Ten platforms hold $20,99 billion of tokenised real-world assets, which is 76% of the entire $27,59 billion category tracked across 156 protocols. The largest is BlackRock’s BUIDL fund at $3,58 billion, and it does not appear on most published rankings of this market. Figures read from DefiLlama’s RWA category on 4 September 2026. What follows is ordered by assets actually tokenised, not by brand recognition, and the method is stated below so you can reproduce or dispute it.
| Platform | Tokenised assets | Share of category | Chains | What is tokenised |
|---|---|---|---|---|
| BlackRock BUIDL | $3 584M | 13,0% | 8 | Institutional digital liquidity fund |
| Tether Gold | $3 118M | 11,3% | 1 | Physical gold, one troy ounce per token |
| Circle USYC | $2 622M | 9,5% | 4 | Permissioned yield product |
| Ondo Yield Assets | $2 525M | 9,2% | 12 | Short-term US Treasuries |
| Spiko | $2 505M | 9,1% | 7 | Money market funds, US and Eurozone T-bills |
| Paxos Gold | $1 895M | 6,9% | 1 | Physical gold in LBMA vaults |
| Centrifuge Protocol | $1 593M | 5,8% | 10 | Tokenised funds for asset managers |
| WisdomTree | $1 231M | 4,5% | 2 | Tokenised funds platform |
| Ondo Global Markets | $961M | 3,5% | 3 | Equities on chain |
| Blockchain Capital | $960M | 3,5% | 1 | Fractional interest in a venture fund |
How this ranking was built
One number decides the order: total value of assets currently tokenised, as reported in DefiLlama’s RWA category on 4 September 2026. The category held 156 protocols and $27,59 billion that day. Chain counts are the networks each product is live on at that date. The description column repeats what each issuer says the token represents, so a fund is called a fund and gold is called gold.
Excluded on purpose: stablecoins that hold reserves but tokenise no asset for an investor, bridging and messaging infrastructure, and anything whose value is a protocol token rather than an underlying asset. Those belong in a market map, not in a ranking of tokenised value. We did not score quality, custody arrangements or redemption terms, because none of that is comparable from public data.
Seven of the fourteen largest are missing from the usual lists
Compare the table above with what published rankings of this market name, and the divergence is not marginal. Seven of the fourteen largest products by tokenised value, holding $8,31 billion between them, appear on none of them: BlackRock BUIDL, WisdomTree, Blockchain Capital, Anemoy Capital, Invesco USTB, Hastra and Ethena USDtb. That is 30,1% of the category absent from the summary of it.
Meanwhile the same rankings routinely include infrastructure that tokenises nothing, alongside issuers whose brand is familiar from crypto rather than from asset management. The pattern is recognisable: a list assembled from other lists inherits their selection, and the largest single product in the market is a traditional asset manager that never appeared in the first one.
This is three markets wearing one label
- Treasuries and money market funds, $11,24 billion, 40,7% of the category. BUIDL, Circle USYC, Ondo Yield Assets and Spiko. The buyer wants a yield-bearing dollar that settles on chain. Regulation is the product feature, and Spiko names its supervisor in its own description.
- Gold, $5,05 billion, 18,3%. Tether Gold and Paxos Gold, both on a single chain, both redeemable against metal in a vault. The oldest idea here and still the second largest, which is rarely reflected in coverage.
- Funds and private credit. Centrifuge, WisdomTree, Anemoy and Blockchain Capital tokenise a claim on a managed portfolio. Liquidity comes from the manager, not from a market, which makes chain count almost irrelevant to the holder.
- Equities, still small. Ondo Global Markets at $961 million is the only entry in the top ten whose underlying is listed stock. The gap between it and the Treasury products is the honest state of tokenised equities in 2026.
Chain count is not distribution
The median product in the top ten is live on four chains, and the spread runs from one to twelve. Ondo Yield Assets reaches twelve networks with $2,53 billion. Tether Gold sits on Ethereum alone with $3,12 billion, more than any multi-chain product in the table.
For anyone planning a token launch or a listing strategy, that inverts a common assumption. In this category the assets follow the issuer’s distribution agreements and regulatory permissions, not the number of networks a contract is deployed to. Adding chains widens who can hold the token; it does not by itself bring assets. The same effect appears in exchange coverage, which we looked at in our list of the top 30 decentralized exchanges.
What this ranking does not settle
Tokenised value is a size measure and nothing more. It does not say whether redemption works under stress, who holds custody, what the fee is, or whether a retail buyer can access the product at all. Several of the largest entries are open only to qualified investors, which makes them large and irrelevant to most readers at the same time.
Our own number will age like every other. This category grew fast enough that a September table will misdescribe December, which is the reason the method matters more than the figures. If you are taking a token to market rather than buying one, the adjacent questions are covered in marketing an RWA or stablecoin product and in our notes on getting listed on CoinGecko and CoinMarketCap.
Frequently Asked Questions
What are the largest RWA tokenization platforms in 2026?
By tokenised value on 4 September 2026: BlackRock BUIDL at $3,58 billion, Tether Gold at $3,12 billion, Circle USYC at $2,62 billion, Ondo Yield Assets at $2,53 billion and Spiko at $2,51 billion. Those five hold 52% of a category worth $27,59 billion across 156 tracked protocols.
How big is the tokenized real-world asset market?
$27,59 billion across 156 protocols in DefiLlama’s RWA category on 4 September 2026. Concentration is high: the ten largest hold 76% of it. Totals vary between trackers because each draws the boundary differently, particularly around stablecoins and infrastructure, so any figure needs its source and date attached.
Which assets are actually being tokenized?
Three blocks dominate. Treasuries and money market funds account for $11,24 billion, or 40,7%. Gold accounts for $5,05 billion, or 18,3%. Managed funds and private credit make up most of the rest. Tokenised equities remain small: the largest entry is Ondo Global Markets at $961 million.
Does a platform on more chains hold more assets?
No, and the table shows the opposite. Tether Gold holds $3,12 billion on Ethereum alone, more than Ondo Yield Assets holds across twelve networks. Assets in this category follow distribution agreements and regulatory permissions. Extra chains widen who can hold a token without themselves bringing balances.
Why do published RWA rankings disagree with this one?
Because most rank recognition rather than assets. Seven of the fourteen largest products, holding $8,31 billion or 30,1% of the category, appear on none of the lists we compared against, including the largest single product. Lists assembled from other lists inherit the earlier selection and rarely re-measure.
Related reading
For where tokenised assets trade once issued, see our ranking of DEX aggregators by routed volume.