 assets and 16 blockchains presents another concern, potentially making larger market entries and exits more difficult than headline market capitalization figures suggest.
The growth in holder addresses signals directional engagement but requires context. Address counts are not equivalent to individual users, as a single participant can control multiple wallets.
