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▲ Wall Street, blockchain finance, tokenization (RWA)/AI-generated image
The real-world asset (RWA) tokenization market has emerged as a key investment theme in the cryptocurrency industry for 2026. As discussions on blockchain utilization shift from speculation to actual financial infrastructure, projects connecting bonds, payments, commodities, invoices, government bond products, and payment systems with on-chain infrastructure are gaining market attention.
The Crypto Basic compiled the top 10 major cryptocurrencies related to real-world asset tokenization by market capitalization on May 23 (local time). According to the article, the total value of tokenized assets deployed on the blockchain has exceeded $33.8 billion. The increasing willingness of traditional financial institutions to experiment with blockchain infrastructure and the clarification of regulatory frameworks for tokenized securities and blockchain payment systems in some regions were also cited as factors behind market expansion.
Chainlink (LINK) holds the top spot by market capitalization. Chainlink recorded the largest size among RWA-related cryptocurrencies with a market capitalization of $7.15 billion. Chainlink provides oracle infrastructure that connects blockchain systems with off-chain financial data and plays a key role in the spread of tokenized assets across multiple chains. Its cross-chain interoperability protocol, CCIP, has also secured major users such as SWIFT (Society for Worldwide Interbank Financial Telecommunication), Coinbase, and SBI Digital.
Stellar (XLM) is in second place. XLM recorded a market capitalization of $4.96 billion. Stellar is a blockchain focused on payments and low-cost international remittances, expanding its adoption in the tokenization industry with its fast processing speed, institutional-grade security, and scalability. Over $2.4 billion in RWAs have been tokenized on the Stellar network, increasing by 11% in the last 30 days. The 30-day transfer volume was $275.5 million, and US Treasury bonds were identified as the most tokenized asset class on the platform.
Avalanche (AVAX) ranked third with a market capitalization of $4.17 billion. Avalanche is attracting institutional interest with its custom subnet structure and fast transaction processing capabilities. According to the article, there are over $1.8 billion in RWAs on Avalanche, with $1.2 billion being deployed assets and $678 million being represented assets.
Hedera (HBAR) ranked fourth with a market capitalization of $3.9 billion. Hedera has emphasized business adoption, a regulation-friendly infrastructure, and enterprise-grade payment systems based on its corporate partnerships and enterprise-grade governance structure. In February, it was noted for being among the top in RWA blockchain development activities, and its low costs and fast processing structure were evaluated as designed for institutional on-chain real-world assets.
Ondo (ONDO) ranked fifth with a market capitalization of $1.95 billion. Ondo was highlighted as a rapidly growing RWA project focusing on tokenized government bond products and blockchain-based financial products. Ondo has issued over $3.85 billion in tokenized assets, most of which are US Treasury bonds. Dollar-yielding products and short-term US government bond products were introduced as key offerings.
Sky (SKY) is in sixth place with a market capitalization of $1.643 billion. Sky has been building a decentralized financial infrastructure connected to tokenization systems and digital payment layers. The article described the Sky ecosystem as one of the large decentralized financial systems that generate returns for holders using traditional finance.
Algorand (ALGO) ranked seventh with a market capitalization of $1 billion. Algorand continues its activities in tokenization initiatives and blockchain payment infrastructure, maintaining transaction efficiency and low network costs as its strengths. Over $99 million in real estate has been tokenized on Algorand, and the total tokenized assets exceed $400 million. The Algorand Standard Asset (ASA) structure was introduced as lowering entry barriers, allowing users to tokenize directly at the network layer.
Quant (QNT) secured eighth place with a market capitalization of $891 million. Quant is a project focused on interoperability between blockchain systems and traditional financial infrastructure. As institutions increasingly utilize multiple blockchain networks simultaneously, the importance of interoperability solutions is growing. Quant securely connects RWA protocols using its Overledger operating system, and it was also mentioned that the European Central Bank selected Quant as a lead partner for its digital euro project last year.
XDC Network (XDC) ranked ninth with a market capitalization of $710 million. The XDC Network targets trade finance and corporate payment markets, using a delegated proof-of-stake consensus mechanism. Document verification, cross-border corporate payments, and tokenized financial workflows were presented as key areas of application. Over $17 million in RWAs have been deployed on the XDC Network, and its stablecoin market capitalization exceeds $72.7 million.
VeChain (VET) ranked tenth with a market capitalization of $579 million. VeChain is a blockchain-as-a-service network focused on supply chain verification and logistics tracking. What distinguishes it from other projects is its specialization in tracking and verifying RWAs using IoT, rather than directly tokenizing assets.
RWA tokens function by representing real financial and economic value on blockchain networks or by supporting payment systems and financial data infrastructure. The Crypto Basic explained that the RWA market is gaining attention based on real financial use cases, increasing institutional adoption, and expectations for a transition to digital financial infrastructure. However, regulatory uncertainty, scalability, adoption speed, intensifying competition, security risks, smart contract vulnerabilities, and cryptocurrency market volatility were still presented as major risks.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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